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Market Development (market + development)
Kinds of Market Development Selected AbstractsThe Role of Political Instability in Stock Market Development and Economic Growth: The Case of GreeceECONOMIC NOTES, Issue 3 2000Dimitrios Asteriou This article examines empirically the relationship between stock market development, political instability and economic growth in Greece. We measure socio-political instability by constructing an index which captures the occurrence of various phenomena of political violence using time-series data. The main advantages of analysing political instability in a case study framework using time-series, in contrast with the widely used cross-country empirical studies, are: (a) a more careful and in-depth examination of institutional and historical characteristics of a particular country; (b) the use of a data set comprised of the most appropriate and highest quality measures; and (c) a more detailed exposition of the dynamic evolution of the economy. The empirical results indicate the existence of a strong negative relationship between uncertain socio-political conditions and the general index of the Athens Stock Exchange (ASE) and support the theoretical hypothesis that uncertain socio-political conditions affect economic growth negatively, is true for the Greek case. (J.E.L.: G10, G14, O40, C32) [source] The Making of a Market Economy in China: Transformation of Government Regulation of Market DevelopmentEUROPEAN LAW JOURNAL, Issue 6 2007Qianlan Wu It is the administrative bureaucratic system that has played a leading role in the making of a market economy in China. In recent years, the Chinese Government has strived to establish a market economy based on the rule of law and has undertaken legal measures to rationalise government regulation of market economy development. However, the administrative bureaucratic system headed by the central government remains a strong party leading the market economy construction in China. This article argues that the administrative bureaucratic system and market economy development have evolved into a social institution. To transform the regulation of market economy development towards the rule of law is a social institutional change and is a slow and incremental process, as it is imbedded in the various formal and informal constraints in Chinese society. [source] Governing Emerging Stock Markets: legal vs administrative governanceCORPORATE GOVERNANCE, Issue 1 2005Katharina Pistor Transition economies face a fundamental dilemma. They need to develop financial markets, and yet they lack the ingredients it takes to do so. Recipes for legal governance mechanisms that have worked elsewhere, including reactive law enforcement by courts and proactive law enforcement by regulators, may not help in the short to medium term. Using evidence from stock market development in China and Russia, this paper suggests that at least in the short term, administrative governance may be a viable alternative to legal governance in emerging stock markets. [source] The Role of Political Instability in Stock Market Development and Economic Growth: The Case of GreeceECONOMIC NOTES, Issue 3 2000Dimitrios Asteriou This article examines empirically the relationship between stock market development, political instability and economic growth in Greece. We measure socio-political instability by constructing an index which captures the occurrence of various phenomena of political violence using time-series data. The main advantages of analysing political instability in a case study framework using time-series, in contrast with the widely used cross-country empirical studies, are: (a) a more careful and in-depth examination of institutional and historical characteristics of a particular country; (b) the use of a data set comprised of the most appropriate and highest quality measures; and (c) a more detailed exposition of the dynamic evolution of the economy. The empirical results indicate the existence of a strong negative relationship between uncertain socio-political conditions and the general index of the Athens Stock Exchange (ASE) and support the theoretical hypothesis that uncertain socio-political conditions affect economic growth negatively, is true for the Greek case. (J.E.L.: G10, G14, O40, C32) [source] The impact of the euro on Europe's financial marketsFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3 2003Gabriele Galati This paper presents an overview of the impact of the introduction of the euro on Europe's financial structure over the first four years since the start of EMU. It analyzes changes in money markets, bond markets, equity markets and foreign exchange markets. Euro's role in originating or catalyzing trends has been uneven across the spectrum of financial markets. From the supply side, banks and investors in fixed income markets have become more focused on the characteristics of individual borrowers rather than the nationality of the issuer and have built up expertise to evaluate credit risk. European equity markets have also been affected by the enhanced ability of investors to build strategies with a pan-European perspective as prices increasingly reflected risk factors specific to industrial sectors rather than individual