Identification of global systemically important stock exchanges

Identifying Global Systemically Important Financial Institutions

A key element of the G20 response to the global financial crisis has been to develop policies to address the ‘too-big-to-fail’ problem posed by systemically important financial institutions (SiFis). the first step is to identify such entities. to that end, there has been extensive work undertaken in recent years, especially at the global level in view of the cross-country impact of large intern...

Ranking Systemically Important Financial Institutions

We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the nodes is the correlation between these shocks. Daily dynamic centrality measures allow us to rank firms in t...

legal nature of shares in stock exchanges

this article contains an analysis of the iranian, german and austrian law of shares as securities. stocks are issued to the capital market with a view for them to circulate among market participants. iranian legal scholarship has seen a debate on the nature of shares. some classify them as property while other classifies them as obligations. the distinction is of interest because certain rules ...

Policy as Myth and Ceremony? the Global Spread of Stock Exchanges, 1980–2005

We examine the antecedents and consequences in developing countries of creating a national stock exchange, a core technology of financial globalization. We study local conditions and global institutional pressures in the rapid spread of exchanges since the 1980s and examine how conditions at the point of adoption affected exchanges’ subsequent vibrancy. Little prior research connects the proces...

Stock Exchanges and Issuers: A Changing Relationship