01638cas a2200241 a 4500 AALejournalIMF014889 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498372978 1018-5941 BD-DhAAL BD-DhAAL Laeven, Luc. The Development of Local Capital Markets : Rationale and Challenges / Luc Laeven. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (25 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 Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2014/234 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/234/001.2014.issue-234-en.xml IMF e-Library