countries. On the borrower side, EMU has increased the attractiveness of market-based financing methods by allowing debt issuers to tap institutional portfolios across the euro area. Lower barriers to cross-border financial transactions have also increased the contestability of the market for financial services, be it at the wholesale or the retail level. The introduction of the euro has also highlighted the shortcomings of existing institutional structures and areas where excessive focus on narrowly defined interests may stand in the way of realizing the full potential benefits from the new environment. Diverging legal and institutional infrastructures and market practices can impede further financial market development and deepening. Hence, the euro has put a premium on cooperation between national authorities and institution as a means of achieving a more harmonized financial environment. The impact of EMU on depth in foreign exchange markets has been less clear-cut, as volatility, spreads, trading volumes and liquidity appear not to have changed in a substantial way. Overall, it seems that the new currency has made some progress towards the goal of becoming a currency of international stature that would rival that of the US dollar. However, a number of the necessary next steps towards achieving this goal are also among the trickiest to implement. [source] Short-Horizon Return Predictability in International Equity MarketsFINANCIAL REVIEW, Issue 2 2010Abul Shamsuddin G12; G14; G15 Abstract This study measures the degree of short-horizon return predictability of 50 international equity markets and examines how its variation is related to the indicators of equity market development. Two multiple-horizon variance ratio tests are employed to measure the degree of return predictability. We find evidence that return predictability is negatively correlated with publicly available indicators of equity market development. Our cross-sectional regression analysis shows that the per capita gross domestic product, market turnover, investor protection, and absence of short-selling restrictions are correlated with cross-market variations in return predictability. [source] Sustainable consumption and the financial sector: analysing the markets for responsible investment in Hong Kong and JapanINTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 2 2009Jacob ParkArticle first published online: 6 APR 200 Abstract The origins of the modern socially responsible investment (SRI) movement can be traced to the turbulent period in the 1960s when powerful social undercurrents including environmentalism and anti-war activism fuelled a rise, in a radical change, in the way society viewed faith, values and commerce. Today, nearly 1 out of every US$9 under professional management in the US is currently invested using social investment strategies while the European green and ethical investment market is estimated to be ,1 trillion or as much as 10,15% of the total funds under management. While some preliminary figures and analyses exist for countries outside these two regions, SRI has been, to date, largely explored within the context of North America and Europe. This is unfortunate as the sustainability of SRI as a consumer market is going to depend, to a great extent, to what happens outside of North America and Europe, and most notably in the rapidly developing Asian economies. In this article, I will explore the development of SRI as a mainstream financial consumer instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia Pacific region. To fully analyse the SRI market development in Hong Kong and Japan, I will examine the following three issues and questions: first, how does the sustainable consumption framework offer a useful lens from which to explore SRI, and why is the Asia Pacific market and policy context so important for the broader issue of sustainable consumption? Second, what precisely is SRI and how did it develop into an important global financial investment vehicle? Third, how did the SRI market develop in the case of Hong Kong and Japan? I will then conclude the article with some analysis on the important lessons SRI market development in Hong Kong and Japan hold for market sustainability of the financial sector and sustainable consumption. [source] Organic purchasing motivations and attitudes: are they ethical?INTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 2 2002M.G. McEachern Abstract Despite the increased documentation of consumers' purchases of organic food products, the motivations for such purchases are relatively under-researched. An individual's choice of food products can be linked clearly to ethical stances, but ethical choices can also vary from individual to individual, from industry to industry and among countries. Consequently, this paper investigates the degree to which ethical beliefs influence Scottish consumer perceptions, beliefs, attitudes and purchasing decisions, with regard to organic dairy products. Consumer purchasing motivations are revealed as being self-interest-centred (i.e. better tasting, safer), rather than altruistic. Therefore, to achieve future market development, organic dairy producers cannot rely upon the minority of hardcore green consumers to sustain growth, but must aim to modify perceptions