Financial Development and the Sensitivity of Stock Markets to External Influences

Harris Dellas () and Martin K. Hess

Review of International Economics, 2002, vol. 10, issue 3, 525-538

Abstract: The paper investigates how the relative contribution of external factors to stock price movements varies with the degree of financial development. It is found that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.

Date: 2002
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https://doi.org/10.1111/1467-9396.00348

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Working Paper: Financial Development and the Sensitivity of Stock Markets to External Influences (2001)
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