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GLOBALIZATION OF CORPORATE GOVERNANCE SESSION 7. Outline Evolution of Income, Exports and Capital Flows 1985 - 2002 Premium for Good Governance in Regions.

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Presentation on theme: "GLOBALIZATION OF CORPORATE GOVERNANCE SESSION 7. Outline Evolution of Income, Exports and Capital Flows 1985 - 2002 Premium for Good Governance in Regions."— Presentation transcript:

1 GLOBALIZATION OF CORPORATE GOVERNANCE SESSION 7

2 Outline Evolution of Income, Exports and Capital Flows 1985 - 2002 Premium for Good Governance in Regions Evolution of Equity Markets and Trading Largest Stock Exchanges Market Capitalization of NYSE New Listings in Major Markets 1998-2000 Convergence of Governance Institutions Alternative Directions

3 1985200219852002 Gross Domestic Product GDP China and India558.51,922.44.46 Low income countries, excl. India579.3634.74.52 Middle income countries, excl. China2,234.13,702.917.511.5 High income countries9,393.425,86773.680.5 World12,765.232,127100 Exports of Goods and Services China and India79.1685.13.48.7 Low income countries, excl. India82.5215.23.62.7 Middle income countries, excl. China433.91,227.218.715.6 High income countries1,718.75,732.674.372.9 World2,314.17,860.2100 Inflows of Foreign Direct Investment China and India1.7622.99.8 Low income countries, excl. India1.97.13.31.1 Middle income countries, excl. China9.779.116.812.5 High income countries44.7484.377.176.6 World58632.6100 Inflows of Total Portfolio Investment China and India2.349.81.76.9 Low income countries, excl. India0.050.070.0380.009 Middle income countries, excl. China9.1306.74.2 High income countries123.8639.991.688.9 World135.2719.8100 Source: Gunter and Hoeven ( 2004:3). Billions of USD Percentage Share of the World Evolution of Income, Exports and Capital Flows 1985 -2002

4 Evolution of Income, Exports and Capital Flows 100 7 860.22 314.1World 72.974.35 732.61 718.7High income countries 15.618.71 227.2433.9Middle income countries excl. China 2.73.6215.282.5Low income countries excl. India 8.73.4685.179.1China and India Exports of goods and Services 100 32 12712 765World 80.573.625 8679 9393.4High income countries 11.517.53 702.92 234.1Middle income countries excl. China 24.5634.7579.3Low income countries excl. India 64.41 922.4558.5China and India Gross Domestic Product 2002198520021985 Percentage share of world level Billion of USD 100 7 860.22 314.1World 72.974.35 732.61 718.7High income countries 15.618.71 227.2433.9Middle income countries excl. China 2.73.6215.282.5Low income countries excl. India 8.73.4685.179.1China and India Exports of goods and Services 100 32 12712 765World 80.573.625 8679 9393.4High income countries 11.517.53 702.92 234.1Middle income countries excl. China 24.5634.7579.3Low income countries excl. India 64.41 922.4558.5China and India Gross Domestic Product 2002198520021985 Percentage share of world level Billion of USD Source: Gunter and Hoeven (2004: 3) Notes: Data on gross domestic product and exports of goods and services are taken from the IMFs World Economic Outlook.

5 Domestic Market Capitalization (WFE 2009) 0 2000 2001 20022003 2004 20052006 20072008 25 000 20 000 40 000 5 000 10 000 USD bn WFE total (USD bn) 30,95626,59522,83330,62736,84840,88850,65060,85432,551

6 Value of Share Trading (WFE 2009) 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 2000 2001 20022003 2004 20052006 20072008 USD bn WFE total (USD bn) 56,49141,83433,11533,33142,26754,76570,035112,969113,602

7 Largest Stock Exchanges in Market Capitalisation (year end 2008) Exchange USD bn % Change end-2008end-2007 In USD In local currency 1 NYSE Euronext (US) 9,20915,651 -41.2% 2 Tokyo Stock Exchange Group 3,1164,331 -28.1%-41.4% 3NASDAQ OMX2,3964,014 -40.3% 4NYSE Euronext (Europe)2,1024,223 -50.2%-47.8% 5London Stock Exchange1,8683,852 -51.5%-33.4% 6Shanghai Stock Exchange1,4253,694 -61.4%-64.0% 7Hong Kong Exchanges1,3292,654 -49.9%-50.2% 8Deutsche Börse1,1112,105 -47.2%-44.6% 9TMX Group1,0332,187 -52.7%-41.8% 10BME Spanish Exchanges9481,781 -46.8%-44.1% Source: World Federation of Exchanges Statistics 2009.

