The relationship between a country's stock market size and its standard of living is 'undeniable'

What does the size of a country's market tell you about a country's economy and its standard of living? That's a question frontier markets strategist Andrew Howell aimed to answer in Citi's massive new report on global public assets. "Governments should encourage the growth of equity markets, because they tend to be associated with economic development," Howell wrote. "Whether or not they actually cause economic development -- or whether the causality works the other way around -- is the subject...