THE INTENSITY OF LIBERALIZATION

Mircea-Cristian Gherman, Maria Ciupac-Ulici and Alexandru Coman

Revista Economica, 2012, vol. Supplement, issue 4, 290-296

Abstract: Reform of financial liberalization is a complex and long term phenomena.This implies that the impact of this reform on financial markets should not be immediate, but rather gradually over a long period.It is also important to note that liberalization does not occur in the same way on all markets.Each country, according to his calculations on the economic climate and the specific of financial markets, has differently set its progress in liberalization process.In this article we propose to measure the intensity of liberalization using the method proposed by Bekaert (1995).Therefore we measured the intensity in five stock markets (Czech Republic, Hungary, Poland, Russia and Turkey) during the period February 7, 1997 - 25 July 2008.Also, we tried to see if the official date of stock market liberalization is the dateidentifiedby structural breaktest called Zivot - Andrews test.

Date: 2012
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