Europe & Central Asia | 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
Records
63
Source
Europe & Central Asia | Stocks traded, total value (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975 3.43068145
1976 2.66791493
1977 2.36797735
1978 2.49067512
1979 2.00742162
1980 4.11528464
1981 4.49335562
1982 2.20014355
1983 7.36068797
1984 7.92142676
1985 14.19349437
1986 13.06197771
1987 28.5608076
1988 20.49676331
1989 23.11340387
1990 21.3746647
1991 14.25173586
1992 12.91477313
1993 19.2604104
1994 23.15500343
1995 21.13552041
1996 20.27200756
1997 38.72854881
1998 55.61022932
1999 65.5411192
2000 101.35431189
2001 81.77920417
2002 51.17819385
2003 48.32599631
2004 49.60629927
2005 49.9193567
2006 71.20962859
2007 102.87895919
2008 78.99065098
2009 56.90559365
2010 56.46045092
2011 49.35206964
2012 40.99284587
2013 36.81937395
2014 45.45691533
2015
2016
2017
2018
2019
2020
2021
2022

Europe & Central Asia | 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
Records
63
Source