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© 1995 International Bank for Reconstruction and Development / The World Bank

research-article

EMERGING EQUITY MARKETS: GROWTH, BENEFITS, AND POLICY CONCERNS

Robert A. Feldman and Manmohan S. Kumar

Since the mid-1980s, stock market activity has increased substantially in many developing countries. This article first examines the main characteristics of emerging stock markets and illustrates the evolution of equity prices in these markets during the last decade. It then discusses the reasons for the markets' growth and assesses the extent to which they have been affected by domestic policies and external factors. The authors discuss the likely benefits of these markets, the effects any abrupt correction in stock prices could have for the economy, and the ways in which these markets can be made more efficient.


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