This is a brief survey of the literature on determinants of stock market development and the role, which foreign capital plays in it. The survey focuses on macroeconomic, institutional, cultural, globalization, and microeconomic determinants. It find that stock market development is a product of multiple complex decisions.
Nadia Doytch. "Determinants of Stock Market Development: A Brief Survey of Literature." Proceedings of the New York State Economics Association. vol. 6, October 2013, p. 4-10
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