Abstract An outstanding feature of the world financial economy during the last decade or so has been the establishment and the very fast expansion of stock markets in developing countries. Between 1982 and 1992 the total combined capitalisation of companies quoted on the emerging markets...

This paper considers the pros and cons of establishing stock markets in Sub-Saharan African economies at the present stage of their development. It provides theoretical analysis and empirical evidence from both developing and advanced countries to argue that for many African countries such a...

Abstract In a recent paper exploring the relationship between a country's financial system, industrialisation and economic development, I concluded that stock markets are potent symbols of capitalism but paradoxically capitalism flourishes better without them (Singh 1997). It will be argued in...

Abstract In a famous passage in chapter 12 of the General Theory, Keynes observed: As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase. In one of the greatest investment markets in the world, namely, New York, the influence of...