Development of capital markets in member countries of the South Asian Association for Regional Cooperation / Jennifer Romero-Torres, Stephen Wells, Susan Selwyn-Khan.

Format:

Book

Author/Creator:

Torres, Jennifer Romero-, author.

Wells, Stephen, author.

Selwyn-Khan, Susan, author.

Language:

English

Subjects (All):

South Asian Association for Regional Cooperation.

Capital market.

Physical Description:

1 online resource (98 p.)

Place of Publication:

Manila, Philippines : Asian Development Bank, 2013.

Language Note:

English

Summary:

This report examines the development and barriers to harmonization and integration among the capital markets of members of the South Asian Association for Regional Cooperation and enumerate steps to achieving harmonization and integration. The globalization of capital markets has encouraged moves toward regional harmonization and integration. This report examines and compares the level of development of capital markets in the South Asian region, assesses the prospects for greater harmonization and integration, and proposes a set of measures to move that process forward. The study of the markets shows wide variations not only in market size but also in the standards of regulation and general development. The level of integration and harmonization of South Asian capital markets is low. There are major barriers including exchange controls, ownership restrictions, and differences in regulatory standards and enforcement capacity. The proposals address some of these barriers and include measures to promote awareness, stimulate innovation, raise regulatory standards, and champion the value of integration.

Contents:

""Cover""; ""Contents""; ""Foreword""; ""Acknowledgments""; ""Abbreviations""; ""Glossary""; ""Executive Summary""; ""I. Introduction""; ""A. Background and Purpose""; ""B. Scope and Methodology of the Study""; ""II. Capital Market Integration""; ""A. Meaning of Capital Market Integration""; ""B. Benefits of Integration""; ""C. Opportunities and Challenges""; ""D. Barriers""; ""E. Models of Capital Market Integration""; ""F. Capital Market Integration and Stock Exchanges""; ""III. Overview of SAARC Capital Markets""; ""A. Legal System""; ""B. SAARC as an Economic Region""

""IV. Country Results""""A. Bangladesh""; ""B. Bhutan""; ""C. India""; ""D. Maldives""; ""E. Nepal""; ""F. Pakistan""; ""G. Sri Lanka""; ""V. Cross-Regional Findings""; ""A. Market Regulation""; ""B. Market Abuse and Investor Protection""; ""C. Issuer Regulation""; ""D. Corporate Governance""; ""E. Macroeconomic Regulations""; ""VI. Analysis of Findings""; ""A. Diversity of Size and Development""; ""B. Similarity of Standards, Diversity of Compliance and Enforcement""; ""C. Markets Closed to Foreign Companies""; ""D. Markets Open to Foreign Brokers""; ""E. Viability of Smaller Markets""

""F. Exchange Control Remains a Challenge""""G. Limited Interest in SAARC as an Investment Destination""; ""H. Limited Contact and Interaction within SAARC""; ""I. Demutualization""; ""VII. Implications for Harmonization and Integration""; ""VIII. Ideas Leading to SAARC Capital Market Integration""; ""A. Regional Markets or Instruments""; ""B. Setting and Implementing Basic Common Standards""; ""C. Greater Interchange of Ideas""; ""IX. Conclusions""; ""A. Capital Market Integration Is Likely to Bring Overall Benefits""; ""B. Different Starting Points, Different Speeds, One Goal""

""X. Recommendations""""A. Initiate a Program for Information Exchange, and Development and Formation of a Capital Markets Lobby""; ""B. Formulate a Common Policy on Exchange Control Relaxation""; ""C. Make Harmonization a Policy Aim and Set Basic SAARC Standards""; ""D. Support Improvements in Regulator Capacity""; ""E. Help Small Markets Develop Sustainable Business Strategies""; ""F. Be Aware of and Support Private Sector Initiatives""; ""G. Improve Commercial Imperatives and Skills in Stock Exchanges""; ""H. Set Up a Regional Body to Support Capital Market Harmonization and Development""

""XI. Final Remarks""""Appendix: Note on Stock Market Metrics""

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF title page (ebrary, viewed August 11, 2014).

ISBN:

92-9254-279-6

OCLC:

922978033