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The Asymmetric Responses of Stock Markets

Abderrazak Dhaoui, Stéphane Goutte () and Khaled Guesmi

Journal of Economic Integration, 2018, vol. 33, issue 1, 1096-1140

Abstract: This study investigates how various Economic Integration Agreements between Turkey and its trading partners affected the exports of machinery during 1998~2013. In addition, it differentiates between trade in parts and components and finished products, and assesses the effects of Economic Integration Agreements separately on these two types of goods. Using a discrete-time probit model with random effects, we show that an Economic Integration Agreement increases the survival of export relations which were initiated before the agreement. It is found to be reasonably heterogeneous, that is, the effect is found to be larger for parts and components exports occurring within the Global Production Networks compared to finished products exports.

Keywords: Oil Price Shocks; Stock Markets; Nonlinear Autoregressive Distributed Lag; Dynamic Multiplier (search for similar items in EconPapers)
JEL-codes: Q40 (search for similar items in EconPapers)
Date: 2018
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