Stock Market Liberalizations : Financial and Macroeconomic Implications / Norbert Funke, Nicola Fuchs-Schundeln.
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| Online Access: |
Full Text (via IMF e-Library) |
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| Main Author: | |
| Other Authors: | |
| Format: | eBook |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2001.
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| Series: | IMF working paper ;
WP/2001/193. |
| Abstract: | Using a panel of 27 countries, we analyze the effects of stock market liberalization on financial and macroeconomic development. We find that liberalization is associated with a short-term increase in real private investment growth of about 14 percentage points cumulatively in the four years following liberalization and a cumulative 4 percentage point increase in real GDP per capita growth. Growth tends to be higher if institutional reforms precede liberalization. In contrast to other studies, we also find evidence for a permanent growth effect of about 0.4 percent a year in an extended sample of 72 countries. |
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| Physical Description: | 1 online resource (40 pages) |
| ISSN: | 1018-5941 |
| Source of Description, Etc. Note: | Description based on print version record. |