25. International Exchanges in a Globalized World

A reality today is that the economy, characterized by the expansion and development of financial mechanisms, cannot be conceived without the stock exchange: the real economy is reflected in the trend of stock, and, in turn, the stock can influence – good or bad – the economic life. Thus, by the rise of globalization, as instruments of capital accumulation, stock exchange has become the most effective way of targeting the capital available in the economy to the most profitable use. The market will determine which companies will be funded and what is the cost of their capital. The decisive factor is the efficiency with which companies use this capital. In this way, international stock markets have taken a central role in macroeconomic development of various countries of the world.