and attitudes of larger consumer segments by implementing educational marketing campaigns that reinforce the ethical, environmental and societal benefits of organic production. [source] Land Commodification: New Land Development and Politics in China since the Late 1990sINTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH, Issue 4 2009JIANG XU Abstract This article examines the development of the land market in China since the late 1990s. It analyses new practices in which urban space is commodified through ad hoc market development, and argues that the structure of the land market is indeed becoming more complicated and that land sales are pervasive and rampant. Under such circumstances, the state has rearticulated its function in land governance in order to apply a more consolidated regulatory power. The politics behind the development of the land market and the rearticulation of the state are explored with reference to the changing role of the state in land commodification. It is argued that, if we understand the market as an emerging institution, the development of the market has been supported by the state. Regulatory land control is becoming a new way for the state to be involved in space commodification. Résumé Cet article porte sur l'évolution du marché foncier en Chine depuis la fin des années 1990. Il analyse de nouvelles pratiques par lesquelles l'espace urbain est marchandiséà travers le développement de marchés spécifiques; de plus, il montre que la structure du marché foncier devient vraiment plus compliquée et que les ventes de terrains se généralisent à grande échelle. Face à cette situation, l'État a réorganisé sa fonction en matière de gouvernance foncière afin d'exercer un pouvoir régulateur plus intégré. La politique à la base de l'essor du marché foncier et la réorganisation étatique sont examinées au regard du nouveau rôle de l'État dans la marchandisation des terrains. Si on considère le marché comme une institution émergente, son développement a donc reçu le soutien de l'État. Ce dernier trouve dans le contrôle régulateur du foncier une nouvelle façon d'être partie prenante dans la marchandisation de l'espace. [source] Trafficking: A Perspective from AsiaINTERNATIONAL MIGRATION, Issue 3 2000Ronald Skeldon The main theme of this article is market development and trafficking as a business. It touches upon most of the aspects of the phenomenon, which have been encountered elsewhere, and translates them into the relatively unfamiliar context of many of the Asian and South-East Asian economies. Equally, the literature cited is also probably unfamiliar. Themes touched upon include democratization, inter-state relations, human rights, and scale and perspectives, together with the problems of definitions, theory, and the reliability of data. The directions and characteristics of trafficking flows together with routes and border control are also considered. Coordinated official responses to criminality and criminal organizations, as well as to trafficked individuals, are beginning to emerge. There is a note of caution sounded that contextual and cultural perspectives, particularly on sex workers, must be viewed somewhat differently to those in Western societies. The article concludes that as long as countries in Asia maintain their policies of restrictive immigration, trafficking can be expected to continue and almost certainly increase. This is because accelerating development creates demand for labour at various skill levels and because even in times of recession migrants and brokers will seek to side-step attempts to expel immigrants and restrict access to labour markets. The elimination of trafficking is unlikely to be realistically achieved through legislation and declarations of intent but by improvements in the socio-economic status of the population. [source] Why Do Governments Privatize Abroad?INTERNATIONAL REVIEW OF FINANCE, Issue 2 2002Bernardo Bortolotti Privatization through global equity market placement has largely contributed to financial market development and integration. Despite the relevance of the fact, the reasons underlying governments' choice to sell shares of privatized companies abroad are still poorly understood. This paper presents new evidence for a sample of 233 share issue privatizations in 20 OECD countries, showing that redistribution concerns and the objective of domestic financial market development make domestic privatization more likely. However, if budget constraints are binding, governments tend to sell abroad a larger quantity of shares, particularly when corporate governance at home is weak. [source] Investing Public Pensions in the Stock Market: Implications for Risk Sharing, Capital Formation and Public Policy in the Developed and Developing WorldINTERNATIONAL REVIEW OF FINANCE, Issue 3 2001Deborah Lucas Concerns that existing public pension systems will be unable to pay benefits to a rapidly ageing population without sharp tax increases, and the prospect of higher average returns on stocks than on government securities, are drawing the attention of policy,makers worldwide to the option of investing public pension assets in stocks. Including stock market investments in public pension plans could improve risk sharing within and between generations, and could perhaps lead to