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Extra info for The Politics of Equity Finance in Emerging Markets

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L The stock exchange of Lithuania first opened in 1775 as a place for export goods. In 1923 the exchange traded foreign currencies. The Vilnius Stock Exchange operated from 1926 to 1936. Politics and the Extension of Equity Finance to Emerging Markets 21 family feared loss of control, or because exchange requirements excluded indigenous participation. Since the deepest integration was within the British empire, interstate political concerns were nonexistent. The liberal era ended with the World War I, and planners attempted to restore a degree of openness in the international economy with respect to trade at the Bretton Woods conference following World War II.

For example, investment funds were devised as “private” offerings in the United States to circumvent disclosure requirements associated with “public” offerings, or funds were domiciled in one particular state while the investors were in another. Third, international organizations directly contributed to 22 The Politics of Equity Finance in Emerging Markets the extension of stock exchange globalization because they created and fostered networks between public and private sectors. Just as a private investment bank’s main resource is in knowing its clients, the International Finance Corporation (IFC) in particular has private- and public-sector contacts that allow it to facilitate outcomes among coalitions of interests who might not otherwise be acquainted with each other.

58 Of the indigenous firms that developed, most grew from formal or informal family groupings where a bank operated within the group as a source of finance. 1 (continued ) Territory Kuwait Turkey Barbados Mauritius Botswana United Arab Emirates Singaporeh Ghana Hungaryi Yugoslaviaj Swaziland Panama China China Croatia Mongolia Slovak Republic Polandk Czechoslovakia El Salvador Namibia Lithuanial Zambia Nicaragua Cyprus Malawi Uganda Bulgaria Cayman Islands Tanzania Mozambique Year established 1984 1986 1987 1988 1989 1989 1990 1990 1990 1990 1990 1990 1990 1991 1991 1991 1991 1991 1992 1992 1992 1993 1994 1994 1996 1996 1997 1997 1997 1998 1999 Major exchange Kuwait Stock Exchange Istanbul Stock Exchange Barbados Securities Exchange Stock Exchange of Mauritius Stockbrokers Botswana Ltd.

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