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Institutional changes, wars and stock market risk in an emerging economy: evidence from the Israeli stock exchange, 1945–1960

Raphael Franck () and Miriam Krausz ()
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Miriam Krausz: Department of Economics, Bar Ilan University, 52900 Ramat Gan, Israel

Cliometrica, Journal of Historical Economics and Econometric History, 2009, vol. 3, issue 2, 141-164

Abstract: In an effort to understand the determinants of economic growth in an emerging economy, we analyze the effects of institutional reforms, wars and political events on the risk level of the Israeli stock market between 1945 and 1960. We find that the anticipation of wars did not have any effect but the end of skirmishes actually raised the risk on the stock market. Domestic political instability also increased the stock market risk. Finally we find that most legal reforms did not matter much.

Keywords: Institutions; Emerging economy; Stock marke; War (search for similar items in EconPapers)
JEL-codes: N25 N45 O16 (search for similar items in EconPapers)
Date: 2009
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Cliometrica, Journal of Historical Economics and Econometric History is currently edited by Claude Diebolt, Dora Costa and Jean-Luc Demeulemeester

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Handle: RePEc:afc:cliome:v:3:y:2009:i:2:p:141-164