Publication:
Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers

dc.contributor.author Claessens, Stijn
dc.contributor.author Klingebiel, Daniela
dc.contributor.author Schmukler, Sergio L.
dc.date.accessioned 2013-08-06T15:09:24Z
dc.date.available 2013-08-06T15:09:24Z
dc.date.issued 2002-03
dc.description.abstract 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. en
dc.identifier http://documents.worldbank.org/curated/en/2002/03/1752444/explaining-migration-stocks-exchanges-emerging-economies-international-centers
dc.identifier.uri http://hdl.handle.net/10986/14814
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, D.C.
dc.relation.ispartofseries Policy Research Working Paper;No.2816
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCOUNTING
dc.subject ACCOUNTING FRAMEWORK
dc.subject ADVERSE CONSEQUENCES
dc.subject BID
dc.subject BONDS
dc.subject BORROWING COSTS
dc.subject CAPITAL FLOWS
dc.subject CAPITAL MARKETS
dc.subject CAPITALIZATION
dc.subject CONSOLIDATION
dc.subject COST OF CAPITAL
dc.subject DEBT
dc.subject DIVIDENDS
dc.subject DOMESTIC MARKET
dc.subject EMERGING MARKETS
dc.subject EXCHANGE RATES
dc.subject FINANCIAL MARKETS
dc.subject FINANCIAL REFORM
dc.subject FINANCIAL SECTOR
dc.subject FINANCIAL SYSTEMS
dc.subject FOREIGN CURRENCY
dc.subject FOREIGN DIRECT INVESTMENT
dc.subject FOREIGN FIRMS
dc.subject FOREIGN INVESTORS
dc.subject FOREIGN OWNERSHIP
dc.subject GDP
dc.subject GDP PER CAPITA
dc.subject GROSS DOMESTIC PRODUCT
dc.subject INCOME
dc.subject INFLATION
dc.subject INFLATION RATE
dc.subject INTEREST RATES
dc.subject INTERNATIONAL BANKS
dc.subject INTERNATIONAL MARKETS
dc.subject INTERNATIONALFIRMS
dc.subject INVESTMENT BANKING
dc.subject INVESTMENT BANKS
dc.subject LIQUIDITY
dc.subject LOCAL CAPITAL MARKETS
dc.subject MACROECONOMIC PERFORMANCE
dc.subject MACROECONOMIC POLICIES
dc.subject MACROECONOMIC STABILITY
dc.subject MACROECONOMICS
dc.subject MERGERS
dc.subject MIGRATION
dc.subject NASDAQ
dc.subject NYSE
dc.subject OFFERINGS
dc.subject PRICE INCREASES
dc.subject PRIVATIZATION
dc.subject RESOURCE MOBILIZATION
dc.subject SETTLEMENT SYSTEMS
dc.subject SPREAD
dc.subject STOCKS
dc.subject TRANSITION ECONOMIES
dc.subject TURNOVER
dc.subject UNDERESTIMATES
dc.subject VALUATION
dc.subject VOLATILITY
dc.subject WEALTH STOCK MARKETS
dc.subject EMERGING ECONOMIES
dc.subject INTERNATIONAL MARKETS
dc.subject INTERNATIONAL FINANCIAL INSTITUTIONS
dc.subject TRADING
dc.subject ECONOMIC GROWTH
dc.subject MACROECONOMIC STABILITY
dc.subject PER CAPITA INCOME
dc.subject MACROECONOMIC POLICY
dc.subject LEGAL SYSTEMS
dc.subject SHAREHOLDING STRUCTURE
dc.subject CAPITAL TRANSACTIONS
dc.subject CAPITAL MOBILIZATION
dc.subject CAPITAL FLOWS
dc.title Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers en
dspace.entity.type Publication
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2002/03/1752444/explaining-migration-stocks-exchanges-emerging-economies-international-centers
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Finance and Markets
okr.globalpractice Trade and Competitiveness
okr.identifier.doi 10.1596/1813-9450-2816
okr.identifier.externaldocumentum 000094946_02041104241288
okr.identifier.internaldocumentum 1752444
okr.identifier.report WPS2816
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/04/19/000094946_02041104241288/Rendered/PDF/multi0page.pdf en
okr.sector Capital Markets Development
okr.sector Finance
okr.topic Economic Theory and Research
okr.topic Banks and Banking Reform
okr.topic International Terrorism and Counterterrorism
okr.topic Macroeconomics and Economic Growth :: Markets and Market Access
okr.topic Payment Systems and Infrastructure
okr.topic International Economics and Trade :: Access to Markets
okr.unit Off of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume 1
relation.isAuthorOfPublication ad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
English PDF
Size:
2.2 MB
Format:
Adobe Portable Document Format
Description:
No Thumbnail Available
Name:
English Text
Size:
116.21 KB
Format:
Plain Text
Description:
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description: