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Financial Flows and Places: The Case of Monreal

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Author Info
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.

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Publisher Info
Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 27 (2001)
Issue (Month): 2 (June)
Pages: 219-233
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Handle: RePEc:cpp:issued:v:27:y:2001:i:2:p:219-233

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Bernard BELLETANTE & Bernard PARANQUE, 2000. "Do Market Listing And Size Entail Behavioural Differences?," Finance 0004012, EconWPA, revised 29 Oct 2000. [Downloadable!]
  2. 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. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
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  4. Richard Florida & Martin Kenney, 1988. "Venture Capital, High Technology and Regional Development," Regional Studies, Taylor and Francis Journals, vol. 22(1), pages 33-48, February. [Downloadable!] (restricted)
  5. Ron Martin, 1989. "The Growth and Geographical Anatomy of Venture Capitalism in the United Kingdom," Regional Studies, Taylor and Francis Journals, vol. 23(5), pages 389-403, October. [Downloadable!] (restricted)
  6. Rod McNaughton & Milford Green, 1989. "Spatial Patterns of Canadian Venture Capital Investment," Regional Studies, Taylor and Francis Journals, vol. 23(1), pages 9-18, February. [Downloadable!] (restricted)
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