Equity Market Liberalization in Emerging Markets

2003

310 citations recorded by the source corpus.

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 one can liberalize in many ways 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 show the impact of liberalization on the real sector.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e83fcf2852b170b628cc753b81e2c58cf28ddf16

Citations in the corpus

• Stock market liberalization and the information environment (2006, unknown): “Regressions are GLS corrected for autocorrelation and country-wise heteroskedasti city following Bekaert et al. (2003) . r -Squared values are unreported as they are inappropriate for GLS.”
• Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies (2010, unknown): “49 See for example Bekaert, Harvey and Lundblad (2003) .”
• Growth and Structural Reforms: A New Assessment (2009, unknown): “, Henry 2000a, 2000b; Bekaert et al., 2003). Kose et al. (2009) and Bonfiglioli (2008) find that financial integration affects growth outcomes mainly through improvements in productivity (TFP) growth, with little effect on capital accumulation. Kose et al. (2009) also argue that the positive effects”
• The real effects of U.S. banking deregulation (2003, unknown): “…(or, specifically, better banking) can lead to faster growth is to find policy changes that lead to more efficient finance (banking) and see how the economy responds.12 Bekaert, Harvey, and Lundblad (2003) do this for equity markets, showing that economic growth sped up after liberalization.”
• Disclosure, Corporate Governance and Foreign Share Ownership on the Zimbabwe Stock Exchange (2007, unknown): “…1998).9 These countries are considered the most important in the region and also host two of the oldest and most active stock exchanges in the region, and indeed in Africa: the JSE Securities Exchange (JSE) and ZSE, which are open to foreign portfolio equity investment (Bekaert et al., 2003).”