Emerging Equity Markets and Economic Development
Geert Bekaert (),
Campbell Harvey () and
No 7763, NBER Working Papers from National Bureau of Economic Research, Inc
We provide an analysis of real economic growth prospects in emerging markets after financial liberalizations. In contrast with previous research, we identify the financial liberalization dates and examine the influence of liberalizations while controlling for a number of other macroeconomic and financial variables. Our work also introduces an econometric methodology that allows us to use extensive time-series as well as cross-sectional information for our tests. We find across a number of different specifications that financial liberalizations are associated with significant increases in real economic growth.
JEL-codes: F3 G0 (search for similar items in EconPapers)
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Published as Bekaert, Geert, Campbell R. Harvey and Christian Lundblad. "Emerging Equity Markets And Economic Development," Journal of Development Economics, 2001, v66(2,Dec), 465-504.
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Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:7763
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