金融學(xué)專業(yè)外文翻譯------股市嚴(yán)重性討論：股權(quán)市場現(xiàn)象_政府政策與金融全球化(已修改)
2025-05-31 14:59 本頁面
【正文】 中文 2450 字 單詞 1422 個(gè) 畢業(yè)論文（設(shè)計(jì)） 外文翻譯 外文題目： Taking Stock Seriously: EquityMarket Performance, Government Policy, and Financial Globalization 出 處： International Studies Quarterly 作 者： Mosley, Layna Singer, David Andrew Are equity markets just another facet of global finance, or are they unique in their responses to—and influences on—government policies and institutions? Recent work has explored the impact of political factors on bond market behavior and foreign direct investment, but little attention has been paid to stock markets. On the basis of the particular concerns of equity investors, we hypothesize a positive association between stockmarket valuations and levels of democracy, shareholder rights, legal traditions, and capitalaccount liberalization, a negative association with real interest rates, and no association with fiscal deficits or surpluses. We assess our expectations by analyzing the political and institutional determinants of aggregate pricetoearnings ratios for a sample of up to 37 countries from 1985 to 2020, using both crosssectional and timeseries crosssectional analyses. We find support for most, but not all, of our hypotheses. Our findings suggest that we must disaggregate the effects of different asset markets to understand the impact of economic globalization on government policies. How do government policies and institutions affect equitymarket performance a cross countries? As stock markets grow broader and deeper in both the developed and developing worlds, this question bees more critical. In 2020, global stockmarket capitalization stood at $ trillion, pared to global GDP of $ trillion. While this figure was slightly less than global mercial bank assets, it markedly exceeded the total size of outstanding public debt securities, which were $ The bulk of global stockmarket capitalization represents developedcountry equity markets, but less developed country markets—which accounted for 14 percent of total capitalization in 2020—are quickly gaining ground. Some emerging market countries, such as Malaysia, Singapore, and South Africa, have total stockmarket capitalizations that exceed their respective gross domestic products .Equity markets enhance corporate efficiency, spur innovation, and provide a valuable source of capital for longterm economic development. They also provide a useful mechanism for governments to raise capital through the sale of stateowned enterprises. Moreover, equitymarket investments constitute an important element of individuals’ assets, particularly as governments shift their pension systems toward the private sect
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