Liberalization and stock market co-movement between emerging economies

Arbeitspapier

In this paper, we investigate the impact of trade and financial liberalization on the degree of stock market co-movement among emerging economies. Using a sample of 25 developing countries observed over 15 years, we estimate the impact of reforms which aim at opening these countries to trade and financial channels to the rest of the world. The estimation of time-varying cross-country correlations allows the econometric investigation to be performed using a panel data framework, raising hence the quality of the statistical inference. Our results offer strong support in favor of a positive impact of trade and financial liberalization reforms on the degree of cross-country stock market linkages.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CESifo Working Paper ; No. 2131

Classification and Topics

• Classification: Wirtschaft ; Economic Integration ; Financial Aspects of Economic Integration ; International Financial Markets ; Economic Development: General
• Subject: stock market synchronization ; financial integration ; trade integration ; emerging markets ; Außenhandelsliberalisierung ; Kapitalmarktliberalisierung ; Marktintegration ; Internationaler Finanzmarkt ; Entwicklungskonvergenz ; Aktienmarkt ; Aufstrebende Märkte ; Panel ; Schätzung ; Entwicklungsländer

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Beine, Michel ; Candelon, Bertrand
• Event: Veröffentlichung
• (who): Center for Economic Studies and ifo Institute (CESifo)
• (where): Munich
• (when): 2007

Further information

• Handle: http://hdl.handle.net/10419/26176
• Last update: 10.03.2025, 11:44 AM CET