faster market development in some countries. It could also result in excessive risk,taking, higher transactions costs and a false sense of increased financial security. This paper assesses these issues, with an emphasis on the considerations that are of special importance to developing markets. A contrast is drawn between the demographic outlook in East Asia and the major industrialized countries. Some lessons are drawn from the reform experience in Chile and elsewhere in Latin America. [source] Financial Markets, Development and Economic Growth: Tales of Informational AsymmetriesJOURNAL OF ECONOMIC SURVEYS, Issue 3 2004Salvatore Capasso Abstract., The development of financial systems is very often characterised by the development of innovative financial contracts which allow a more efficient allocation of resources and a higher level of capital productivity and economic growth. By exploiting the microeconomic theory of the optimal financial contract under asymmetric information, economists have recently managed to shed new light on the well studied issue of the relationship between financial market development and economic growth. This paper reviews the most recent progress of this literature which shows that the amount of information asymmetry in the credit market and the degree of heterogeneity between borrowers (typically firms) and lenders (typically workers or savers) determine the nature of the financial system. Differences in endowments and in the level of information distribution can give rise to very different financial contracts which affect, and in turn are affected, by capital accumulation and growth. [source] Consumer preferences for quality characteristics along the cowpea value chain in Nigeria, Ghana, and MaliAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2009Fulgence Joseph Mishili The production and trade of cowpea is a growing business in West Africa. But a better understanding of consumer preferences is essential to market development. The objective of the study was to determine the impact of cowpea grain quality characteristics on market price. The data for the study were collected from markets in Nigeria, Ghana, and Mali. Hedonic pricing methods provide a statistical estimate of premiums and discounts. The results indicated that cowpea consumers in Ghana, Mali, and Nigeria are willing to pay a premium for large cowpea grains. Bruchid damage is not statistically significant in any market. The impact of price on other cowpea quality characteristics such as skin color and texture and eye color vary locally. Implications for development of the cowpea value chain are as follows: (a) researchers should identify cost-effective ways to increase cowpea grain size because larger grain are preferred and (b) serving local markets requires a portfolio of grain skin and eye color and skin texture combinations. [EconLit citations: Q130]. © 2009 Wiley Periodicals, Inc. [source] African capital markets and real sector investmentJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 4 2005Yohane Khamfula Many African capital markets find the lack of an efficiently organized capital market a serious obstacle to the efficient use of their savings, and thus to their overall economic development. To improve the situation, this paper suggests the following policy recommendations: removal of impediments to capital market development, improvement of the financial system infrastructure for efficient trading activities, sound economic policies that stabilize the exchange rate and prices to help attract foreign investors, increased integration of the local capital market with the world capital markets, encouragement of family-owned firms to go public and, most importantly, liberalization of international capital flows. The study also proposes ,privatization' and ,currency union' as enhancers of capital mobilization for real sector investment in Africa. Copyright © 2005 John Wiley & Sons, Ltd. [source] The Global System of FinanceAMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 1 2006Niklas Luhmann for Theoretical Keystones, Scanning Talcott Parsons In the last decades, revolutionary changes in financial markets, instruments, and institutions have stimulated empirical and theoretical investigations into the interaction of the financial and the "real" side of economic systems. While a considerable body of empirical investigations seems to provide evidence of positive correlations between stock market development and economic growth, there is no consensus in other social sciences as to whether there are two-way linkages, and if so, how to conceive a possible mechanism of interaction. Particularly, the hypergrowth and ubiquity of financial markets has triggered controversial debates on how to understand today's economic landscape. With the objective of clarifying the relationship between finance and economy, this article restructures the present debate through the lenses of Talcott Parsons's and Niklas Luhmann's theories of social systems. Basic system-theoretical ideas on social aspects of finance and economy as well as on uncertainty and risk hint at new insights into the global system of finance that might go far beyond explanatory models of causality. [source] Methods of privatization and economic growth in transition economies1THE