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Equity Market Liberalization In Emerging Markets
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Book Synopsis Equity Market Liberalization in Emerging Markets by : Geert Bekaert
Download or read book Equity Market Liberalization in Emerging Markets written by Geert Bekaert and published by . This book was released on 2012 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity market liberalizations, if effective, lead to important changes in both the financial and real sectors as the economy becomes integrated into world capital markets. The study of market integration is complicated because there are many ways one can liberalize and many countries have taken different routes. To study the effectiveness of particular liberalization policies, the sequencing of liberalizations, and the impact on the real economy, systematic methods must be developed to 'date' the liberalization of emerging equity markets. We provide a synthesis of the current methods, and also show the impact of liberalization on the real sector.
Book Synopsis A Closer Look at the Effects of Equity Market Liberalization in Emerging Markets by : R. David McLean
Download or read book A Closer Look at the Effects of Equity Market Liberalization in Emerging Markets written by R. David McLean and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous studies link equity market liberalization to economic growth in emerging markets. In the 24 emerging markets that we study, liberalizations always coincide with other economic reforms, making identification difficult. Theories linking liberalization to growth predict that at the firm-level, liberalization leads to significant foreign ownership and influence on management, more external finance, and higher investment. Using firm-level data, we find no evidence supporting these theories. Our findings suggest that either equity market liberalization does not cause growth, or that it promotes growth through an indirect channel that is overlooked in the current literature.
Author :Mohamed El Hedi Arouri Publisher :Springer Science & Business Media ISBN 13 :3790823899 Total Pages :214 pages Book Rating :4.7/5 (98 download)
Book Synopsis The Dynamics of Emerging Stock Markets by : Mohamed El Hedi Arouri
Download or read book The Dynamics of Emerging Stock Markets written by Mohamed El Hedi Arouri and published by Springer Science & Business Media. This book was released on 2009-12-24 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets has been particularly challenged by their fast changes in nature and size under the effects of financial liberalization and reforms. This evolving feature has particularly led to a commensurate increase in sophistication of modeling techniques used for understanding financial markets. In this spirit, the book aims at providing the audience a comprehensive understanding of emerging stock markets in various aspects using modern financial econometric methods. It addresses the empirical techniques needed by economic agents to analyze the dynamics of these markets and illustrates how they can be applied to the actual data. On the other hand, it presents and discusses new research findings and their implications.
Book Synopsis Is Financial Globalization Here to Stay? by : Lena Lee Andresen
Download or read book Is Financial Globalization Here to Stay? written by Lena Lee Andresen and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the effect of equity market liberalization on economic growth in emerging markets in light of the question whether the current degree of financial globalization is here to stay. Financial history shows that the degree of financial integration we witness today is not the result of a linear development. Already in former times, periods of more and less pronounced integration have alternated. Thus, the continued existence of a liberalized financial order is by no means a given. The recent financial crisis has increased doubts on whether the economic benefits, such as economic growth in emerging markets, outweigh the cost of financial integration, which is mainly the increased risk of financial crisis. Additionally, in the current economic environment, there seems to be too little political ability or will to sustain and strengthen the current international financial system. At the same time, empirical evidence on the economic growth effect of capital account liberalization, a broad measure for financial liberalization, is inconclusive. Better results have been found for the more narrow concept of equity market liberalization but research on the subject is outdated and geographically limited. Using panel data least squares with fixed effects, this study estimates the growth effect of equity market liberalization, based on an updated data set from 1980 to 2009 that includes the majority of emerging economies. It is shown that the effect of equity market liberalization on economic growth is highly fragile. This confirms the inconclusive growth effect of the broader financial liberalization.
Book Synopsis Equity Market Liberalization in Emerging Market Economies by : Shamila Aruni Jayasuriya
Download or read book Equity Market Liberalization in Emerging Market Economies written by Shamila Aruni Jayasuriya and published by . This book was released on 2003 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Flows to Emerging Markets by : Philippe Bacchetta
Download or read book Capital Flows to Emerging Markets written by Philippe Bacchetta and published by . This book was released on 1998 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing large inflows in emerging economies, leads to rich dynamics of capital flows and often implies an initial period of overshooting as portfolios adjust. Asset prices will overshoot as well. Second, we show that if investors have incomplete information about new emerging markets, and learn over time, there can be high volatility of capital flows as well as contagion. Finally, we provide numerical estimates of long run capital inflows to emerging market economies and compare them to actual inflows. This gives a good indicator of upcoming crisis situations.
