 Emergence of alternative capital markets in developing countries as a process of institutional changeKrzysztof Waśniewski (krzysztof.wasniewski@gmail.com) MPRA Paper from University Library of Munich, Germany Abstract: The present paper attempts to assess whether at all and in what ways the development of alternative capital markets may help an additional mobilisation of the given economy's domestic financial resources, and, consequently, contribute significantly to economic development. Against the theoretical background of both the old and the new institutional schools, a model of institutional change, leading to the emergence of alternative capital markets, is introduced. Using the theory of games as the theoretical tool to formalize, the model leads to conclude that the institutional change in question is only partial and incremental. In the same time, it demonstrates that if developing countries already have or can create strong technological hubs in their territories, alternative capital markets can spur technological progress and economic growth, even if the main capital markets, being the benchmark for those, are in other countries. Keywords: institutional economics; strategy; emerging markets (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:26681 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
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