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Privatization, Political Risk and Stock Market Development in Emerging Economies

Perotti, Enrico C.; van Oijen, Pieter - 1999

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...

Persistent link: https://www.econbiz.de/10010324472

The Impact of Trade Liberalization on the Return to Education in Vietnam: Wage versus Employment Effect

Oostendorp, Remco H.; Quang, Doan Hong - 2011

Several studies have identified the impact of trade liberalization in developing countries on the return to education within a Mincerian framework through a difference-in-difference estimator or with industry-level measures of trade openness. These studies have typically estimated the return to...

Persistent link: https://www.econbiz.de/10010325919

Systemic Risk Diagnostics

Schwaab, Bernd; Lucas, Andre; Koopman, Siem Jan - 2010

A macro-prudential policy maker can manage risks to financial stability only if currentand future risks can be reliably assessed. We propose a novel framework to assessfinancial system risk. Using a dynamic factor framework based on state-space methods, we model latent macro-financial and credit...

Persistent link: https://www.econbiz.de/10010325790

Identifying the Weights in Exchange Market Pressure

Klaassen, Franc - 2011

Exchange market pressure (EMP) measures the pressure on a currency to depreciate. It adds to the actual depreciation a weighted combination of policy instruments used to ward off depreciation, such as interest rates and foreign exchange interventions, where the weights are their effectiveness....

Persistent link: https://www.econbiz.de/10010325742

Has the Euro increased Trade?

Bun, Maurice J.G.; Klaassen, Franc J.G.M. - 2002

A major economic reason for the introduction of the euro was its supposedly positive effect on intra-EMU trade …. Existing studies examine this suspicion indirectly using non-EMU data and report ambiguous results. We estimate the euro … euro has significantly increased trade, with an effect of 4% in the first year and cumulating to around 40% in the long …

Persistent link: https://www.econbiz.de/10010325067

Washington meets Wall Street: A Closer Examination of the Presidential Cycle Puzzle

Kraeussl, R.; Lucas, A.; Rijsbergen, D.; van der Sluis, P.J. - 2008

This paper tests the policitcal dimensions of the presidential cycle effect in U.S. financial markets. The presidential cycle effect states that average stock market returns are significantly higher in the last two years compared to the first two years of a presidential term. We confirm the...

Persistent link: https://www.econbiz.de/10010325930

Informal Sector in Developed and less Developed Countries: A Literature Survey

Gerxhani, Klarita - 1999

The main goal of this study is two-fold: (1) to provide a general overview of thecontributions to the literature on the informal sector, with a special focus on the PublicChoice approach; and (2) to compare these contributions across two institutionallydifferent types of countries: developed and...

Persistent link: https://www.econbiz.de/10010324457

Time-Varying Market Integration and Expected Returns in Emerging Markets

de Jong, Frank; de Roon, Frans A. - 2001

We use a simple model in which the expected returns in emerging markets depend on their systematicrisk as measured by their beta relative to the world portfolio as well as on the level ofintegration in that market. The level of integration is a time-varying variable that depends on themarket...

Persistent link: https://www.econbiz.de/10010324738

Stock Selection Strategies in Emerging Markets

van der Hart, Jaap; Slagter, Erica; van Dijk, Dick - 2001

Recent empirical evidence suggests that value and momentum strategies generate significantexcess returns in emerging markets. We confirm these results and extend them in severaldirections. First, we examine a broader range of stock selection strategies, including strategiesbased on analysts'...

Persistent link: https://www.econbiz.de/10010324784

Aggregation Bias in Elasticities of Substitution and the Minimum Wage Paradox

Teulings, Coen N. - 1998

the bias. Estimation results for the United States show elasticities of complementarity to be underestimated by up to a …

Persistent link: https://www.econbiz.de/10010324516