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Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

Bank Policy --- Capital Market Development --- Capital Market Reforms --- Capital Markets --- Capital Raising --- Debt Markets --- Domestic Capital --- Domestic Capital Market --- Domestic Market --- Domestic Markets --- Emerging Markets --- Equity --- Equity Markets --- Exchange --- Finance and Financial Sector Development --- Financial Markets --- Globalization --- Macroeconomics and Economic Growth --- Market Capitalization --- Markets and Market Access --- Private Sector Development --- Share --- Stock --- Stock Market --- Stock Market Development --- Trading