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CHAPTER - II
EVOLUTION OF STOCK EXCHANGES
The establishment of stock exchange, whether in developed or developing
countries, passed through different circumstances and stages until it reached its
current status. Before promoting the creation of a successful stock market in Yemen,
it may be sensible to study the experiences of other stock markets and the factors that
gave birth to their stock markets and development. This chapter gives an account of
the history of stock market in the various countries in the world, including the Arab
World. The Chapter concludes with a detailed analysis of the development of stock
exchange in Sudan which is, like Yemen, in also the early stages of reform and
economic development, and which encounters similar obstacles.
