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Explaining the migration of stocks from exchanges in emerging economies to international centers Author info | Abstract | Publisher info | Download info | Related research | Statistics Claessens, Stijn
Klingebiel, Daniela
Schmukler, Sergio L.
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registered author(s):
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.
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Paper provided by The World Bank in its series Policy Research Working Paper Series with number
2816.
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Date of creation: 31 Mar 2002Date of revision:
Handle: RePEc:wbk:wbrwps:2816Contact details of provider: Postal: 1818 H Street, N.W., Washington, DC 20433 Email: Web page: http://www.worldbank.org/ More information through EDIRC
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Keywords: Banks&Banking Reform ; Economic Theory&Research ; Markets and Market Access ; International Terrorism&Counterterrorism ; Payment Systems&Infrastructure ; Economic Theory&Research ; Banks&Banking Reform ; International Terrorism&Counterterrorism ; Markets and Market Access ; Access to Markets ; Other versions of this item:
Paper Claessens, Stijn & Kingebiel, Daniela & Schmukler, Sergio L., 2002.
"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres ,"
Working Papers
UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2002.
"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres ,"
CEPR Discussion Papers
3301, C.E.P.R. Discussion Papers.
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Pagano, Marco & Röell, Ailsa A & Zechner, Josef, 2001.
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"Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings ,"
NBER Working Papers
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"Law and Finance in Transition Economies ,"
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"What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions ,"
CSEF Working Papers
50, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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Pagano, Marco & Randl, Otto & Röell, Ailsa A & Zechner, Josef, 2001.
"What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions ,"
CEPR Discussion Papers
2683, C.E.P.R. Discussion Papers.
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"What makes stock exchanges succeed? Evidence from cross-listing decisions ,"
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200405-9, National Bank of Belgium.
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Luigi Guiso & Tullio Jappelli & Mario Padula & Marco Pagano, 2004.
"Financial Market Integration and Economic Growth in the EU ,"
CSEF Working Papers
118, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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Guiso, Luigi & Jappelli, Tullio & Padula, Mario & Pagano, Marco, 2004.
"Financial Market Integration and Economic Growth in the EU ,"
CEPR Discussion Papers
4395, C.E.P.R. Discussion Papers.
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"Financial market integration and economic growth in the EU ,"
Economic Policy ,
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[Downloadable!] (restricted) repec:att:wimass:192054 is not listed on IDEAS
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"Financial Market Integration Under EMU ,"
CSEF Working Papers
197, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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"What Matters for Financial Development? Capital Controls, Institutions, and Interactions ,"
NBER Working Papers
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Chinn, Menzie D. & Ito, Hiro, 2006.
"What matters for financial development? Capital controls, institutions, and interactions ,"
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"Investment Banking and Security Market Development: Does Finance Follow Industry? ,"
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Neringa Jarmalaite Pritchard, 2002.
"The Relationship between Accounting Numbers and Returns in the Baltic Stock Markets ,"
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Ben Slimane, FATEN, 2007.
"L'Evolution des Marchés Boursiers Européens: Enjeux et limites [European Stock Market Evolution] ,"
MPRA Paper
2607, University Library of Munich, Germany.
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Aggarwal, Reena & Dahiya, Sandeep & Klapper, Leora, 2005.
"American Depositary Receipts (ADR) holdings of U.S. based emerging market funds ,"
Policy Research Working Paper Series
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"The Need for Institutional Changes in the Global Financial System: An Analytical Framework ,"
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Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2003.
"Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors ,"
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3789, C.E.P.R. Discussion Papers.
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Other versions: Schröder, Michael & Köke, Jens, 2002.
"The Prospects of Capital Markets in Central and Eastern Europe ,"
ZEW Discussion Papers
02-57, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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Hanson, James A., 2003.
"Banking in developing countries in the 1990s ,"
Policy Research Working Paper Series
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