Listed domestic companies, total

value: World Development Indicators

Hong Kong SAR, China

iso2Code: HK

country_code: HKG

country_name: Hong Kong, China

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


sourceNone: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value: Financial Sector

Honduras

iso2Code: HN

iso2code: ZJ

value: Latin America & Caribbean

iso2code: XJ

value: Latin America & Caribbean (excluding high income)

iso2code: XN

value: Lower middle income

iso2code: XI

value: IDA

capitalCity: Tegucigalpa

country_code: HND

country_name: Honduras

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Listed domestic companies, total

value: CC BY-4.0

value: 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.

value: Annual

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

schema: wb


Listed domestic companies, total

value: World Development Indicators

Heavily indebted poor countries (HIPC)

iso2Code: XE

value: Aggregates

country_code: HPC

country_name: Heavily indebted poor countries (HIPC)


Croatia

iso2Code: HR

value: Europe & Central Asia

iso2code: XD

value: High income

iso2code: XF

value: IBRD

capitalCity: Zagreb

country_code: HRV

country_name: Croatia

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


Listed domestic companies, total

value: Financial Sector

Haiti

iso2Code: HT

value: Latin America & Caribbean

value: Latin America & Caribbean (excluding high income)

value: Lower middle income

value: IDA

capitalCity: Port-au-Prince

country_code: HTI

country_name: Haiti


Hungary

iso2Code: HU

iso2code: XX

value: Not classified

capitalCity: Budapest

country_code: HUN

country_name: Hungary

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Listed domestic companies, total

value: CC BY-4.0

value: 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.


Listed domestic companies, total

value: World Development Indicators

IBRD only

value: Aggregates

country_code: IBD

country_name: IBRD only

value: Annual

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


value: Financial Sector

IDA & IBRD total

iso2Code: ZT

country_code: IBT

country_name: IDA & IBRD total

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


Listed domestic companies, total

IDA total

iso2Code: XG

country_code: IDA

country_name: IDA total


IDA blend

iso2Code: XH

country_code: IDB

country_name: IDA blend


Listed domestic companies, total

Indonesia

iso2Code: ID

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

iso2code: XT

value: Upper middle income

value: IBRD

capitalCity: Jakarta

country_code: IDN

country_name: Indonesia


country_code: IDX

country_name: IDA only

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Isle of Man

iso2Code: IM

value: Europe & Central Asia

value: High income

value: Not classified

capitalCity: Douglas

country_code: IMN

country_name: Isle of Man

value: Listed domestic companies, total

value: CC BY-4.0


Listed domestic companies, total

value: World Development Indicators

India

iso2Code: IN

value: South Asia

value: Lower middle income

capitalCity: New Delhi

country_code: IND

country_name: India

value: 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.

value: Annual

value: World Federation of Exchanges database.


value: Financial Sector

Not classified

iso2Code: XY

value: Aggregates

country_code: INX

country_name: Not classified

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


Listed domestic companies, total

Ireland

iso2Code: IE

value: Europe & Central Asia

capitalCity: Dublin

country_code: IRL

country_name: Ireland

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Iran, Islamic Rep.

iso2Code: IR

iso2code: ZQ

value: Middle East & North Africa

iso2code: XQ

value: Middle East & North Africa (excluding high income)

iso2code: XN

value: IBRD

capitalCity: Tehran

country_code: IRN

country_name: Iran, Islamic Rep.

value: Listed domestic companies, total


Listed domestic companies, total

value: World Development Indicators

Iraq

iso2Code: IQ

value: Upper middle income

iso2code: XF

capitalCity: Baghdad

country_code: IRQ

country_name: Iraq

value: CC BY-4.0


Iceland

iso2Code: IS

iso2code: XD

value: High income

value: Not classified

capitalCity: Reykjavik

country_code: ISL

country_name: Iceland

value: 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.

value: Annual

value: World Federation of Exchanges database.


Listed domestic companies, total

value: Financial Sector

Israel

iso2Code: IL

iso2code: XX

country_code: ISR

country_name: Israel

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Italy

iso2Code: IT

value: Europe & Central Asia

capitalCity: Rome

country_code: ITA

country_name: Italy

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value:
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.


