Một ý nghĩa của phát hiện này là các nước nhỏ có thể tìm thấy nó thuận lợi để từ bỏ những lợi ích rõ ràng của việc mở cửa thị trường chứng khoán địa phương. Thay vào đó, nó có thể tốt hơn để đầu tư các nguồn lực để tạo ra một môi trường tạo điều kiện cho việc phát hành và kinh doanh cổ phiếu ở nước ngoài. | FIGURE Economic Growth before and after an Exchange Is Opened Source . Baier Scott L. Gerald P. Dwyer Jr. and Robert Tamura Does Opening a Stock Exchange Increase Economic Growth Journal of International Money and Finance 23 2004 311 331. Figures are reprinted with permisson from Elsevier. Stock Markets Abroad 117 exchange in the United States. The Chicago Stock Exchange represents the merging of several smaller exchanges located in St. Louis Cleveland Minneapolis and New Orleans. While the exchanges continue to operate the national exchanges like the NYSE dominate trading activity. One implication of this finding is that small countries may find it advantageous to forego the apparent benefits of opening a local stock exchange. Instead it may be better to invest those resources to create an environment that facilitates the issuance and trading of shares abroad. Generally this can be done by reducing domestic barriers to securities trading. Governments should attempt to improve corporate governance issues that may exist between the local and global markets. They also can alter accounting practices to be more universally acceptable and enforce securities rules in a manner consistent with other countries. If the natural outcome of economic and financial development is the migration of activity to the larger more efficient markets it may be more efficient to use the exchanges already in existence. SUMMARY Stock exchanges do not open in an economic vacuum. It simply is not the case that stock markets open and economies then expand. Stock exchanges are formed to help allocate financial capital in an efficient manner. This is done through the trading of ownership rights in firms whether through IPOs or throughsecondarytrading. In all cases stockmarkets provideverybeneficialprice signals to firms and investors of the expected success of different ventures. The long history of the major stock exchanges highlighted in this chapter is testament to the importance of these
