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Stock Market Development and Financial Intermediaries: Stylized Facts

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Author Info
Demirguc-Kunt, Ash
Levine, Ross

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Abstract

World stock markets are booming, and emerging stock markets account for a disproportionate share of this growth. Yet economists lack a common concept or measure of stock market development. This article collects and compares a broad array indicators of stock market and financial intermediary development, using data from forty-four developing and industrial countries during the period from 1986 to 1993. The empirical results exhibit wide cross-country differences for each indicator as well as intuitively appealing correlations between various indicators. The article constructs aggregate indexes and analyzes them to document the relationship between the emergence of stock markets and the growth of financial intermediaries. It produces a set of stylized facts that facilitates and stimulates research into the links among stock markets, economic development, and corporate financing decisions. Copyright 1996 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal World Bank Economic Review.

Volume (Year): 10 (1996)
Issue (Month): 2 (May)
Pages: 291-321
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Handle: RePEc:oup:wbecrv:v:10:y:1996:i:2:p:291-321

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References listed on IDEAS
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. Obstfeld, Maurice, 1994. "Risk-Taking, Global Diversification, and Growth," American Economic Review, American Economic Association, vol. 84(5), pages 1310-29, December. [Downloadable!] (restricted)
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  2. Atje, Raymond & Jovanovic, Boyan, 1993. "Stock markets and development," European Economic Review, Elsevier, vol. 37(2-3), pages 632-640, April. [Downloadable!] (restricted)
  3. Schwert, G William, 1989. " Why Does Stock Market Volatility Change over Time?," Journal of Finance, American Finance Association, vol. 44(5), pages 1115-53, December. [Downloadable!] (restricted)
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  4. Errunza, Vihang R. & Losq, Etienne, 1985. "The behavior of stock prices on LDC markets," Journal of Banking & Finance, Elsevier, vol. 9(4), pages 561-575, December. [Downloadable!] (restricted)
  5. Levine, Ross, 1991. " Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-65, September. [Downloadable!] (restricted)
  6. Gultekin, Mustafa N & Gultekin, N Bulent & Penati, Alessandro, 1989. " Capital Controls and International Capital Market Segmentation: The Evidence from the Japanese and American Stock Markets," Journal of Finance, American Finance Association, vol. 44(4), pages 849-69, September. [Downloadable!] (restricted)
  7. Levine, Ross, 1989. "An International Arbitrage Pricing Model with PPP Deviations," Economic Inquiry, Oxford University Press, vol. 27(4), pages 587-99, October.
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  8. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December. [Downloadable!] (restricted)
  9. Bencivenga Valerie R. & Smith Bruce D. & Starr Ross M., 1995. "Transactions Costs, Technological Choice, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 67(1), pages 153-177, October. [Downloadable!] (restricted)
  10. Claessens, Stijn & Dasgupta, Susmita & Glen, Jack, 1995. "The cross-section of stock returns : evidence from emerging markets," Policy Research Working Paper Series 1505, The World Bank. [Downloadable!]
  11. Cho, D Chinhyung & Eun, Cheol S & Senbet, Lemma W, 1986. " International Arbitrage Pricing Theory: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 41(2), pages 313-29, June. [Downloadable!] (restricted)
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