G2TT
来源类型FEEM working papers "Note di lavoro" series
规范类型论文
Confidence Building in Emerging Stock Markets
Enrico C. Perotti; Luc Laeven
发表日期2001
出处Economy and Society
出版年2001
语种英语
摘要Investor confidence is a necessary condition for the development of emerging markets. Investors recognize that since market-oriented reform policies may be reversed or hindered, they face the risk of ex post policy changes with redistributive impact on investment returns. We argue that a sustained privatization or liberalization program represents a major test of political commitment, and contributes to reduced policy risk. The evidence from our panel study suggests that progress in privatization gradually leads to increased confidence. Moreover, increased confidence has a strong effect on local market development and is a significant determinant of excess returns. We conclude that, just as financial liberalization, the resolution of policy risk resulting from successful privatization has been an important source for the broadening and deepening of emerging stock markets.
特色分类G15,L33,F13
关键词International financial markets,privatisation,financial liberalization
URLhttps://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/confidence-building-in-emerging-stock-markets/
来源智库Fondazione Eni Enrico Mattei (Italy)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/116703
推荐引用方式
GB/T 7714
Enrico C. Perotti,Luc Laeven. Confidence Building in Emerging Stock Markets. 2001.
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