Capital outflow liberalization and stock market reaction in an emerging market: Experience from Greece

Georgios Chortareas, Titos Ritsatos and James Sfiridis ()

Journal of Economics and Finance, 2000, vol. 24, issue 1, 77-89

Abstract: This paper examines the response of the Greek equities market to the liberalization of capital flows during the 1992–1994 period. While past empirical research has largely examined the effects of capital inflow liberalization in emerging markets, we focus on capital outflow liberalization. In particular, we consider changes in the regulatory environment that allow domestic investors to hold foreign risky assets. Employing a time series of daily equity returns, a wealth effect is found that is indirectly linked to the announcement of capital flow liberalization. Additionally, our results reveal a significant change in the daily return distribution before and after final implementation. Copyright Springer 2000

Date: 2000
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DOI: 10.1007/BF02759697

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