THE IMPLICATIONS OF LIQUIDITY CRISES IN THE CONTEXT OF EMERGING CAPITAL MARKET

Felicia Ramona Birău
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Felicia Ramona Birău: University of Craiova Faculty of Economics and Business Administration Craiova, Romania

Revista Tinerilor Economisti (The Young Economists Journal), 2012, vol. 1, issue 18, 189-193

Abstract: This article aims to highlight the implications of liquidity crises in the context of emerging capital market. Capital markets, and especially emerging capital market appear to behave notably differently during periods of liquidity crises in comparison with periods of stability. The concept of emerging capital market itself is in obvious antithesis to the idea of financial equilibrium. This particular category of capital markets is characterized in a certain measure by profound institutional, structural and functional disequilibrium. In addition, this article aims to analyze the efficient market hypothesis in terms of liquidity. It has been empirically demonstrated that emerging capital market are rarely efficient, or in the most optimistic case weak form efficient.

Keywords: liquidity; crises; disequilibrium; emerging capital market; efficiency; investors; risk (search for similar items in EconPapers)
JEL-codes: G10 G12 G14 G17 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:aio:rteyej:v:1:y:20121:i:18:p:189-193

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