Doctoral Dissertation Research: Understanding the Proliferation and Operation of Stock Markets in a Global Economy - Phase Three (Iceland)

1997年底，全球有103个不同国家的股票市场，其中48个是在1988年至1997年间建立的。其中一些新的股票市场看起来与其他地方建立的股票市场相似，但另一些股票市场涉及大量的地方控制，并具有特殊的特点。如何解释这些股市的激增，以及它们在不同国家可以采取的不同形式？四种理论为这些问题提供了相互竞争的答案。首先，一种关于全球变化的“强有力”理论表明，各国对同质化的全球经济力量越来越无能为力。其次，“空心化”理论预测，全球市场会削弱和限制而不是摧毁国家的能力，并为地方控制市场留下空间。第三，“怀疑论”认为，国家在不同程度上积极参与国际经济力量，产生多样化的国家机构，并允许对市场进行相当程度的地方控制。第四，“世界文化”理论通过组织规范的国际传播解释了国家间日益增长的相似性。这个项目是对最近创建的股票市场的更大研究的第三阶段，通过对斐济、加纳和冰岛的新股票市场的研究来检验这些问题并评估这些理论。它使用参与者观察法、对市场参与者的深度访谈和档案分析的方法来检验关于全球经济和国家权力在影响新的证券市场交易所的建立和运营方面的预测。特别是，该研究报告描述和分析了市场参与者利用的信息来源和类型、市场与国际组织的联系以及市场实践中的地方和区域动态。

At the end of 1997, there were stock markets in 103 different countries, and 48 were established between 1988 and 1997. Some of these new stock markets appear similar to those established elsewhere, but others involve substantial local control and have special characteristics. What explains the proliferation of these stock markets, and the different forms they can take in different countries? Four theories provide competing answers to these questions. First, a 'strong' theory of global change suggests that states are increasingly powerless against homogenizing global economic forces. Second, a 'hollowing out' theory predicts that global markets weaken and constrain rather than destroy state capacity, and leave room for local control of markets. Third, a 'skeptical' theory argues that states actively participate to varying degrees with international economic forces, produce diverse national institutions, and allow for considerable local control of markets. Fourth, a 'world culture' theory explains increasing similarity across nations through the international diffusion of organizational norms. This project -- the third phase of a larger study of recently-created stock markets -- examines these questions and evaluates these theories through the study of new stock markets in Fiji, Ghana, and Iceland. It uses methods of participant-observation, in-depth interviews with market participants, and archival analysis to test predictions about the global economy and state power in affecting the establishment and operation of new stock market exchanges. In particular, the study describes and analyzes the sources and types of information market participants draw on, the connections of the market to international organizations, and local and regional dynamics in market practices.