Listed domestic companies, total

Jamaica

iso2Code: JM

iso2code: ZJ

value: Latin America & Caribbean

iso2code: XJ

value: Latin America & Caribbean (excluding high income)

value: IBRD

capitalCity: Kingston

country_code: JAM

country_name: Jamaica

value: Listed domestic companies, total


value: World Development Indicators

Jordan

iso2Code: JO

value: Middle East & North Africa

value: Middle East & North Africa (excluding high income)

value: Lower middle income

capitalCity: Amman

country_code: JOR

country_name: Jordan

value: CC BY-4.0


Listed domestic companies, total

value: Financial Sector

Japan

iso2Code: JP

value: East Asia & Pacific

value: High income

value: Not classified

capitalCity: Tokyo

country_code: JPN

country_name: Japan

value: 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.

value: Annual

value: World Federation of Exchanges database.


Kazakhstan

iso2Code: KZ

value: Europe & Central Asia

value: Europe & Central Asia (excluding high income)

iso2code: XT

value: Upper middle income

capitalCity: Astana

country_code: KAZ

country_name: Kazakhstan

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


Listed domestic companies, total

value: World Development Indicators

Kenya

iso2Code: KE

iso2code: ZG

value: Sub-Saharan Africa

iso2code: ZF

value: Sub-Saharan Africa (excluding high income)

value: Lower middle income

iso2code: XH

value: Blend

capitalCity: Nairobi

country_code: KEN

country_name: Kenya

value: Listed domestic companies, total

value: CC BY-4.0


value: Financial Sector

Kyrgyz Republic

iso2Code: KG

iso2code: XN

iso2code: XI

value: IDA

capitalCity: Bishkek

country_code: KGZ

country_name: Kyrgyz Republic

value: 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.

value: Annual

value: World Federation of Exchanges database.


Listed domestic companies, total

Cambodia

iso2Code: KH

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

capitalCity: Phnom Penh

country_code: KHM

country_name: Cambodia

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Kiribati

iso2Code: KI

capitalCity: Tarawa

country_code: KIR

country_name: Kiribati

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.

value:
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.


Listed domestic companies, total

value: World Development Indicators

St. Kitts and Nevis

iso2Code: KN

value: Latin America & Caribbean

iso2code: XD

value: High income

iso2code: XF

value: IBRD

capitalCity: Basseterre

country_code: KNA

country_name: St. Kitts and Nevis


value: Financial Sector

Korea, Rep.

iso2Code: KR

iso2code: XX

value: Not classified

capitalCity: Seoul

country_code: KOR

country_name: Korea, Rep.

value: Listed domestic companies, total

value: CC BY-4.0


Listed domestic companies, total

Kuwait

iso2Code: KW

iso2code: ZQ

value: Middle East & North Africa

capitalCity: Kuwait City

country_code: KWT

country_name: Kuwait

value: 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.

value: Annual

value: World Federation of Exchanges database.


iso2Code: XJ

name: Latin America & Caribbean (excluding high income)

value: Aggregates

country_code: LAC

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Lao PDR

iso2Code: LA

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

value: Lower middle income

value: IDA

capitalCity: Vientiane

country_code: LAO

country_name: Lao PDR

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Lebanon

iso2Code: LB

iso2code: XQ

value: Middle East & North Africa (excluding high income)

value: IBRD

capitalCity: Beirut

country_code: LBN

country_name: Lebanon

value:
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.


Liberia

iso2Code: LR

iso2code: ZG

value: Sub-Saharan Africa

iso2code: ZF

value: Sub-Saharan Africa (excluding high income)

iso2code: XM

value: Low income

capitalCity: Monrovia

country_code: LBR

country_name: Liberia

value: Listed domestic companies, total

value: CC BY-4.0

value: 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.

value: Annual


Listed domestic companies, total

Libya

iso2Code: LY

value: Middle East & North Africa

iso2code: XT

value: Upper middle income

capitalCity: Tripoli

country_code: LBY

country_name: Libya

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: World Federation of Exchanges database.


value: World Development Indicators

St. Lucia

iso2Code: LC

iso2code: ZJ

value: Latin America & Caribbean

value: Latin America & Caribbean (excluding high income)

iso2code: XH

value: Blend

capitalCity: Castries

country_code: LCA

country_name: St. Lucia

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

value: Financial Sector

Latin America & Caribbean

value: Aggregates

country_code: LCN

country_name: Latin America & Caribbean

value:
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.


iso2Code: XL

name: Least developed countries: UN classification

country_code: LDC

value: Listed domestic companies, total

value: CC BY-4.0

value: 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.


country_code: LIC

country_name: Low income

value: Annual


Liechtenstein

iso2Code: LI

value: Europe & Central Asia

iso2code: XD

value: High income

iso2code: XX

value: Not classified

capitalCity: Vaduz

country_code: LIE

country_name: Liechtenstein

value: Sum


Listed domestic companies, total

value: World Development Indicators

Sri Lanka

iso2Code: LK

value: South Asia

iso2code: XN

value: Lower middle income

iso2code: XI

value: IDA

capitalCity: Colombo

country_code: LKA

country_name: Sri Lanka

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: World Federation of Exchanges database.


value: Financial Sector

country_code: LMC

country_name: Lower middle income

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Low & middle income

iso2Code: XO

value: Aggregates

country_code: LMY

country_name: Low & middle income

value: Listed domestic companies, total

value: CC BY-4.0

value:
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.


Listed domestic companies, total

Lesotho

iso2Code: LS

value: Sub-Saharan Africa

value: Sub-Saharan Africa (excluding high income)

capitalCity: Maseru

country_code: LSO

country_name: Lesotho

value: 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.

value: Annual


value: World Development Indicators

country_code: LTE

country_name: Late-demographic dividend

value: Sum


Lithuania

iso2Code: LT

value: Europe & Central Asia

value: High income

value: Not classified

capitalCity: Vilnius

country_code: LTU

country_name: Lithuania


Listed domestic companies, total

value: Financial Sector

Luxembourg

iso2Code: LU

capitalCity: Luxembourg

country_code: LUX

country_name: Luxembourg

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: World Federation of Exchanges database.


Latvia

iso2Code: LV

capitalCity: Riga

country_code: LVA

country_name: Latvia

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

Macao SAR, China

iso2Code: MO

value: East Asia & Pacific

country_code: MAC

country_name: Macao SAR, China

value: Listed domestic companies, total

value: CC BY-4.0


St. Martin (French part)

iso2Code: MF

value: Latin America & Caribbean

capitalCity: Marigot

country_code: MAF

country_name: St. Martin (French part)

value:
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.


Listed domestic companies, total

Morocco

iso2Code: MA

iso2code: ZQ

value: Middle East & North Africa

iso2code: XQ

value: Middle East & North Africa (excluding high income)

value: Lower middle income

iso2code: XF

value: IBRD

capitalCity: Rabat

country_code: MAR

country_name: Morocco

value: 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.

value: Annual


value: World Development Indicators

value: Financial Sector

Monaco

iso2Code: MC

value: Europe & Central Asia

value: High income

value: Not classified

capitalCity: Monaco

country_code: MCO

country_name: Monaco

value: Sum


Listed domestic companies, total

Moldova

iso2Code: MD

value: Europe & Central Asia (excluding high income)

iso2code: XT

value: Upper middle income

capitalCity: Chisinau

country_code: MDA

country_name: Moldova

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Madagascar

iso2Code: MG

iso2code: ZG

value: Sub-Saharan Africa

iso2code: ZF

value: Sub-Saharan Africa (excluding high income)

iso2code: XM

value: Low income

value: IDA

capitalCity: Antananarivo

country_code: MDG

country_name: Madagascar

value: Listed domestic companies, total

value: CC BY-4.0

value:
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.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Maldives

iso2Code: MV

value: South Asia

iso2code: XI

capitalCity: Male

country_code: MDV

country_name: Maldives

value: 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.

value: Annual


Middle East & North Africa

value: Aggregates

country_code: MEA

country_name: Middle East & North Africa

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Listed domestic companies, total

Mexico

iso2Code: MX

iso2code: ZJ

value: Latin America & Caribbean

iso2code: XJ

value: Latin America & Caribbean (excluding high income)

value: Upper middle income

value: IBRD

capitalCity: Mexico City

country_code: MEX

country_name: Mexico

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


Marshall Islands

iso2Code: MH

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

value: IDA

capitalCity: Majuro

country_code: MHL

country_name: Marshall Islands

value: Listed domestic companies, total

value: CC BY-4.0

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Middle income

iso2Code: XP

country_code: MIC

country_name: Middle income

value: 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.

value: Annual

value:
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.


