中文版 | English
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来源类型Discussion paper
规范类型论文
来源IDDP14641
DP14641 Market Reactions to Quest for Decentralization and Independence: Evidence from Catalonia
Vincenzo Galasso
发表日期2020-04-19
出版年2020
语种英语
摘要Regions seek more autonomy to reduce transfers to central governments and have more control on regional spending. Yet, decentralization increases regulatory uncertainty on joint responsibilities and quests for independence create political uncertainty. We evaluate costs and benefits from the Catalan-Spanish dispute using an event approach methodology that estimates stock market reactions to new events. We find negative stock market reactions to decentralization and independence. The approval of a Catalan Statute reduces returns for Catalan firms, which later benefitted from the partial reversal imposed by the Spanish Constitutional Court ruling. The strong political uncertainty emerging at the day of a (unconstitutional) referendum on independence strongly reduced returns of Catalan firms and of Spanish firms in the tradable sector. The Spanish Senate rejection of the declaration of Catalan independence reduced short-term political uncertainty and positively affected stock market returns of Catalan, but also Spanish, firms, largely compensating previous losses.
主题International Trade and Regional Economics ; Public Economics
关键词Independence Decentralization Event approach
URLhttps://cepr.org/publications/dp14641
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/543554
推荐引用方式
GB/T 7714		 Vincenzo Galasso. DP14641 Market Reactions to Quest for Decentralization and Independence: Evidence from Catalonia. 2020.
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