The Role of Stock Markets in the Asian‐Pacific Region

Tony Naughton

Asian-Pacific Economic Literature, 1999, vol. 13, issue 1, 22-35

Abstract: This paper identifies the role of stock markets in developing economies with a focus on the Asian‐Pacific region. The region’s markets generally do not play a major role in resource allocation. The stock exchanges of the region are primarily secondary markets facilitating portfolio construction by domestic and international investors. The paper concentrates on secondary market activity and the controls regulators use to contain excessive speculation and price volatility. It also covers the role of stock markets in the recent financial crisis in the region.

Date: 1999
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