02019cas a2200241 a 4500 AALejournalIMF009815 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451868944 1018-5941 BD-DhAAL BD-DhAAL Yartey, Charles Amo. The Determinants of Stock Market Development in Emerging Economies : Is South Africa Different? / Charles Amo Yartey. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2008/032 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/032/001.2008.issue-032-en.xml IMF e-Library