2012-16: Does law really matter for stock market development? The case of a South Pacific island economy: Fiji, 1997-2007 (Working paper)

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Sharma, Parmendra
Nguyen, Tom
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Akimov, Alexandr

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2012
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29 pages

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Abstract

In view of the prominent law-finance-economic growth theory and the continuing debate over it, this paper examines the applicability of the law-stock market development nexus in Fiji, an island economy in the South Pacific region, where economic growth performance has generally been considered disappointing. Results from an analysis of primary and secondary data indicate that stock market development over the 1997-2007 period has been very weak compared with 55 other developed and developing countries. The evidence does not support the frequently stated or implied proposition that strengthening legal institutions is an essential pre-requisite for furthering stock market development in Fiji. This finding may have implications for other developing economies in the South Pacific and elsewhere.

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Copyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).

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G18 - General Financial Markets: Government Policy and Regulation

K40 - Legal Procedure, the Legal System, and Illegal Behavior: General

G28 - Financial Institutions and Services: Government Policy and Regulation

Fiji

law and finance

stock market development

shareholder rights

law enforcement quality

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