By Jack D. Glen
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Additional resources for An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))
Ultimately, liquidity dictates the success or failure of a market. 5 For these reasons, microstincture decisions that affect market liquidity can have important consequences not only for attracting market participants, but through that, on the cost of raising capital in the market. Both aspects of liquidity mentioned aboveability to transact quickly and without moving pricesare important to market participants. The speed with which transactions are consummated depends on two factors: the number of market traders and microstructure.
The increase in trading value observed over the reported period is due mainly to a higher value of traded shares in the industrial, commercial and services sectors, which represented 82 percent of total value traded in 1992. The remainder is represented by financial shares.
Moreover, empirical (and theoretical) work on emerging market microstructure has just begun,7 leaving open the possibility that microstructure importance is either diminished or enhanced by the developing nature of those markets. This paper has attempted to introduce the topic of market microstructure to those interested in the emerging markets. Hopefully, the information that is provided will encourage investor interest in these markets, thereby enhancing market liquidity. For market administrators and regulators, the hope is that the paper's contents will encourage them to think more about the implications of their microstructure decisions on market appeal and liquidity.
An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation)) by Jack D. Glen