North Macedonia

iso2Code: MK

value: Europe & Central Asia

value: Europe & Central Asia (excluding high income)

capitalCity: Skopje

country_code: MKD

country_name: North Macedonia

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Listed domestic companies, total

Mali

iso2Code: ML

value: Sub-Saharan Africa

value: Sub-Saharan Africa (excluding high income)

value: Low income

capitalCity: Bamako

country_code: MLI

country_name: Mali

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Malta

iso2Code: MT

iso2code: ZQ

value: Middle East & North Africa

iso2code: XD

value: High income

iso2code: XX

value: Not classified

capitalCity: Valletta

country_code: MLT

country_name: Malta

value: Listed domestic companies, total

value: Financial Sector: Capital markets


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Myanmar

iso2Code: MM

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

iso2code: XN

value: Lower middle income

value: IDA

capitalCity: Naypyidaw

country_code: MMR

country_name: Myanmar

value: CC BY-4.0

value: 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.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


iso2Code: XQ

name: Middle East & North Africa (excluding high income)

value: Aggregates

country_code: MNA

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Annual

value:
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.


Montenegro

iso2Code: ME

value: Europe & Central Asia

value: Europe & Central Asia (excluding high income)

iso2code: XT

value: Upper middle income

iso2code: XF

value: IBRD

capitalCity: Podgorica

country_code: MNE

country_name: Montenegro

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Mongolia

iso2Code: MN

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

capitalCity: Ulaanbaatar

country_code: MNG

country_name: Mongolia

value: Listed domestic companies, total

value: Financial Sector: Capital markets


Northern Mariana Islands

iso2Code: MP

value: High income

value: Not classified

capitalCity: Saipan

country_code: MNP

country_name: Northern Mariana Islands

value: CC BY-4.0

value: 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.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

Mozambique

iso2Code: MZ

iso2code: ZG

value: Sub-Saharan Africa

iso2code: ZF

value: Sub-Saharan Africa (excluding high income)

iso2code: XM

value: Low income

iso2code: XI

value: IDA

capitalCity: Maputo

country_code: MOZ

country_name: Mozambique

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Annual

value:
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.


value: World Development Indicators

value: Financial Sector

Mauritania

iso2Code: MR

value: Lower middle income

capitalCity: Nouakchott

country_code: MRT

country_name: Mauritania

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Listed domestic companies, total

Mauritius

iso2Code: MU

value: Upper middle income

value: IBRD

capitalCity: Port Louis

country_code: MUS

country_name: Mauritius

value: Listed domestic companies, total

value: Financial Sector: Capital markets


Malawi

iso2Code: MW

value: Sub-Saharan Africa

capitalCity: Lilongwe

country_code: MWI

country_name: Malawi

value: CC BY-4.0

value: 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.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

Malaysia

iso2Code: MY

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

capitalCity: Kuala Lumpur

country_code: MYS

country_name: Malaysia

value: Sum


North America

iso2Code: XU

value: Aggregates

country_code: NAC

country_name: North America

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Annual

value:
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.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Namibia

value: Sub-Saharan Africa (excluding high income)

capitalCity: Windhoek

country_code: NAM

country_name: Namibia

value: World Federation of Exchanges database.


New Caledonia

iso2Code: NC

iso2code: XD

value: High income

iso2code: XX

value: Not classified

capitalCity: Noum'ea

country_code: NCL

country_name: New Caledonia

value: Listed domestic companies, total

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Listed domestic companies, total

Niger

iso2Code: NE

value: Sub-Saharan Africa

value: Low income

value: IDA

capitalCity: Niamey

country_code: NER

country_name: Niger

value: CC BY-4.0

value: 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.

value: Financial Sector: Capital markets


Nigeria

iso2Code: NG

iso2code: XN

value: Lower middle income

iso2code: XH

value: Blend

capitalCity: Abuja

country_code: NGA

country_name: Nigeria

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Nicaragua

iso2Code: NI

iso2code: ZJ

value: Latin America & Caribbean

iso2code: XJ

value: Latin America & Caribbean (excluding high income)

capitalCity: Managua

country_code: NIC

country_name: Nicaragua

value: Annual

value:
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.


