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Inflation, the Stock Market, and Owner-Occupied Housing
Summers, Lawrence H. - 1980
This paper suggests that to a large extent. the increases in the value of housing and decreases in the value of corporate capital may have a common explanation, the inter- action of inflation and a nonindexed tax system. The acceleration of inflation has sharply increased the effective rate of...
Persistent link: https://www.econbiz.de/10012478519
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The Market Crash and Mass Layoffs : How the Current Economic Crisis May Affect Retirement
Coile, Courtney - 2009
Recent dramatic declines in U.S. stock and housing markets have led to widespread speculation that shrinking retirement accounts and falling home equity will lead workers to delay retirement. Yet the weakness in the labor market and its impact on retirement is often overlooked. If older job...
Persistent link: https://www.econbiz.de/10012463254
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Leveraged Bubbles
Jordà, Òscar - 2015
What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes...
Persistent link: https://www.econbiz.de/10012457182
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The Stock Market Crash of 2008 Caused the Great Recession : Theory and Evidence
Farmer, Roger E.A. - 2011
This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides evidence of a high correlation between the value of the stock market and the unemployment rate in U.S. data since 1929....
Persistent link: https://www.econbiz.de/10012461178
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The European Union, the Euro, and Equity Market Integration
Bekaert, Geert - 2010
equity market integration in Europe. We use a simple and essentially model free measure of bilateral market segmentation: two … segmentation is significantly lower for EU versus non- EU members. Bilateral valuation differentials remain lower for EU members … even after we control for several possible channels of integration, such as bilateral trade, direct investment positions …
Persistent link: https://www.econbiz.de/10012462074
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R-Squared Around the World : New Theory and New Tests
Jin, Li - 2004
Morck, Yeung and Yu (MYY, 2000) show that R2 and other measures of stock market synchronicity are higher in countries with less developed financial systems and poorer corporate governance. MYY and Campbell, Lettau, Malkiel and Xu (2001) also find a secular decline in R2 in the United States over...
Persistent link: https://www.econbiz.de/10012468240
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Financial Integration : A New Methodology and an Illustration
Flood, Robert P. - 2003
This paper develops a simple new methodology to test for asset integration and applies it within and between American …
Persistent link: https://www.econbiz.de/10012468817
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Long-Term Global Market Correlations
Goetzmann, William N. - 2001
correlations vary considerably through time and are highest during periods of economic and financial integration such as the late …
Persistent link: https://www.econbiz.de/10012470104
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Volatiltiy and Links Between National Stock Markets
King, Mervyn - 1990
The empirical objective of this study is to account for the time-variation the covariances between markets. Using data on sixteen national stock markets, we estimate a multivariate factor model in which the volatility of returns is induced by changing volatility in the orthogonal factors. Excess...
Persistent link: https://www.econbiz.de/10012475676
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Emerging Equity Markets and Economic Development
Bekaert, Geert - 2000
We provide an analysis of real economic growth prospects in emerging markets after financial liberalizations. In contrast with previous research, we identify the financial liberalization dates and examine the influence of liberalizations while controlling for a number of other macroeconomic and...
Persistent link: https://www.econbiz.de/10012470987