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The Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico

Andres Rivas, Rahul Verma (), Antonio Rodriguez () and Pedro Albuquerque
Additional contact information
Andres Rivas: Primerica
Rahul Verma: University of Houston, Downtown
Antonio Rodriguez: Texas A&M International University, https://online.tamiu.edu/faculty/antonio-rodriguez.aspx

No 2312, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: The article examines stock index price responses in Brazil, Chile and Mexico to those in the US, Spain and four European countries during three sub-periods surrounding the neoliberal reforms of the 1990s: 1988 to 1994, 1995 to 1998, and 1999 to 2004, using VAR modeling. It finds that equity markets became more interconnected as countries opened to international trade and capital flows, and that there was an increasing impact of Spain on Latin American equity markets. Stronger economic linkages (more trade and foreign direct investment) between Spain and these countries, specially in Brazil, seem to explain increased equity markets interconnectedness.

Keywords: Emerging markets; Latin America; Spain; Stock markets interdependence; VAR modeling (search for similar items in EconPapers)
JEL-codes: C22 G15 O54 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2023-05
New Economics Papers: this item is included in nep-fdg, nep-his, nep-lam and nep-mfd
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