| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Confidence Building in Emerging Stock Markets |
| Enrico C. Perotti; Luc Laeven
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| 发表日期 | 2001
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| 出处 | Economy and Society
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| 出版年 | 2001
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| 语种 | 英语
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| 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
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| 关键词 | International financial markets,privatisation,financial liberalization
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/confidence-building-in-emerging-stock-markets/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116703
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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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文件名：
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NDL2001-101.pdf
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格式：
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Adobe PDF
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