SINGH, Ajit <br/><br/>
Stock-market and economic development : should developing countries encourage stock-markets? 

 -  1993 
<br/><br/> Examines the role that the stock-market can play in the economic and industrial development of newly industrializing countries.  Considers how, if at all, the negative features of third-world stock markets can be contained.  Concludes that, to the extent that developing countries do have a choice, they should attempt to foster bank-based financial systems rather than establish and encourage stock markets.