Netherlands

iso2Code: NL

value: Europe & Central Asia

value: High income

value: Not classified

capitalCity: Amsterdam

country_code: NLD

country_name: Netherlands

value: Listed domestic companies, total

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Listed domestic companies, total

Norway

iso2Code: NO

capitalCity: Oslo

country_code: NOR

country_name: Norway

value: CC BY-4.0

value: 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.

value: Financial Sector: Capital markets


Nepal

iso2Code: NP

value: South Asia

value: Lower middle income

iso2code: XI

value: IDA

capitalCity: Kathmandu

country_code: NPL

country_name: Nepal

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Listed domestic companies, total

value: World Development Indicators

value: Financial Sector

Nauru

iso2Code: NR

value: East Asia & Pacific

iso2code: XF

value: IBRD

capitalCity: Yaren District

country_code: NRU

country_name: Nauru

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


New Zealand

iso2Code: NZ

value: High income

value: Not classified

capitalCity: Wellington

country_code: NZL

country_name: New Zealand

value: Annual

value:
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.


Listed domestic companies, total

OECD members

iso2Code: OE

value: Aggregates

country_code: OED

country_name: OECD members

value: Listed domestic companies, total

value: CC BY-4.0

value: World Federation of Exchanges database.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).


Oman

iso2Code: OM

iso2code: ZQ

value: Middle East & North Africa

iso2code: XD

capitalCity: Muscat

country_code: OMN

country_name: Oman

value: 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.

value: Financial Sector: Capital markets


Listed domestic companies, total

value: World Development Indicators

country_code: OSS

country_name: Other small states

value: Sum

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


value: Financial Sector

Pakistan

iso2Code: PK

value: South Asia

value: Lower middle income

value: Blend

capitalCity: Islamabad

country_code: PAK

country_name: Pakistan


Listed domestic companies, total

Panama

iso2Code: PA

value: Latin America & Caribbean

value: High income

value: IBRD

capitalCity: Panama City

country_code: PAN

country_name: Panama

value: Annual

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Peru

iso2Code: PE

value: Latin America & Caribbean (excluding high income)

iso2code: XT

value: Upper middle income

capitalCity: Lima

country_code: PER

country_name: Peru

value: Listed domestic companies, total

value: CC BY-4.0

value: World Federation of Exchanges database.

value:
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.


Listed domestic companies, total

value: World Development Indicators

Philippines

iso2Code: PH

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

iso2code: XN

capitalCity: Manila

country_code: PHL

country_name: Philippines

value: Sum

value: 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.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


value: Financial Sector

Palau

iso2Code: PW

capitalCity: Koror

country_code: PLW

country_name: Palau

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.


Listed domestic companies, total

Papua New Guinea

iso2Code: PG

value: Lower middle income

iso2code: XH

value: Blend

capitalCity: Port Moresby

country_code: PNG

country_name: Papua New Guinea

value: Annual


Poland

iso2Code: PL

value: Europe & Central Asia

value: High income

value: IBRD

capitalCity: Warsaw

country_code: POL

country_name: Poland

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

Pre-demographic dividend

value: Aggregates

country_code: PRE

country_name: Pre-demographic dividend

value: Listed domestic companies, total

value: CC BY-4.0

value: World Federation of Exchanges database.

value:
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.


value: World Development Indicators

Puerto Rico

iso2Code: PR

iso2code: ZJ

value: Latin America & Caribbean

iso2code: XX

value: Not classified

capitalCity: San Juan

country_code: PRI

country_name: Puerto Rico

value: Sum

value: 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.


Listed domestic companies, total

value: Financial Sector

Korea, Dem. People's Rep.

iso2Code: KP

value: East Asia & Pacific

value: East Asia & Pacific (excluding high income)

iso2code: XM

value: Low income

capitalCity: Pyongyang

country_code: PRK

country_name: Korea, Dem. People's Rep.

