The authors study the determinants of
the growing migration of stock market activity to
international financial centers. They use a sample of 77
countries and document that higher economic growth and more
macroeconomic stability help stock market development.
Countries with higher income per capita, sounder
macroeconomic policies, more efficient legal systems, better
shareholder protection, and more open financial markets tend
to have larger and more liquid stock markets. The authors
show that these factors also drive the degree with which
capital raising, listing, and trading have been migrating to
international financial centers. As fundamentals improve and
technology advances, this migration will likely increase and
domestic stock market activity may become too little to
support local markets. For many emerging economies, the best
policy is to establish sound fundamentals but not
necessarily the trading, or even listing of securities locally.
Bibliographic Details
| Main Authors: |
Claessens, Stijn,
Klingebiel, Daniela,
Schmukler, Sergio L. |
|---|
| Format: | Policy Research Working Paper
biblioteca
|
|---|
| Language: | English
en_US |
|---|
| Published: |
World Bank, Washington, D.C.
2002-03
|
|---|
| Subjects: | ACCOUNTING,
ACCOUNTING FRAMEWORK,
ADVERSE CONSEQUENCES,
BID,
BONDS,
BORROWING COSTS,
CAPITAL FLOWS,
CAPITAL MARKETS,
CAPITALIZATION,
CONSOLIDATION,
COST OF CAPITAL,
DEBT,
DIVIDENDS,
DOMESTIC MARKET,
EMERGING MARKETS,
EXCHANGE RATES,
FINANCIAL MARKETS,
FINANCIAL REFORM,
FINANCIAL SECTOR,
FINANCIAL SYSTEMS,
FOREIGN CURRENCY,
FOREIGN DIRECT INVESTMENT,
FOREIGN FIRMS,
FOREIGN INVESTORS,
FOREIGN OWNERSHIP,
GDP,
GDP PER CAPITA,
GROSS DOMESTIC PRODUCT,
INCOME,
INFLATION,
INFLATION RATE,
INTEREST RATES,
INTERNATIONAL BANKS,
INTERNATIONAL MARKETS,
INTERNATIONALFIRMS,
INVESTMENT BANKING,
INVESTMENT BANKS,
LIQUIDITY,
LOCAL CAPITAL MARKETS,
MACROECONOMIC PERFORMANCE,
MACROECONOMIC POLICIES,
MACROECONOMIC STABILITY,
MACROECONOMICS,
MERGERS,
MIGRATION,
NASDAQ,
NYSE,
OFFERINGS,
PRICE INCREASES,
PRIVATIZATION,
RESOURCE MOBILIZATION,
SETTLEMENT SYSTEMS,
SPREAD,
STOCKS,
TRANSITION ECONOMIES,
TURNOVER,
UNDERESTIMATES,
VALUATION,
VOLATILITY,
WEALTH STOCK MARKETS,
EMERGING ECONOMIES,
INTERNATIONAL FINANCIAL INSTITUTIONS,
TRADING,
ECONOMIC GROWTH,
PER CAPITA INCOME,
MACROECONOMIC POLICY,
LEGAL SYSTEMS,
SHAREHOLDING STRUCTURE,
CAPITAL TRANSACTIONS,
CAPITAL MOBILIZATION, |
|---|
| Online Access: | http://documents.worldbank.org/curated/en/2002/03/1752444/explaining-migration-stocks-exchanges-emerging-economies-international-centers
http://hdl.handle.net/10986/14814
|
|---|
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
|---|
