market volatility. To identify causality, we exploit exogenous differential variation in countries' exposure to foreign … volatility shocks due to predetermined and time‐invariant bilateral characteristics. Across all specifications, we find that … stock market volatility has a positive and significant effect on the adoption of reforms. This result is robust to the …

This paper investigates the nature of volatility spillovers between stock returns and a number of exchange rates in six … and after the introduction of the Euro and we apply the EGARCH methodology to model volatility. Our results show that the … volatility of stock returns affects the volatility of exchange rates; however, we do not find evidence of volatility transmission …