Stock markets, corporate finance, and economic growth
总结了新兴市场股票市值二十倍增长背景下，股票市场对经济增长和企业融资决策的影响，以及政府促进市场发展的政策建议。
During the past decade the capitalization of emerging markets increased twentyfold. In 1994 trading on these markets accounted for about 17 percent of the $9.6 trillion of shares traded on the world's stock markets, up from a mere 3 percent of the much smaller $1.6 trillion in 1985. This rapid growth in emerging stock market activity raises critical questions for developing country policymakers. What effect do stock markets have on economic growth? How does stock market development affect firms' financing decision? And if stock markets are good for growth, what policies can governments adopt to foster their development? This note summarizes answers to these questions drawn from a recent research project.