The rise of capital markets in emerging and frontier economies

This paper presents five case studies on the development of capital markets in emerging and frontier economies. These first-hand accounts reveal the crucial human, social and regulatory capital that capital markets rely on and demonstrate how much local regulators and operators around the world can learn from each other.

Capital markets promote economic development and growth by facilitating and diversifying firms’ access to finance. In order to do this they rely on institutions, including sound financial reporting and assurance, and these in turn depend on the accounting profession. This discussion paper considers how these relationships work and how policymakers can build on them.