The theory and practice of reforming

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Using a data range from years 1975 to 2004 and 170 countries, a new World Bank paper examines the role capital market reforms play in fostering a country's stock market.

Particularly interesting is the authors' within-country focus, as opposed to a more common cross-country analysis, to determine the impact of 6 reforms: market entry, insider trading laws, electronic trading systems, privatization, pensions, and institutional reform. Check out the paper for which ones have most impact.

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