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


Portugal

iso2Code: PT

value: Europe & Central Asia

value: High income

capitalCity: Lisbon

country_code: PRT

country_name: Portugal

value: Annual

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


Listed domestic companies, total

Paraguay

iso2Code: PY

iso2code: XJ

value: Latin America & Caribbean (excluding high income)

value: Upper middle income

iso2code: XF

value: IBRD

capitalCity: Asuncion

country_code: PRY

country_name: Paraguay

value: Listed domestic companies, total

value: CC BY-4.0

value: World Federation of Exchanges database.

value:
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.


value: World Development Indicators

value: Financial Sector

West Bank and Gaza

iso2Code: PS

iso2code: ZQ

value: Middle East & North Africa

iso2code: XQ

value: Middle East & North Africa (excluding high income)

value: Not classified

country_code: PSE

country_name: West Bank and Gaza

value: Sum

value: 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.


Listed domestic companies, total

Pacific island small states

value: Aggregates

country_code: PSS

country_name: Pacific island small states

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


country_code: PST

country_name: Post-demographic dividend

value: Annual

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


French Polynesia

iso2Code: PF

value: East Asia & Pacific

iso2code: XD

value: High income

capitalCity: Papeete

country_code: PYF

country_name: French Polynesia

value: Listed domestic companies, total


Listed domestic companies, total

Qatar

iso2Code: QA

capitalCity: Doha

country_code: QAT

country_name: Qatar

value: CC BY-4.0

value: World Federation of Exchanges database.

value:
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.


value: World Development Indicators

value: Financial Sector

Romania

iso2Code: RO

value: Europe & Central Asia

value: IBRD

capitalCity: Bucharest

country_code: ROU

country_name: Romania


Listed domestic companies, total

Russian Federation

iso2Code: RU

value: Europe & Central Asia (excluding high income)

iso2code: XT

value: Upper middle income

capitalCity: Moscow

country_code: RUS

country_name: Russian Federation

value: Sum

value: 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.


Rwanda

iso2Code: RW

iso2code: ZG

value: Sub-Saharan Africa

iso2code: ZF

value: Sub-Saharan Africa (excluding high income)

value: Low income

iso2code: XI

value: IDA

capitalCity: Kigali

country_code: RWA

country_name: Rwanda

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


Listed domestic companies, total

South Asia

value: Aggregates

country_code: SAS

country_name: South Asia

value: Listed domestic companies, total

value: CC BY-4.0

value: Annual

value: World Federation of Exchanges database.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


value: World Development Indicators

value: Financial Sector

Saudi Arabia

iso2Code: SA

value: Middle East & North Africa

value: High income

iso2code: XX

value: Not classified

capitalCity: Riyadh

country_code: SAU

country_name: Saudi Arabia

value:
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.


Listed domestic companies, total

Sudan

iso2Code: SD

value: Sub-Saharan Africa

value: Sub-Saharan Africa (excluding high income)

iso2code: XM

value: Low income

capitalCity: Khartoum

country_code: SDN

country_name: Sudan

value: Sum

value: 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.


Senegal

iso2Code: SN

iso2code: XN

value: Lower middle income

value: IDA

capitalCity: Dakar

country_code: SEN

country_name: Senegal

value: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

value: A company is considered domestic when it is incorporated in the same country as where the exchange is located. The only exception is the case of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange as defined in the domestic market capitalization definition).

value: Financial Sector: Capital markets


Listed domestic companies, total

Singapore

iso2Code: SG

value: East Asia & Pacific

capitalCity: Singapore

country_code: SGP

country_name: Singapore

value: Listed domestic companies, total

value: CC BY-4.0

value: Annual

value: World Federation of Exchanges database.

value: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included.


value: World Development Indicators

value: Financial Sector

Solomon Islands

iso2Code: SB

value: East Asia & Pacific (excluding high income)

capitalCity: Honiara

country_code: SLB

country_name: Solomon Islands

value:
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.


Listed domestic companies, total

Sierra Leone

iso2Code: SL

value: Sub-Saharan Africa

value: Sub-Saharan Africa (excluding high income)

value: Low income

capitalCity: Freetown

country_code: SLE

country_name: Sierra Leone

value: Sum