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The Politics of Equity Finance in Emerging Markets$
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Kathryn C. Lavelle

Print publication date: 2004

Print ISBN-13: 9780195174090

Published to Oxford Scholarship Online: April 2005

DOI: 10.1093/0195174097.001.0001

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Privatization and Share Supply in Emerging Markets

Privatization and Share Supply in Emerging Markets

Chapter:
(p.75) 5 Privatization and Share Supply in Emerging Markets
Source:
The Politics of Equity Finance in Emerging Markets
Author(s):

Kathryn C. Lavelle (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195174097.003.0005

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

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