0.04 , 0.09 , 0.25 , 0.49 __
(1) 0.081 (2) 0.121
(3) 0.0121 (4) 0.81
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Pot.icY RESEARCH WORKING PAPER 1462
Summary findings
World stock markets are booming. Between 1982 and * There are intuitively appealing correlations among
1993, stock market capitalization grew from $2 trillion indicators. For example, big markets tend to be less
to $10 trillion, an average 15 percent a year. A volatile, more liquid, and less concentrated in a few
disproportionate amount of this growth was in emerging stocks. Internationally integrated markets tend to be less
stock markets, which rose from 3 percent of world stock volatile. And institutionally developed markets tend to he
market capitalization to 14 percent in the same period. large and liquid.
Yet there is little empirical evidence about how * The three most developed markets are in Japan, the
important stock markets are to long-term economic United Kingdom. and the United States. The most
development. Economists have neicher a common underdeveloped markets are in Colombia, Nigeria,
concept nor a common measure of stock market Venezuela, and Zimbabwe. Malaysia, the Republic of
development, so we know little about how stock market Korea, and Switzerland seem to have highly developed
development affects the r