Financial Flows and Places: The Case of Monreal

Richard Shearmur

Canadian Public Policy, 2001, vol. 27, issue 2, 219-233

Abstract: In 1999, an agreement was signed between the four Canadian stock exchanges, the principal aim of which was to consolidate the various markets. This agreement led to considerable debate in Montreal concerning the symbolic importance of the stock exchange, but also dealing with the loss of local equity trading, and consequent impossibility of local IPOs (Initial Public Offerings). This, it was argued, would significantly hamper economic development in Montreal and Quebec. This paper sets out to review the current trends concerning regional stock exchanges, and to assess the relevance of an exchange to the local economy. To do this, two approaches are used: a review of the literature and an empirical analysis of employment data. It is concluded that there is very little link between a local exchange and the local economy, but that there may be room for the resurgence of more localized, or at least locally sensitive, financial markets.

Date: 2001
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