Explaining the Migration ofStocks from Exchanges in Emerging Economies to International Centers

Claessens, Stijn ; Klingebiel, Daniela ; Schmukler, Sergio L.

World Bank, Washington, D.C.

关键词: ACCOUNTING;    ACCOUNTING FRAMEWORK;    ADVERSE CONSEQUENCES;    BID;    BONDS;   

DOI  :  10.1596/1813-9450-2816
RP-ID  :  WPS2816

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors study the determinants ofthe growing migration of stock market activity tointernational financial centers. They use a sample of 77countries and document that higher economic growth and moremacroeconomic stability help stock market development.Countries with higher income per capita, soundermacroeconomic policies, more efficient legal systems, bettershareholder protection, and more open financial markets tendto have larger and more liquid stock markets. The authorsshow that these factors also drive the degree with whichcapital raising, listing, and trading have been migrating tointernational financial centers. As fundamentals improve andtechnology advances, this migration will likely increase anddomestic stock market activity may become too little tosupport local markets. For many emerging economies, the bestpolicy is to establish sound fundamentals but notnecessarily the trading, or even listing of securities locally.