Unleashing the Power of the Stock Market to Spur Economic Growth and create wealth
Unleashing the power of the stock market will drive wealth creation by funding ventures that local banks are not inclined to support adequately.
an you imagine the possibilities if Jamaica were to develop a broad and liquid financial market hosting a vibrant stock exchange that had funded the creation of 300-500 new enterprises, owned by 1.5 million Jamaican investors, with a combined wealth that is 10 times the current value? This article argues that the future envisioned in the question is within the grasp of the Jamaican people and their leaders, assuming that we make some fundamental shifts in thinking and public policy geared to enhancing financial development. At its core the proposition is simple enough. First, I argue that academic research and real world practice provide ample evidence that financial development can be used to spur economic growth and create wealth. Second, I offer some concrete suggestions as to how this can be done.
About the Author
Professor of International Finance
Delroy Hunter is the Serge Bonanni Professor of International Finance at the University of South Florida
