Institutional Development of Capital Markets in Nine Asian Economies

Nakagawa Rika

No 112, IDE Discussion Papers from Institute of Developing Economies, Japan External Trade Organization(JETRO)

Abstract: This paper is conducting a comparative analysis of the development of securities markets in nine Asian economies: Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and China. This study focuses on two aspects: the history and institutional development of securities market, such as legal systems, payment systems, etc. From the analyses, this paper reveals several common features of the development of securities markets in nine Asian economies. First, most economies had an informal capital market in the early period of their history. Second, the background of the foundation of their official markets was influenced by experiences of colonization. Third, most governments recognized the importance of the capital market for economic development and had a positive attitude in promoting the market. Fourth, statistics clearly showed that most economies experienced several booms in their capital market from the late 1980s.

Keywords: Capital market; Securities market; East Asia; Southeast Asia; 資本市場; 証券市場; 東アジア; 東南アジア (search for similar items in EconPapers)
JEL-codes: G18 N20 N65 (search for similar items in EconPapers)
Date: 2007-07-01
New Economics Papers: this item is included in nep-his and nep-sea
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Citations: View citations in EconPapers (1)

Published in IDE Discussion Paper = IDE Discussion Paper, No. 112. 2007-07-01

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