ECONOMICS OF TRANSITION, Issue 4 2007John Bennett Privatization; transition economies; economic growth; panel data Abstract We examine how different methods of privatization might have affected growth in transition economies. Using several econometric specifications, including fixed effects and GMM, we estimate a cross-country panel growth model for 1990,2003. We find only voucher privatization to have been significantly associated with faster growth. Moreover, neither private sector development per se nor capital market development exercised a significant influence. We speculate that voucher privatization may have been effective because of the speed with which links between firms and the state were severed. [source] What Works in Securities Laws?THE JOURNAL OF FINANCE, Issue 1 2006RAFAEL LA PORTA ABSTRACT We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets. [source] What Determines the Domestic Bias and Foreign Bias?THE JOURNAL OF FINANCE, Issue 3 2005Evidence from Mutual Fund Equity Allocations Worldwide ABSTRACT We examine how mutual funds from 26 developed and developing countries allocate their investment between domestic and foreign equity markets and what factors determine their asset allocations worldwide. We find robust evidence that these funds, in aggregate, allocate a disproportionately larger fraction of investment to domestic stocks. Results indicate that the stock market development and familiarity variables have significant, but asymmetric, effects on the domestic bias (domestic investors overweighting the local markets) and foreign bias (foreign investors under or overweighting the overseas markets), and that economic development, capital controls, and withholding tax variables have significant effects only on the foreign bias. [source] Bringing High Technology to Market: Successful Strategies Employed in the Worldwide Software IndustryTHE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 6 2006Chris Easingwood The launch stage can be critical for many new products, but particularly so for technology-intensive ones. This study examines this key stage in a high-tech sector: the worldwide computer software industry. Using a research instrument developed across a number of high-tech sectors, but adapted to the targeted sector, it describes a worldwide telephone-based survey of 300 organizations, resulting in 190 interviews, a response rate of 63%. It shows that five distinct and interpretable strategies are employed: (1) alliance strategy involves forming early strategic alliances as well as tactical alliances at the execution stage together with the development of unique distribution channels; (2) targeted low risk attempts to reduce the risk of adoption among identified segments by producing versions of the product specifically customized to the segments; (3) low-price original equipment manufacturer (OEM) is the only price-driven strategy and combines low price with channel building to OEMs who are looking for attractive price-to-performance ratios; (4) broadly based market preparation is an early-stage strategy that concentrates on educating the market vis-à-vis the technology and developing channels; and (5) niche-based technological superiority uses a technologically superior product to dominate a niche and corresponds closely to the chasm-crossing strategy expounded by Moore and others. Regarding superior product performance, successful software companies first of all engage in a broadly based preparation of the market but switch to a targeted strategy at the following stages of positioning and execution, built around superior technological performance and reduced risk. A somewhat different mix of strategies is adopted when the objective is superior market development, namely opening up new markets, reaching new customers, and developing new product platforms. Again the mix includes broadly based market preparation, this time along with alliances. This strategy is very much about working with partners. The broadly based market preparation strategy is key for both objectives, is long term in nature, and avoids narrowly defined niches. It seems that starting broad based and narrowing down, perhaps to a niche, only at a later stage when this is clearly the appropriate thing to do, pays dividends. [source] Is Japan Facing a Public Debt Crisis?ASIAN POLITICS AND POLICY, Issue 4 2010Debt Financing, the Development of the JGB Market This article explores the idiosyncratic institutional features of public debt financing in Japan that have enabled the government to finance increasing public debt at low costs. It examines the three key aspects that contributed to the Japanese government bond (JGB) market development: (1) the surplus financial balance of the household sector; (2) the strong tradition of public financing; and (3) home bias, that is, little dependence on external financing. It argues that Japan's financial institutions' capacity to absorb JGBs is reaching the limit and that the Japanese government needs to take bolder measures to reverse the flow of financial intermediation, from the public to the private sector. It also suggests that restoring people's trust in the government's competence and leadership is an essential element for successful fiscal consolidation. [source] Present and future