Social Against Mobile Capital: Explaining Cross-National Variations in Stock Market Size in the OECD
What accounts for variations in the size of OECD stock markets? Existing answers point to the negative impact of state control over industry, enhanced by state centralization, and mitigated by common law. I counter that state centralization has a positive impact on stock market growth as well. It holds in check local governments' resistance to the centripetal mobility of capital, without which stock markets cannot develop. I provide empirical evidence of this dual effect by identifying variables for each effect and regressing them together against stock market capitalization on a cross-sectional population of OECD countries.
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|Date of creation:||2001|
|Date of revision:|
|Contact details of provider:|| Postal: EUROPEAN UNIVERSITY INSTITUTE, ECONOMICS DEPARTMENT, BADIA FIESOLANA, SAN DOMENICO (FI), ITALY|
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