Outline the overall (focus, scope, and purpose) of the special issue;

Over the last two decades, massive changes in emerging equity markets have occurred due to the succession of financial globalization, the Global Financial Crisis, quantitative easing, and the COVID-19 pandemic. From a more structural perspective, environmental as well as governance and social responsibility concerns have been mounting. Some of these features are likely to either be reversed (deglobalization, winding down of quantitative easing) or disappear (Global Financial Crisis, pandemics), while others are more likely to be permanent, meaning that a forward-looking perspective is needed to assess their likely implications.

These major developments may have had opposite implications for the convergence of emerging markets, both among themselves and towards OECD markets. The specificities of China’s equity markets often lead analysts to suggest separating them from all other emerging markets. Thus, a question arises: have these differences been reduced or enlarged?

Participants in emerging markets—such as foreign, retail, and institutional investors—are evolving fast. Emerging market dynamics are strongly driven by capital flows (IPO, cross-listing, carry trades) or by investor sentiment and policy uncertainty. More generally, the role of the stock market in an emerging economy and the interactions between equity markets and economic activity are major issues.

Dear Colleagues,

The Special issue of Economies on “Emerging stock markets in the 21st century: Convergence or divergence?” is now accepting submissions on the implications for emerging stock markets of globalization/deglobalization, quantitative easing and it's winding down, pandemics/post-pandemics, as well as environmental, governance and social responsibility concerns, etc. It will welcome submitted papers using institutional as well as quantitative methods, and country-focused as well as comparative studies.

Prof. Dr. Eric Girardin
Prof. Dr. Zhenya Liu
Guest Editors

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• emerging stock market dynamics, players, and liberalization
• globalization and deglobalization
• global financial crisis
• quantitative easing and it's winding down
• pandemics