Privatization and Share Supply in Emerging Markets

Kathryn C. Lavelle

in The Politics of Equity Finance in Emerging Markets

Published in print November 2004 | ISBN: 9780195174090
Published online April 2005 | e-ISBN: 9780199835287 | DOI:
 Privatization and Share Supply in Emerging Markets

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The chapter considers domestic politics and share supply on emerging market stock exchanges. It argues that since the 1980s, states have created new exchanges not as vehicles to raise capital, but to reserve a role for local capital as it disengages from active management of the firm. Thus the state and the market do not act in opposition to each other; rather, the state creates a local market to allow its citizens access to ownership of local firms despite the fact that control of many of these firms lies overseas. The operative goal of the sale is thus corporate control, combined with revenue, and not just revenue alone. Structures respond to a myriad of domestic political concerns.

Keywords: share supply; corporate control; privatization; emerging market; stock exchange; domestic politics

Chapter.  5995 words.  Illustrated.

Subjects: Economic Development and Growth

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