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==Historical Perspective== In 1950, there were 49 countries with stock exchanges, 24 were in Europe and 14 in former British colonies such as the United States, Canada and Australia. Their usefulness was seen as limited to only the wealthier countries in which they resided. Developing countries had low levels of savings and limited means to attract foreign capital; stock markets played an insignificant role in their economic growth before the 1980s. Funding for economic capital came primarily from foreign aid, state-to-state from advanced industrial countries to developing economies during the 50’s and 60’s (Weber, Davis and Lounsbury, 1321). During the 1970s there was an increase in private bank long-term lending to foreign states that nearly equalled state aid, and as Keynesian ideas came into disrepute due to stagflation. In 1982 when Mexico suspended its external debt service, it marked the beginning of the debt crisis throughout the developing world; banks severely limited lending to developing nations. (Weber, Davis and Lounsbury, 1322). In response to the perceived failures of the development project and to the 1980s debt crisis, a market-based strategy of economic development was seen as the solution. Instead of bank-to-state lending or foreign aid, this model would use private investment in the private sector of developing countries. The International Monetary Fund (IMF) and the World Bank spread this idea through its imposition of Structural Adjustment Programs during 1980’s (Weber, Davis and Lounsbury, 1322). The IMF and the World Bank supported stock market development not solely on the grounds of ideology but rather that the stock market is a natural outgrowth of a developing financial sector as long-term economic growth proceeds and also as a criticism of early development efforts through Development Finance Institutes (DFI) (Singh, 2, 1993). These DFI’s had difficulties during the 1970s economic crisis of the third world. Singh cites the World Development Report of 1989 that the poor performance of these DFI’s was due to the “inefficiencies of these DFIs and the banked-based interventionist financial systems." The report argued that a restructuring of these systems to make them “voluntary, fiscally neutral and to being them as far as practicable under private ownership.” (Singh, 2, 1993) A new term was coined “emerging markets” for third world countries which would help legitimize stock markets as a method of economic development. (Weber, Davis and Lounsbury, 1322) During the 1980s, developing countries enacted dramatic reforms to their financial systems through liberalisation to make their economies more market-oriented (financial de-repression), making capital easier to move around the world. From 1984 to 1995, Global equity markets experienced an explosive growth and emerging equity markets experienced an even more rapid growth, taking on an increasingly larger share of this global boom. Between 1980 and 2005, 58 countries started stock exchanges. Overall capitalization rose from $4.7 trillion to $15.2 trillion globally, the share of emerging markets jumped from less than 4 to 13 percent in this period. Trading activity in these markets surged considerably: the value of shares traded in emerging markets climbed from less than three per cent of the $1.6 trillion world total in 1985 to 17 per cent of the $9.6 trillion shares traded in all world’s exchanges in 1994 (Mohtadi and Agarwal, 2001). As evidenced by the acommpagning table, from 1960 to about 1988, approximately one new exchange opened up every year. However the following years, multiple exchanges opened up every year. Stock markets of developing countries became major sources of foreign capital flows to developing countries. For example, Ajit Singh in his “Financial Liberalisation, Stock markets and Economic Development” cited international equity flows of the ''Economists 38 emerging markets increased from $3.3 billion in 1986 to $61.2 billion in 1993. This particular capital flow was different from the previous 20 years by the increasing role of foreign portfolio flow versus bank financing. These funds poured into developing countries through several routes as external liberalization increased; country or regional funds, direct purchase of developing countries stocks by industrial country investors, listing of developing countries securities on industrial country markets (Singh, 772, 1993). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Financial market theory of development」の詳細全文を読む スポンサード リンク
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