Financial liberalisation: from segmented to integrated economies

Date

2003

Authors

Taskin, F.
Muradoglu, G.

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Abstract

Capital market liberalisation transforms segmented stock markets into integrated ones. Further impact should be expected on the dynamics of the rest of the domestic economy. This study presents evidence to that effect. A significant change after liberalisation is the emergence of world returns as an influential factor on other economic fundamentals. The information content of world returns influences emerging market returns prior to capital market liberalisation and this relation continues after capital market liberalisation. What is new after liberalisation is the influence of world returns on the dynamics of the domestic economy as a whole and its relation to stock returns. © 2003 Elsevier Inc. All rights reserved.

Source Title

Journal of Economics and Business

Publisher

Elsevier Inc.

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Published Version (Please cite this version)

Language

English