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Financial and Macroeconomic Implications : Stock Market Liberalizations
Funke, Norbert - 2021
Using a panel of 27 countries, we analyze the effects of stock market liberalization on financial and macroeconomic development. We find that liberalization is associated with a short-term increase in real private investment growth of about 14 percentage points cumulatively in the four years...
Persistent link: https://www.econbiz.de/10013211945
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Oil Prices and GCC Stock Markets : New Evidence from Smooth Transition Models
Ben Cheikh, Nidhaleddine - 2018
Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results reveal that GCC stock markets do not have similar sensitivities to oil price...
Persistent link: https://www.econbiz.de/10012913874
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Hang in There : Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures
Chan-Lau, Jorge A.; Zhao, Yunhui - 2021
The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdrawal events, we use event study analysis and cross-country regressions to assess...
Persistent link: https://www.econbiz.de/10013250077
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The Return of Expansionary Austerity : Firms’ Investment Response to Fiscal Adjustments in Emerging Markets
Magud, Nicolás E.; Pienknagura, Samuel - 2022
We study the response of corporate investment in Emerging Markets to unexpected fiscal shocks. We find that, although firm-level investment decreases on impact following unexpected public expenditure adjustments (classical Keynesian multiplier effect), it quickly rises above pre-shock levels....
Persistent link: https://www.econbiz.de/10013291760
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Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?
Bulíř, Aleš - 2014
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure … relationship between clarity and market volatility prior to and during the early stage of the global financial crisis. As the …
Persistent link: https://www.econbiz.de/10013045263
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COVID-19 Containment Measures and Expected Stock Volatility : High-Frequency Evidence from Selected Advanced Economies
Acharya, Viral V.; Liu, Yang; Zhao, Yunhui - 2022
We study the effect of COVID-19 containment measures on expected stock price volatility in some advanced economies …-month-ahead volatility indices dropped following announcements of initial or re-imposed lockdowns, and that they did not drop significantly … following the easing of lockdowns. Such patterns are not as strong for three-month-ahead expected volatility and generally …
Persistent link: https://www.econbiz.de/10013300017
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Pension Funds and Emerging Markets
Chan-Lau, Jorge - 2021
This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have...
Persistent link: https://www.econbiz.de/10013212329
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Geopolitical Risk on Stock Returns : Evidence from Inter-Korea Geopolitics
Jung, SeungHo; Lee, Jongmin; Lee, Seohyun - 2022
We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed...
Persistent link: https://www.econbiz.de/10013306737
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Does a Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation
Kpodar, Kangni - 2015
This paper assesses how regional trade agreements (RTAs) impact growth volatility on a worldwide sample of 170 …, improved policy coordination, and reduced risk of conflicts can ease growth volatility. Empirical estimations suggest the … benefits outweigh the costs as RTAs are consistently associated with lower growth volatility, after controlling for trade …
Persistent link: https://www.econbiz.de/10013015607
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Capital Flows are Fickle : Anytime, Anywhere
Bluedorn, John C. - 2013
emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital …
Persistent link: https://www.econbiz.de/10013076315