 Social Capital and Financial Market DevelopmentSiong Hook Law and Mansor Ibrahim Chapter 2 in Emerging Markets and Financial Resilience, 2013, pp 11-37 from Palgrave Macmillan Abstract: Abstract In the 1990s, institutions became an important area of focus when investigating the process of financial development and the success or failure of financial reforms. This was partly a consequence of the failure of many developing countries that had liberalized their financial systems to realize the expected benefits from such reforms. For example, Demetriades and Andrianova (2004) argue that the strength of institutions, such as financial regulation and the rule of law, may determine the success or failure of financial reforms. Chinn and Ito (2006) also suggest that financial systems with a higher degree of legal/institutional development tend to benefit more from financial liberalization than do those with a lower degree. Mishkin (2009) points out that a legal system that enforces contracts quickly and fairly is a prerequisite for supporting strong property rights and financial development. Thus, eliminating corruption is essential to strengthening property rights and the legal system, which will further enhance the healthy functioning of economic and financial systems. Keywords: Social Capital; Stock Market; Financial Development; Institutional Quality; World Development Indicator (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-26661-3_2 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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