| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13147 |
| DP13147 The Economic Effects of Brexit - Evidence from the Stock Market | |
| Holger Breinlich; Elsa Leromain; Dennis Novy; Thomas Sampson; Ahmed Usman | |
| 发表日期 | 2018-08-30 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors' expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stock price movements were driven by fears of a cyclical downturn and by the sterling depreciation following the referendum. We also find tentative evidence that market reactions to two subsequent speeches by Theresa May (her Conservative Party conference and Lancaster House speeches) were more closely correlated with potential changes to tariffs and non-tariff barriers on UK-EU trade, indicating that investors may have updated their expectations in light of the possibility of a `hard Brexit'. We do not find a correlation between the share of EU migrants in different industries and stock market returns. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Brexit Depreciation Event study Recession stock market Tariffs |
| URL | https://cepr.org/publications/dp13147 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541950 |
| 推荐引用方式 GB/T 7714 | Holger Breinlich,Elsa Leromain,Dennis Novy,et al. DP13147 The Economic Effects of Brexit - Evidence from the Stock Market. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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