Determinants of Stock Market Development in Southeast Asian Countries
Nguyen Dinh Phan
Vo Thi Ha Hanh
Abstract
This paper examines the determinants of stock market development in Southeast Asian countries. Our findings show that income growth rate, saving rate, financial development, stock market liquidity, and macroeconomic stability are the main determinants of market capitalization. Meanwhile macroeconomic stability meas- ured by the change in inflation and the financial crisis have had a negative effect on market capitalization, other variales have a potivive effect.
