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The Determinants of Stock Market Development in Emerging Economies: Examining the Impact of Corporate Governance and Regulatory Reforms (I)
Abstract
“The chief concerns of EMEs (emerging market economies) in relation to their financial systems remain developmental rather than regulatory: increasing financial savings to accelerate growth and development, and deepening their financial system to develop long term funding instruments for infrastructure financing, absorb large inflows of capital to counter the uphill backwash from EMEs to AMEs, reduce the cost of capital and reduce the leads and lags in monetary policy transmission. Advanced market economies (AMEs), on the other hand, need major regulatory changes that inoculate them more effectively against the new risks their financial systems face.” As well as investigating these observations, this chapter is aimed at investigating the validity of Efficient Markets Hypothesis and Efficient Capital Markets Hypothesis in emerging economies – as contrasted with advanced market economies. In so doing, it aims to contribute to the extant literature on stock market liquidity and liquidity in capital markets.
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