| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10990 |
| 来源ID | Working Paper 10990 |
| Global Growth Opportunities and Market Integration | |
| Geert Bekaert; Campbell R. Harvey; Christian Lundblad; Stephan Siegel | |
| 发表日期 | 2004-12-20 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We measure a country's growth opportunities by investigating how its industry mix is priced in global capital markets, using price earnings ratios of global industry portfolios. We derive three sets of empirical results. First, these exogenous growth opportunities strongly predict future changes in real GDP and investment in a large panel of countries. This relation is strongest in countries that have liberalized their capital accounts, equity markets, and banking systems. Second, we re-examine the link between financial development, investor protection, capital allocation, and growth. We find that financial development and investor protection measures are much less important in aligning growth opportunities with growth than is capital market openness. Third, we formulate new tests of market integration and segmentation. Under integration, the difference between a country's local PE ratio and its global counterpart should not predict relative growth, but the difference between its "exogenous" global PE ratio and the world market PE ratio should predict relative growth. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Development and Growth ; Development ; Country Studies |
| URL | https://www.nber.org/papers/w10990 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568625 |
| 推荐引用方式 GB/T 7714 | Geert Bekaert,Campbell R. Harvey,Christian Lundblad,et al. Global Growth Opportunities and Market Integration. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10990.pdf（304KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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