Issues of International Finance in Developing Countries Making Finance effective for Development - Part 2
Simultaneously with the liberalization of the banking system, stock and bonds markets were developed, but suffered blows from speculation and insider trading. On the other hand, such financing vehicles as leasing and venture capital, have become quite successful, but will require better regulation and supervision.
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Although some of the larger developing countries have had security markets for well over 50 years, most of them have remained rather passive until recently. There were no corporate bonds and most of the treasury bills were short term. Few firms had issued public-held equity. Earlier observers saw the slow development of stock and bond markets as classical example of market failure with public and existing financial institutions unwilling or unable to take any risk in what they saw as a narrow and manipulated market. The answer was more burdensome rules and regulations, which hampered transactions even more.
As financial liberalization set in, those markets took off, and the leading analysts maintained that the issue with the earlier problems was macroeconomic instability and the missing institutional structure. Examples of that missing infrastructure, many of which were instituted with the financial reforms and liberalization, were unclear property rights, lack of indepe...
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