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The Future of Stock Exchanges in Emerging Economies: Evolution and Prosepcts

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Author Info

  • Stijn Claessens
  • Daniela Klingebiel
  • Sergio L. Schmukler

Abstract

We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with better fundamentals have larger and more liquid markets. As fundamentals improve, however, the degree of migration to international exchanges also increases. This leads to gains for corporations in the form of lower costs and more liquidly-traded shares. Fully-fledged local stock exchanges are thus becoming less necessary for many economies. Furthermore, migration can leave too little domestic activity to sustain a local exchange. Therefore, the functions and forms of stock exchanges in many economies need rethinking.

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Bibliographic Info

Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 02-03.

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Date of creation: Feb 2002
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Handle: RePEc:wop:pennin:02-03

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Related research

Keywords: stock exchange development; internationalization of financial markets; trading migration; emerging economies; cross-listing; ADRs; GDRs;

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Cited by:
  1. Mapa, Dennis S. & Briones, Kristine Joy S., 2006. "Measuring the Common Component of Stock Market Fluctuations in the Asia-Pacific Region," MPRA Paper 21247, University Library of Munich, Germany.
  2. Claessens, Stijn & Kingebiel, Daniela & Schmukler, Sergio L., 2002. "Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  3. Jappelli, Tullio & Pagano, Marco, 2008. "Financial market integration under EMU," CFS Working Paper Series 2008/33, Center for Financial Studies (CFS).
  4. Craig Doidge & G. Andrew Karolyi & Karl V. Lins & Darius P. Miller & René M. Stulz, 2009. "Private Benefits of Control, Ownership, and the Cross-listing Decision," Journal of Finance, American Finance Association, vol. 64(1), pages 425-466, 02.
  5. Antonín Rusek, 2005. "Financial Integration and the New EU Member Countries: Challenges and Dilemmas," Prague Economic Papers, University of Economics, Prague, vol. 2005(1), pages 17-32.
  6. Hali J. Edison & Francis E. Warnock, 2003. "Cross-board listings, capital controls, and equity flows to emerging markets," International Finance Discussion Papers 770, Board of Governors of the Federal Reserve System (U.S.).
  7. Edison, Hali J. & Warnock, Francis E., 2008. "Cross-border listings, capital controls, and equity flows to emerging markets," Journal of International Money and Finance, Elsevier, vol. 27(6), pages 1013-1027, October.
  8. Horobet, Alexandra & Lupu, Radu, 2009. "Are Capital Markets Integrated? A Test of Information Transmission within the European Union," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(2), pages 64-80, June.
  9. M. Kabir Hassan & Jung Suk-Yu, 2007. "Stock Exchange Alliances in Organization of Islamic Conferences (OIC) Countries," NFI Working Papers 2007-WP-18, Indiana State University, Scott College of Business, Networks Financial Institute.
  10. Ricardo N. Bebczuk, 2005. "Corporate Governance and Ownership: Measurement and Impact on Corporate Performance and Dividend Policies in Argentina," Research Department Publications 3212, Inter-American Development Bank, Research Department.

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