Financial Development and the Sensitivity of Stock Markets to External Influences

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.

MoreLess

Year of publication:	2000
Authors:	Dellas, Harris ; Hess, Martin K.
Publisher:	Gerzensee : Swiss National Bank, Study Center Gerzensee
Subject:	Internationaler Finanzmarkt \| Aktienmarkt \| Theorie \| Financial Development \| Stock Markets \| External Influences

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Series:	Working Paper ; 00.06
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	842560440 [GVK] hdl:10419/127993 [Handle] RePEc:szg:worpap:0006 [RePEc]
Classification:	F4 - Macroeconomic Aspects of International Trade and Finance ; G1 - General Financial Markets ; O1 - Economic Development
Source:	EconStor

Persistent link: https://www.econbiz.de/10011430016