Capital market development in an emerging economy and the challenge of fostering foreign participation

Samson E. Edo

首页> 外文期刊>International journal of monetary economics and finance >Capital market development in an emerging economy and the challenge of fostering foreign participation

【24h】

Capital market development in an emerging economy and the challenge of fostering foreign participation

机译：新兴经济体中的资本市场发展以及促进外国参与的挑战

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

This paper investigates the contribution of foreign investors to capital market development in an emerging economy. The findings reveal that Foreign Portfolio Investment (FPI) as well as foreign issue of securities (FS) made insignificant contribution to development of the market compared to other contending factors such as domestic securities investment (DS1) and domestic issue of securities (DS). This appears to constitute a policy challenge, considering the enormous gain that would accrue to the economy from increasing foreign participation in the market. The challenge could be surmounted by liberalising investment laws, offering fiscal incentives, and strengthening surveillance of the market to enhance efficiency.

机译：本文研究了外国投资者对新兴经济体资本市场发展的贡献。调查结果表明，与其他竞争因素（例如国内证券投资（DS1）和国内证券发行（DS））相比，外国证券投资（FPI）和外国证券发行（FS）对市场发展的贡献微不足道。考虑到外国参与市场的增加将给经济带来巨大收益，这似乎构成了一项政策挑战。通过放宽投资法律，提供财政激励措施以及加强对市场的监督以提高效率，可以克服挑战。

著录项

来源
《International journal of monetary economics and finance》 |2011年第2期|p.195-215|共21页
作者
Samson E. Edo;
展开▼
作者单位

Department of Economics and Statistics, University of Benin, Benin City, PMB 1154, Nigeria;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词
capital market; foreign investment; emerging economy; finance;

机译：资本市场;外资;新兴经济金融;

相似文献

外文文献
中文文献
专利

1. TRANSPARENCY AND FOREIGN DIRECT INVESTMENT INFLOWS: ANALYSIS OF DIRECT AND INTERACTING EFFECTS ON MARKET CAPITALIZATION IN EMERGING MARKET ECONOMIES [J] . Richard O. Omotoye, Venkatapparao Mummalaneni, Ravi Chinta Review of Business Research . 2018,第1期

机译：透明度和外国直接投资流入：对新兴市场经济中市场资本化的直接和互动影响分析
2. FOREIGN PARTICIPATION IN LOCAL CURRENCY BOND MARKETS OF EMERGING ECONOMIES [J] . SHANAKA J. PEIRIS Journal of international commerce, economics and policy . 2013,第3期

机译：新兴经济体的本地货币债券市场的外国参与
3. Institutional Quality in Fostering Financial Development in Emerging Market Economies [J] . Henok Neguse Negash, Hu Hongbing Research Journal of Finance and Accounting . 2021,第10期

机译：促进新兴市场经济体育经济发展的机构质量
4. Foreign Market Entry Considerations of Emerging Economy Firms: An Example of Pakistani Contractors [C] . Ahsen Maqsoom, Chotchai Charoenngam, Rehan Masood International Symposium on Infrastructure Engineering in Developing Countries . 2014

机译：新兴经济企业的外部市场进入考虑因素：巴基斯坦承包商的一个例子
5. Essays on capital liberalization and stock market development in emerging market economies. [D] . Jayakumar, Vivekanand. 2004

机译：关于新兴市场经济体中的资本自由化和股票市场发展的论文。
6. Indonesia: An Emerging Market Economy Beset by Neglected Tropical Diseases (NTDs) [O] . Melody Tan, Rita Kusriastuti, Lorenzo Savioli, 2014

机译：印度尼西亚：被忽视的热带病（NTD）困扰的新兴市场经济
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Capital market development in an emerging economy and the challenge of fostering foreign participation

摘要

著录项

相似文献

相关主题

期刊订阅