金融學(xué)專(zhuān)業(yè)外文翻譯------股市嚴(yán)重性討論：股權(quán)市場(chǎng)現(xiàn)象，政府政策與金融全球化{外文翻譯}-金融財(cái)政-文庫(kù)吧資料
2025-05-21 14:59本頁(yè)面
【正文】 es 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 sector. In short, it is clear that equities constitute an increasingly important capital market in the world economy. However, we currently know very little about how government policy choices and political institutions influence equity investors’ decisions. The few extant analyses of stock markets and politics tend to focus on one or two developed countries, or on sectoral variation within a particular market, rather than on the determinants of nationallevel market outes in a broader crosscountry context. For instance, David Leblang and Bumba Mukherjee consider the impact of government partisanship and elections on stock market outes in the United States and Great Britain. In a wider study, Fiona McGillivray (2020) considers the impact of partisan changes and electoral institutions on stockmarket outes in fourteen advanced democracies. Her analyses, however, focus largely on industrylevel variation, arguing that shifts in political constellations change investors’ expectations regarding which sectors will benefit from public policies. Indeed, McGillivray is interested less in equitymarket outes
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