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Financial Reforms, Financial Openness, and Corporate Borrowing; International Evidence

Detragiache, Enrica; Nicoló, Gianni De; Agca, Senay - International Monetary Fund (IMF) - 2007

We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six...

Persistent link: https://www.econbiz.de/10005263812

The Determinants of Stock Market Development in Emerging Economies; Is South Africa Different?

Yartey, Charles Amo - International Monetary Fund (IMF) - 2008

This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development,...

Persistent link: https://www.econbiz.de/10005263854

What Drives Stock Market Development in the Middle East and Central Asia; Institutions, Remittances, or Natural Resources?

Billmeier, Andreas; Massa, Isabella - International Monetary Fund (IMF) - 2007

In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we...

Persistent link: https://www.econbiz.de/10005263892

A Latent Factor Model with Global, Country, and Industry Shocks for International Stock Returns

Negro, Marco Del; Brooks, Robin - International Monetary Fund (IMF) - 2005

We estimate a latent factor model that decomposes international stock returns into global, country-, and industry-specific shocks and allows for stock-specific exposures to these shocks. We find that across stocks there is substantial dispersion in these exposures, which is partly explained by...

Persistent link: https://www.econbiz.de/10005263928

Financial Development, the Structure of Capital Markets, and the Global Digital Divide

Yartey, Charles Amo - International Monetary Fund (IMF) - 2006

This paper examines the role of financial development and financial structure in explaining cross-country diffusion of information communication technology (ICT). Using panel data for 76 emerging and advanced countries for the period 1990-2003, the paper finds that credit and stock market...

Persistent link: https://www.econbiz.de/10005263968

The Jordanian Stock Market; Should You Invest in it for Risk Diversification or Performance?

Petri, Martin; Saadi-Sedik, Tahsin - International Monetary Fund (IMF) - 2006

We analyze the performance of the Amman Stock Exchange (ASE) and its integration with other markets. Using cointegration techniques, we find that the ASE and other Arab stock markets are cointegrated, which implies little long-run risk diversification. However, there is no cointegrating...

Persistent link: https://www.econbiz.de/10005263988

Stock Market Development in Sub-Saharan Africa; Critical Issues and Challenges

Adjasi, Charles Komla; Yartey, Charles Amo - International Monetary Fund (IMF) - 2007

This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain...

Persistent link: https://www.econbiz.de/10005264024

Macroeconomic News and Stock Returns in the United States and Germany

Funke, Norbert; Matsuda, Akimi - International Monetary Fund (IMF) - 2002

on stock prices in the United States and Germany. With GARCH specifications we test five hypotheses and find that news on … real economic activity has a significant impact on stock prices. The effects vary between different types of stocks and … depend on the state of the economy. In a boom period, bad economic news may be good news for stock prices. For German stock …

Persistent link: https://www.econbiz.de/10005264061

Do Financial Sector Reforms Lead to Financial Development? Evidence From a New Dataset

Tressel, Thierry; Detragiache, Enrica - International Monetary Fund (IMF) - 2008

This paper studies whether the policies that, over the past decades, liberalized bankingsystems around the world have resulted in deeper credit markets. To measure banking sectorreforms we use a new index that tracks policy changes in five separate areas for 91 countriesover 1973-2005. We find...

Persistent link: https://www.econbiz.de/10005264064

The Capital Markets of Emerging Europe; Institutions, Instruments and Investors

Ong, Li L.; Iorgova, Silvia - International Monetary Fund (IMF) - 2008

Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as...

Persistent link: https://www.econbiz.de/10005264095