Financial innovations and the dynamics of emerging capital markets

被引:0
|
作者
Jacque, LL [1 ]
机构
[1] Tufts Univ, Fletcher Sch Law & Diplomacy, Medford, MA 02155 USA
来源
FINANCIAL INNOVATIONS AND THE WELFARE OF NATIONS: HOW CROSS-BORDER TRANSFERS OF FINANCIAL INNOMVATIONS NURTURE EMERGING CAPITAL MARKETS | 2001年
关键词
financial innovation; emerging capital markets; disintermediation; securitization;
D O I
暂无
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
National capital markets can be positioned along a continuum ranging from embryonic to mature and emerged markets according to a decreasing 'national cost of capital' criterion. Newly emerging countries are handicapped by a high cost of capital because of 'incomplete' and inefficient financial markets. As capital markets graduate to higher level of 'emergedness', their national firms avail themselves of a lower cost of capital that makes them more competitive in the global economy and spurs economic growth. This chapter argues that the dynamics of emerging markets are driven by: 1) the skillful transfer of financial innovations to emerging markets committed to deregulating their financial sector, 2) disintermediation of traditional financial intermediaries (mostly commercial banks) in favor of a more cost effective commercial paper market, and 3) securitization of consumer finance which reduces households' cost of living.
引用
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页码:1 / 21
页数:21
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