8 Largest Exchanges in Share Trading (year end 2008) Exchange USD bn % Change 20082007 In USD In local currency 1 NASDAQ OMX 36,44628,116 29.6% 2NYSE Euronext (US)33,63929,114 15.5% 3London Stock Exchange6,27210,334 -39.3%-33.0% 4Tokyo Stock Exchange Group5,6076,413 -12.6%-23.4% 5Deutsche Börse4,6794,324 8.2%2.1% 6NYSE Euronext (Europe)4,4115,640 -21.8%-26.2% 7Shanghai Stock Exchange2,6004,029 -35.5%-41.0% 8BME Spanish Exchanges2,4102,970 -18.8%-23.4% 9TMX Group1,7161,635 5.0%5.6% 10Hong Kong Exchanges1,6302,134 -23.6%-23.8% Source: World Federation of Exchanges Statistics 2009.

9 NYSE Overview Statistics 2006 Year Average daily volume (Millions of shares) Global market capitalization ($T) Companies listed Percent turnoverSeat prices 20051,582$20.802,779102%$2,600,000 20041,457$19.802,76899%$1,515,000 20031,398$17.302,75099%$1,500,000 20021,441$13.402,783105%$2,550,000 20011,240$16.002,79894%$2,300,000 20001,042$17.102,86288%$1,700,000 1999809$16.803,02578%$2,300,000 1998674$14.003,11476%$2,000,000 1997527$11.803,04769%$1,750,000 1996412$9.202,90763%$1,450,000 19901571,77446%$430,000 1980451,57036%$275,000 1970121,35119%$320,000 196031,14312%$162,000 Source: NYSE 2006

10 Global Comparison of Market Capitalization of Domestic Listed Companies 2006 ( USD Trillions) Year All WFE members (a)NYSE % of allNasdaqTokyoLondon Deutsche BörseEuronext 2005$40.90$13.3033%$3.60$4.60$3.10$1.20$2.70 2004$37.10$12.6034%$3.50$3.60$2.80$1.20$2.40 2003$31.30$11.4036%$2.80$3.00$2.40$1.00$2.10 2002$23.10$9.0039%$2.20$2.10$1.80$0.70$1.60 2001$26.80$11.0041%$2.90$2.30$2.10$1.10$1.80 2000$30.90$11.5037%$3.60$3.20$2.60$1.30$2.30 1999$35.60$11.4032%$5.80$4.00$2.80$1.40$2.40 1998$26.30$10.3039%$2.50$2.40$2.30$1.10$1.80 1997$22.30$8.9040%$1.70$2.10 $0.80$1.30 1996$20.10$6.8034%$1.50$3.00$1.70$0.70$1.10 1995$17.50$5.7033%$1.20$3.50$1.30$0.60$0.90 1990$9.60$2.7028%$0.30$2.80$0.90$0.40$0.50 1980 (b)$2.90$1.2041%$0.40$0.20$0.07$0.09 Source: NYSE (2006); WFE (2005)

11 US Investors Holdings of Non-US Equities 2003

12 Global Comparison of Annualized Trading (USD Trillions) Year All WFE members (a)NYSE NYSE % of allNasdaqTokyoLondon Deutsche BörseEuronext 2004$41.80$11.400%$8.50$3.20$5.10$1.50$2.50 2003$33.60$9.7029%$7.10$2.00$3.60$1.30$1.90 2002$33.80$10.3030%$7.50$1.60$4.10$1.20$2.00 2001$40.30$10.5026%$11.00$1.70$4.60$1.50$3.20 2000$51.80$11.1021%$19.80$2.30$4.60$2.10$1.80 1999$34.30$8.9026%$10.50$1.70$3.40$1.60$1.30 1998$24.50$7.3030%$5.50$0.80$2.90$1.50$1.10 1997$20.10$5.8029%$4.50$0.90$2.00$1.10$0.70 1996$14.30$4.1029%$3.30$0.90$1.40$0.80$0.50 1995$10.90$3.1028%$2.40$0.90$1.20$0.60$0.40 1990$5.90$1.3022%$4.50$1.30$0.50 $0.20 1980 (b)$0.90$0.4044%$0.07$0.20$0.04$0.02 Source: NYSE (2006); WFW (2005)

13 New Listings in Major Markets Source: WFE respective annual reports.

14 Development of International Principles of Corporate Governance Guidelines

15 Corporate Governance Objectives

16 Multiple Convergence of Governance Institutions and Relationships

17 Corporate Governance Convergence: Alternative Directions


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