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Stock exchange development and economic growth

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  • Takuo Tsurushima

Abstract

[eng] Historically, exchanges were primarily set up to take advantage of business opportunities and their influence to economic growth can be seen as a benevolent side effect. Stock exchanges contribute to economic growth thanks to their distinctive features : they evaluate entrepreneurs, pool resources, diversify risk and value the expected profits from innovative activities. The importance of stock exchanges is obvious in two concrete examples : SMEs and privatization. As exchanges are more and more global, standardization of products and processes is growing among World Federation of Exchanges members. A lot of exchanges emphasize on corporate governance and disclosure regulations which are key in ensuring transparency, integrity and credibility of the financial industry. . JEL classification : G15, G23, O16

Suggested Citation

  • Takuo Tsurushima, 2006. "Stock exchange development and economic growth," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 45-54.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4435
    DOI: 10.3406/ecofi.2006.4435
    Note: DOI:10.3406/ecofi.2006.4435
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    More about this item

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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