Book Synopsis Short-Run Pain, Long-Run Gain by : Mr.Sergio L. Schmukler
Download or read book Short-Run Pain, Long-Run Gain written by Mr.Sergio L. Schmukler and published by International Monetary Fund. This book was released on 2003-02-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by Stanford University Press. This book was released on 2007 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Capital Markets and Globalization analyzes where we stand and where we are heading on capital market development, the state and evolution of Latin American capital markets and related reforms, measuring the impact of reforms, and discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda
Book Synopsis Stock Market Developments and Private Consumer Spending in Emerging Markets by : Norbert Funke
Download or read book Stock Market Developments and Private Consumer Spending in Emerging Markets written by Norbert Funke and published by International Monetary Fund. This book was released on 2002-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a panel of 16 emerging markets, the paper finds a small but statistically significant effect of stock market developments on private consumption spending. In the short run, a 10 percent decline in the annual real stock market return is associated with a reduction in real private consumption by around 0.1-0.3 percent on average. There is evidence that the link between stock market fluctuations and private consumption has become stronger during the 1990s as stock markets in emerging economies have broadened and deepened. However, there is no significant evidence that the influence is asymmetric. Stock price declines do not have a different impact on consumption than stock price increases.
Book Synopsis Commentary on Bekaert, Harvey, and Lundblad's "Equity Market Liberalization in Emerging Equity Markets" by : Peter Blair Henry
Download or read book Commentary on Bekaert, Harvey, and Lundblad's "Equity Market Liberalization in Emerging Equity Markets" written by Peter Blair Henry and published by . This book was released on 2003 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Income Inequality written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Stock Market Liberation on Emerging Equity Market Volatility by : Pawan Dhir
Download or read book The Impact of Stock Market Liberation on Emerging Equity Market Volatility written by Pawan Dhir and published by . This book was released on 2007 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the impact of stock market liberalization on emerging equity market volatility, in twelve emerging markets from February 1976 to December 2006. A liberalization period is constructed to capture all identified market openings for each market. The purpose of this study is three-fold. First, a univariate GARCH methodology is utilized to examine the time-varying nature of conditional volatility following initial market opening. Second, we analyze the effect of liberalization on stock market volatility while controlling for the fundamental sources of emerging equity market volatility. Finally, the study proposes a unique explanation for the differential impact of liberalization on volatility across countries. Univariate and multivariate GARCH estimates support previous empirical studies showing the differential impact of liberalization across countries. Results show countries that experienced reduced volatility during the post-liberalization period were significantly integrated with the world market during the sample period. Interestingly, our findings imply that the impact of stock market liberalization on equity market volatility is conditioned by the degree of market integration prior to liberalization and that integration leads to lower volatility over time.
Book Synopsis Stock Market Liberalization and the Cost of Capital in Emerging Markets by : Harjoat Singh Bhamra
Download or read book Stock Market Liberalization and the Cost of Capital in Emerging Markets written by Harjoat Singh Bhamra and published by . This book was released on 2009 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study how stock market liberalization changes an emerging market's cost of capital.I do so in a Lucas economy with two dividend trees. One dividend tree represents the emerging market's dividends while the other tree represents the dividends paid by all other countries. I solve for equilibrium asset prices in two versions of the economy. In the first version, stock markets are partially liberalized, because the emerging market's residents cannot invest in foreign stock markets. All other agents are unconstrained. In the second version, stock markets are fully liberalized, because there are no investment constraints. I show that moving from partial to full liberalization causes an increase in the emerging market's cost of capital and risk premium, despite better international risk sharing.
Book Synopsis Stock Market Liberalization and Informational Efficiency in Emerging Markets by : Duc Khuong Nguyen
Download or read book Stock Market Liberalization and Informational Efficiency in Emerging Markets written by Duc Khuong Nguyen and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: On testing the impact of stock market liberalization on weak form market efficiency in emerging market countries, previous studies often provide divergent results. This paper revisits this empirical literature by using a time-varying parameter model which enables us to handle the gradual effects induced by stock market liberalization on informational efficiency. The model also corrects for both the serial correlation in return structure and volatility risk premium of local markets. First, we show that while some markets tend to converge to more efficient markets in the aftermath of stock market liberalization, others moved away from efficient state. For markets which were already efficient before financial liberalization implementations, the informational efficiency appears to be more apparent in recent years. Second, although we document significant effects of stock market liberalization on efficiency after controlling for economic and political perspectives, the direction of effects remains inconclusive because empirical results tend to be country-specific. Finally, it is worth noting that conditional stock market volatility has no significant impact on the expected returns.
Book Synopsis Commentary on Bekaert, Harvey, and Lundbald's 'Equity Market Liberalization in Emerging Equity Markets' by : Peter Blair Henry
Download or read book Commentary on Bekaert, Harvey, and Lundbald's 'Equity Market Liberalization in Emerging Equity Markets' written by Peter Blair Henry and published by . This book was released on 2003 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bekaert, Harvey and Lundb ...
Book Synopsis Emerging Market Economies and Financial Globalization by : Leonardo E. Stanley
Download or read book Emerging Market Economies and Financial Globalization written by Leonardo E. Stanley and published by Anthem Press. This book was released on 2018-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Author :Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi Publisher :World Bank Publications ISBN 13 : Total Pages :38 pages Book Rating :4./5 ( download)
Book Synopsis Stock market development under globalization: whither the gains from reforms? by : Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Download or read book Stock market development under globalization: whither the gains from reforms? written by Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi and published by World Bank Publications. This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.
