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Cited by 486Monetary Policy and Economic ImpactGlobal Financial Crisis and PoliciesFinance, Markets, and Regulation

The DOI matches its Crossref record; 24 of the 24 references it cites were found in a registry or an index.

FINANCIAL LIBERALISATION, STOCKMARKETS AND ECONOMIC DEVELOPMENT*

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Singh, Ajit·1997·The Economic Journal
DOI 10.1111/1468-0297.00192
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Abstract

During the 1980s and 1990s, many developing countries (DCs) have been engaged in far‐reaching reforms of their financial systems, liberalising them and making them more market‐oriented. This liberalisation, involving inter alia ‘financial de‐repression’ has been inspired partly by the work of the McKinnon (1973) and Shaw (1973) (M–S) school. This paper suggests that, in addition to financial de‐repression, there has been a major new element in the development of DC financial systems in recent years – the establishment and fast expansion of stockmarkets. These markets have played a key role in the internal as well as external financial liberalisation processes in leading DCs. Further, the paper finds that the actual behaviour of these markets in many countries has led to outcomes which undermine the effects of the higher real interest rates arising from ‘financial de‐repression’. These important empirical phenomena have received scant attention from M‐S economists, who need to incorporate them into their analysis of financial liberalisation. However, for DCs, the essential question is: what will be the impact of these developments on industrialisation and long‐term economic growth? This paper argues that in general financial liberalisation and the associated expansion of stockmarkets in DCs is likely to hinder rather than assist their development.

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Crossref · 10.1111/j.1468-0297.1997.tb00042.x

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Citations

Cites

Show all 23 references

Research works printed but not linked: 31

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  5. Corbett, 1994, The financing of industry, 1970-89: an international comparison
  6. Davis, 1995, Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective
  7. Euh, 1990, The Korean Banking System and Foreign Influence
  8. Fry, 1995, Money, Interest and Banking in Economic Development
  9. IFC, 1993, Emerging Stockmarket Factbook 1993
  10. Keynes, 1936, The General Theory of Employment, Interest and Money
  11. King, 1993, Capital Markets and Financial Intermediation
  12. Marsh, 1992, The New Palgrave Dictionary of Money and Finance, 446
  13. Mayer, 1989, Myths of the West: lessons from developed countries for development finance
  14. Mayer, 1990, Asymmetric Information, Corporate Finance and Investment
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  17. Mullins , J. 1993 Emerging equity markets in the global economy FRBNY Quarterly Review (Summer) 54 83
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  19. Porter , M. E. 1992 Capital disadvantage: America's failing capital investment system Harvard Business Review 65 82
  20. Rodrik, 1994, Voting for Reform: The Politics of Adjustment in New Democracies
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  23. Singh , A. 1993 The stock market and economic development: should developing countries encourage stock markets? UNCTAD Review 1 28
  24. Singh, 1994, The AMEX Bank Prize Essays: Finance and the International Economy, 121
  25. Singh, 1995a, Corporate Financial Patterns in Industrialising Economies: a Comparative International Study
  26. Singh, 1997, Full Employment without Inflation
  27. Singh, 1992, Corporate Financial Structures in Developing Countries
  28. Tirole, 1991, NBER Macroeconomics Annual 1991
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Metadata

Authors
Singh, A.
Affiliations
University of Cambridge (GB)
Corresponding author
Singh, Ajit
ORCID
Singh, Ajit
Venue
The Economic Journal
Publisher
Oxford University Press (OUP)
Published
1997-05
Volume
107
Issue
442
Pages
771-782
ISSN
0013-0133 (ISSN-L)
DOI
10.1111/1468-0297.00192
OpenAlex
W1531234770
Cited by
478
References
23
Citations by year
2026: 9 · 2025: 12 · 2024: 12 · 2023: 24 · 2022: 17 · 2021: 15 · 2020: 15 · 2019: 12 · 2018: 25 · 2017: 21 · 2016: 18 · 2015: 21 · 2014: 33 · 2013: 21 · 2012: 22
FWCI
20.01
Type
journal article
Language
en
Open access
Licence
  • cc-by
  • doi.wiley.com/10.1002/tdm_license_1.1 (tdm, 6697 d)
Locations
  • The Economic Journal (publishedVersion)
  • Nova Economia (publishedVersion, cc-by)
  • RePEc: Research Papers in Economics (submittedVersion)
  • Americanae (AECID Library) (submittedVersion, cc-by)
  • Nova Economia (submittedVersion, cc-by)
  • OpenGrey (Institut de l'Information Scientifique et Technique) (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Finance, Markets, and Regulation
Keywords
financial liberalization, stock market, developing countries, real interest rates, industrialization, economic growth, financial reform, market reforms

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CoChat. (2026). Citation check: FINANCIAL LIBERALISATION, STOCKMARKETS AND ECONOMIC DEVELOPMENT*. https://app.cochat.ai/papers/10.1111/1468-0297.00192
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Singh, A. (1997). FINANCIAL LIBERALISATION, STOCKMARKETS AND ECONOMIC DEVELOPMENT*. The Economic Journal. https://doi.org/10.1111/1468-0297.00192

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