Europe & Central Asia (IDA & IBRD countries) | Stocks traded, total value (% of GDP)
The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data. Data are end of year values. Development relevance: Stock market size can be measured in various ways, and each may produce a different ranking of countries. The development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information which can lower transaction costs and subsequently improve resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. Open economies with sound macroeconomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations. Limitations and exceptions: Data cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards. Only EOB trades are included in the total value of shares traded. Statistical concept and methodology: The value of shares traded represent the transfer of ownership effected automatically through the exchange's electronic order book (EOB), where orders placed by trading members are usually exposed to all market users and automatically matched according to precise rules set up by the exchange, generally on a price/time priority basis. For data before 2001, the WFE used two different approaches for the collection of trading data, depending on the individual stock exchange's market organization and rules. The first approach is the Trading System View (TSV). Stock exchanges adopting this view count only those transactions which pass through their trading system or trading floor. The TSV is generally adopted by exchanges which operate a centralized order book (order-driven market). Trades done by their members off the exchange are not included. The second approach is the Regulated Environment View (REV). Stock exchanges in this category include all transactions subject to supervision by the market authority, including transactions made by members, and sometimes non-members, on outside trading systems and transactions into foreign markets. Figures reported under the REV approach will be higher than those reported under the TSV approach.
Publisher
The World Bank
Origin
Europe & Central Asia (IDA & IBRD countries)
Records
63
Source
Europe & Central Asia (IDA & IBRD countries) | Stocks traded, total value (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
13.22242389 2001
13.04859915 2002
16.56190591 2003
19.51013702 2004
20.63266201 2005
39.42666267 2006
60.5053303 2007
41.19535155 2008
32.18007933 2009
29.07573106 2010
24.03937733 2011
17.72410991 2012
15.25737179 2013
13.96037808 2014
16.06211243 2015
14.99806649 2016
16.70847067 2017
15.55909181 2018
15.18069742 2019
36.59515478 2020
2021
2022
Europe & Central Asia (IDA & IBRD countries) | Stocks traded, total value (% of GDP)
The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data. Data are end of year values. Development relevance: Stock market size can be measured in various ways, and each may produce a different ranking of countries. The development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information which can lower transaction costs and subsequently improve resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. Open economies with sound macroeconomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations. Limitations and exceptions: Data cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards. Only EOB trades are included in the total value of shares traded. Statistical concept and methodology: The value of shares traded represent the transfer of ownership effected automatically through the exchange's electronic order book (EOB), where orders placed by trading members are usually exposed to all market users and automatically matched according to precise rules set up by the exchange, generally on a price/time priority basis. For data before 2001, the WFE used two different approaches for the collection of trading data, depending on the individual stock exchange's market organization and rules. The first approach is the Trading System View (TSV). Stock exchanges adopting this view count only those transactions which pass through their trading system or trading floor. The TSV is generally adopted by exchanges which operate a centralized order book (order-driven market). Trades done by their members off the exchange are not included. The second approach is the Regulated Environment View (REV). Stock exchanges in this category include all transactions subject to supervision by the market authority, including transactions made by members, and sometimes non-members, on outside trading systems and transactions into foreign markets. Figures reported under the REV approach will be higher than those reported under the TSV approach.
Publisher
The World Bank
Origin
Europe & Central Asia (IDA & IBRD countries)
Records
63
Source