Stock markets are rallying.

Equity markets down.

Small Stock Markets in a Globalized World

Global stock markets have, overall, reached new highs.

Europe's stock markets will begin to look like an attractive alternative.

But stock markets were barely higher in early November.

Unemployment up. Housing values down. Equity markets down.

With the new tensions about the yield of loans of Eurozone States in difficulties, the share markets worldwide contimue to lose a part of their recent gains.

A third problem particular relevant to banks, risk managers, and traders has been misaligned incentives. Incentive structures have been overwhelmingly aligned to short term performance.

According to this view, soaring stock markets merely reflect low discounting of future profits.

Financial markets, worried about this, would immediately raise interest rates on other at risk eurozone countries, large and small.

Perhaps only Europe's stock markets are the only ones participating yet, but that is a start.

The world s housing, oil, and stock markets have been plunged into turmoil in recent months.

Eurozone Budgets Under the Spotlight

It seems inevitable now that either the eurozone will have to contract, with parts of the uncompetitive periphery dropping out, at least for a time, or that member countries debts will have to be collectively guaranteed, which implies some form of fiscal union.

Eurozone governments have proven unwilling, or unable, to produce a solution that persuades markets that they are on top of the problem.

Instead, world stock markets recovered, creating a colossal bubble that peaked 13 years later, in 2000.

And, as the rankings change over time to reflect countries improving or worsening fundamentals, the equity markets that smart beta investors choose change accordingly.

Just why is it that stock markets around the world are subject to fits of irrational exuberance and excessive pessimism ?

The subsequent state directed WMP regulation put a brake on credit creation and sent Chinese stock markets plunging.

A further option would be to enhance the revenue raising powers of local authorities and their capacity to access capital markets.

A New Approach to Eurozone Sovereign Debt

But markets would happily gorge on bonds backed by the full faith and credit of the eurozone.

So what are the eurozone s heads of government waiting for?

Meanwhile, the main transmission channels of monetary stimulus to the real economy the bond, credit, currency, and stock markets remain weak, if not broken.

For instance, even creditworthy municipal authorities could benefit from assistance in meeting the requirements of accessing bond markets.

Exchange markets have been established for environmental commodities, such as credits for sulfur dioxide, the gas largely responsible for acid rain.

Emerging Markets After the Fed Hikes Rates

Global stock markets are back.

The weaker euro will stimulate eurozone countries exports roughly half of which go to external markets and thus will raise eurozone GDP.

The markets of industrialized countries are blocked by protectionist tariffs and by non tariff barriers, which impede access to them by the rest of the world.

Sharp rises in sovereign, corporate, and interbank liquidity spreads will increase the cost of capital, and increases in risk aversion, volatility, and sovereign risk will undermine business, investor, and consumer confidence further.

Growth may be close to zero by the end of this year, as fiscal austerity kicks in and stock markets fall.

It is no coincidence that wherever stock markets thrive, governments take care that these taxes stop well short of destroying after tax corporate profits.

All other legal entities engaged in the performance of activities that are dependent upon an authorization from the agencies that regulate the stock, exchange, financial, and insurance markets

Access to the markets of developed countries had not improved.

Stock markets around the world soared.

Stock Markets Fear of Falling

the rates are climbing, the stock exchanges are wavering

Stock, commodities, and future exchanges

The common currency completes the single market for the euro area s member states.

With the EFSF, the overcollateralization takes the form of guarantees by other eurozone countries.

Indeed, positioning and bargaining among the euro s member countries has already started.

International capital markets already have curtailed credit to these countries.

(a) Barriers in the access to developed markets