Financial Development and the Sensitivity of Stock Markets to External Influences

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.

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Year of publication:	2001-04
Authors:	Dellas, Harris ; Hess, Martin
Institutions:	C.E.P.R. Discussion Papers
Subject:	External Influences \| Financial Development \| Stock Markets

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 2766
Classification:	F40 - Macroeconomic Aspects of International Trade and Finance. General ; G10 - General Financial Markets. General ; O10 - Economic Development. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005791350