Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, p

The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. D

"This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However,