Munich Personal RePEc Archive

The Puzzle of a Unique Instrument in Emerging Markets of South Asia

Siddiqi, Hammad (2009): The Puzzle of a Unique Instrument in Emerging Markets of South Asia.

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Abstract

A unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of the instrument is, perhaps, an example of a creative market response to information problems.

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