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Financial Flows and Places: The Case of Monreal

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  • Richard Shearmur

Abstract

In 1999, an agreement was signed between the four Canadian stock exchanges, the principal aim of which was to consolidate the various markets. This agreement led to considerable debate in Montreal concerning the symbolic importance of the stock exchange, but also dealing with the loss of local equity trading, and consequent impossibility of local IPOs (Initial Public Offerings). This, it was argued, would significantly hamper economic development in Montreal and Quebec. This paper sets out to review the current trends concerning regional stock exchanges, and to assess the relevance of an exchange to the local economy. To do this, two approaches are used: a review of the literature and an empirical analysis of employment data. It is concluded that there is very little link between a local exchange and the local economy, but that there may be room for the resurgence of more localized, or at least locally sensitive, financial markets.

Suggested Citation

  • Richard Shearmur, 2001. "Financial Flows and Places: The Case of Monreal," Canadian Public Policy, University of Toronto Press, vol. 27(2), pages 219-233, June.
    • Handle: RePEc:cpp:issued:v:27:y:2001:i:2:p:219-233
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    References listed on IDEAS

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    1. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564298.
    2. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
    3. Jean-François L'Her & Jean-Marc Suret, 1997. "L'évolution des structures financières des grandes entreprises canadiennes," CIRANO Working Papers 97s-17, CIRANO.
    4. Samuel, Cherian, 1996. "The stockmarket as a source of finance : a comparison of U.S. and Indian firms," Policy Research Working Paper Series 1592, The World Bank.
    5. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564403.
    6. Bernard BELLETANTE & Bernard PARANQUE, 2000. "Do Market Listing And Size Entail Behavioural Differences?," Finance 0004012, University Library of Munich, Germany, revised 29 Oct 2000.
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