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Financial Institutions Center The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects by Stijn Claessens Daniela Klingebiel Sergio L. Schmukler 02-03 The Wharton Financial Institutions Center The Wharton Financial Institutions Center provides a multi-disciplinary research approachto the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center`s research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty, visiting scholars and Ph.D. candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community, please let us know of your interest. Franklin Allen Co-Director Richard J. Herring Co-Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Foundation 7KH )XWXUH RI 6WRFN ([FKDQJHV LQ (PHUJLQJ (FRQRPLHV= (YROXWLRQ DQG 3URVSHFWV E 6WLMQ &ODHVVHQV/ ’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’5V> *’5V -8QLYHUVLW\ RI $PVWHUGDP DQG &(35/ :RUOG %DQN/ DQG :RUOG %DQN UHVSHFWLYHO\1 3DSHU SUHVHQWHG DW WKH )LIWK $QQXDO %URRNLQJV0:KDUWRQ &RQIHUHQFH RQ )LQDQFLDO 6HUYLFHV/ KHOG LQ :DVKLQJWRQ/ ’1&1/ -DQXDU\ 430 44/ 53351 :H ZRXOG OLNH WR WKDQN RXU GLVFXVVDQW/ .HQ .DYDMHF]/ DQG $QGUHZ .DURO\L/ %HQQ 6WHLO/ 5XEHQ /HH/ DQG FRQIHUHQFH SDUWLFLSDQWV IRU YHU\ XVHIXO FRPPHQWV1 :H ZRXOG OLNH WR WKDQN nguon tai.lieu . vn