Transcription of CAPITAL MARKETS: ROLES AND CHALLENGES
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CAPITAL MARKETS: ROLES AND CHALLENGES
Preliminary Draft CAPITAL MARKETS: ROLES AND CHALLENGES # Victor Murinde, University of Birmingham ABSTRACT Globally, the evolution of CAPITAL markets in the last two decades has been dichotomous, in the sense that the markets have experienced integration as well as segmentation. The dichotomous evolution poses important CHALLENGES for the ROLES that these markets can play in emerging economies. This paper aims to examine the ROLES and CHALLENGES of CAPITAL markets, with special focus on Africa. The paper draws on economic theory to assess the potential role of CAPITAL markets, in terms of consumption, investment and economic growth; more specific ROLES with respect to corporate financing, asset pricing and corporate governance are highlighted. It is argued that the macroeconomic policy environment is critical in influencing the performance of CAPITAL markets and hence the extent to which the market may be able to play its role.
Capital Markets, Consumption, Investment and Economic Growth 2.1 Capital Markets, Consumption and Investment A simple theoretical underpinning of the role of capital markets is offered by Copeland, Weston and Shastri (2005), which is …
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