2
"STOCKM ARKETD EVELOPMENAT NDL ONG-RUNG ROWTH"
BYROSS LEVINE AND SARA ZERVOS
World stock markets are booming. Developing country stock markets compose a
disproportionately large amount of this growth. Over the past 10 years, world stock market
capitalization rose from $4.7 trillion to $15.2 trillion, and emerging market capitalization jumped
from less than 4 percent to almost 13 percent of total world capitalization. Similarly, over this
decade, the trading of shares on emerging stock exchanges rose from less than 3 percent to 17
percent of the total value of transactions on the world's stock exchanges. Further, Korajczyk
(1996) shows that emerging markets have become more integrated with world capital markets
during the past seven years. The blossoming of emerging stock markets has attracted the
attention of international investors. Portfolio equity flows to emerging markets jumped from
$150 million in 1984 to over $39 billion in 1995. Yet, there exists very little empirical evidence
on the relationship between stock market development and long-run economic growth.
温馨提示:答案为网友推荐,仅供参考