Stock market development and financial intermediaries : stylized facts

摘要: World stock markets are booming, and emerging account for a disproportionate share of this growth. Yet economists lack common concept or measure market development. This article collects compares broad array indicators financial intermediary development, using data from forty-four developing industrial countries during the period 1986 to 1993. The empirical results exhibit wide cross-country differences each indicator as well intuitively appealing correlations between various indicators. constructs aggregate indexes analyzes them document relationship emergence growth intermediaries. It produces set stylized facts that facilitates stimulates research into links among markets, economic corporate financing decisions.