1. Introduction. 2. Case Studies. 3. Direct Effects and International Spillover Effects on the Macroeconomy: Dynamic Panel GMM Analysis. 4. Direct Effects and International Spillover Effects on Financial Markets: Event Study Approach

This study investigates movements of the stock return volatility during election periods (from one-year before an election to one-year after the election) with the use of data from 16 countries. The main findings of this study are (1) stock return volatility declines over time as elections...