Determinants of world wide stock market development- quantile regression approach and recommendations for Vietnam

Abstract

This paper is subject to find the determinants of stock market development, particularly the market capitialization.
Using OLS and quantile regression, our paper finds that financial intermediary development, especially commercial
banks development, and stock market liquidity have significant impacts on the stock market development. Meanwhile,
there is not enough evidence to confirm the effect of macroeconomics factors. Based on these results, our paper
suggests some policy changes in order to boost Vietnam stock market.