development in plastics from biomassBIOFUELS, BIOPRODUCTS AND BIOREFINING, Issue 1 2010Li Shen Abstract Biobased plastics have experienced fast growth in the past decade thanks to the public concerns over the environment, climate change and the depletion of fossil fuels. This perspective provides an overview of the current global market of biobased plastics, their material properties, technical substitution potential and future market (for 2020). In addition, the technology and market development of three biobased plastics, namely polylactide (PLA), biobased polyethylene (PE) and biobased epoxy resin, are discussed in detail. The emerging biobased plastics market is still small compared to traditional biobased polymers and biomaterials. The global capacity of the emerging biobased plastics was only 0.36 million tonnes in 2007. However, the market grew strongly between 2003 and 2007 (approx. 40% per year). The technical substitution potential of biobased plastics replacing petrochemical plastics is estimated at 90%, demonstrating the enormous potential of biobased plastics. Global capacity of biobased plastics is expected to reach 3.45 million metric tonnes in 2020. Starch plastics, PLA, biobased PE, polyhydroxyalkanoates (PHA) and biobased epoxy resin are expected to be the major types of biobased plastics in the future. Copyright © 2009 Society of Chemical Industry and John Wiley & Sons, Ltd [source] Property rights, labour markets, and efficiency in a transition economy: the case of rural ChinaCANADIAN JOURNAL OF ECONOMICS, Issue 4 2002Dwayne Benjamin We investigate the consequences of imperfect factor market development for farm efficiency in North China. We estimate the extent to which an inverse relationship in farm productivity can be attributed to the administrative (as opposed to market) allocation of land, combined with unevenly developed off,farm opportunities. Using a new household survey, we find considerable inefficiency in the use of labour. This inefficiency is alleviated by external labour markets and, to a limited degree, by administrative reallocations. The reallocations do not go far enough, however, which raises important questions about constraints on rental activity and property rights formation more generally. JEL Classification: Q15, O12 Droits de propriété, marchés du travail et efficacité dans une économie en transition : le cas de la Chine rurale. Ce mémoire analyse les conséquences du développement de marchés imparfaits des facteurs de production sur l'efficacité des fermes dans le nord de la Chine. On examine jusqu'à quel point la relation inverse entre la productivité des fermes et leur taille est attribuable à l'allocation administrative de la terre (par opposition à l'allocation par le marché), en combinaison avec le développement inégal des opportunités en dehors de la ferme. Les auteurs utilisent une nouvelle enquête sur les ménages qui révèle une grande inefficacité dans l'utilisation du travail. Cette inefficacité est atténuée par des marchés de travail externes, et, à un moindre degré, par des ré,allocations administratives. Les ré,allocations ne vont pas assez loin cependant. Voilà qui soulève des questions importantes à propos des contraintes sur les activités de location et la formation des droits de propriété en général. [source] Risk Control of Pension Fund Management in ChinaCHINA AND WORLD ECONOMY, Issue 6 2007Xiaoyan Qian I18; I28; I38 Abstract Based on an analysis of China's current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China's pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners. [source] THE PROBLEM OF OVERSKILLING IN AUSTRALIA AND BRITAINTHE MANCHESTER SCHOOL, Issue 3 2010KOSTAS MAVROMARAS In this paper we examine the parallel trends in education and labour market developments in Australia and Britain using unique information on reported overskilling in the workplace. To a degree, the overskilling information overcomes the problem of unobserved ability differences and focuses on the actual job,employee mismatch more than the conventional overeducation variables can. The paper finds that the prevalence of overskilling decreases with education at least for Australia, but the wage penalty associated with overskilling increases with education. Although the prevalence of overskilling differs between Australia and Britain, the pattern of the wage penalties is fairly similar in both countries. [source] Managing the Political Life Cycle of Regulation in the UK and German Telecommunication SectorsANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 1 2005David Coen This article investigates how the relationship between regulators and stakeholders evolves as a function of market developments and political learning. Drawing on a comparative case study of the UK and German telecommunication sector, the paper illustrates how regulators constrained by administrative and business traditions have asserted their discretion over politicians by developing sophisticated political relationship with a wide range of stakeholders. The paper concludes that while regulators have undoubtedly diverged from the initial delegation of powers, there is little evidence to suggest that European regulators will converge on a single regulatory model. 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