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Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008

there is an economic case for GCC monetary union, but that it is not overwhelming. The lack of economic integration among … the GCC members is striking. Without anything approaching the free movement of goods, services, capital and persons among … the six GCC member countries, the case for monetary union is mainly based on the small size of all GCC members other than …

Persistent link: https://www.econbiz.de/10005791819

Arab Economic Integration: Missing links

Hoekman, Bernard; Sekkat, Khalid - C.E.P.R. Discussion Papers - 2010

This paper surveys the recent literature on Arab economic integration, discusses the goals and progress that has been made to date and some of the key policy, regulatory and political factors that underpin the segmentation of Arab markets. It argues that there has been an excessive focus by both...

Persistent link: https://www.econbiz.de/10008530352

Financial Development and the Sensitivity of Stock Markets to External Influences

Dellas, Harris; Hess, Martin - C.E.P.R. Discussion Papers - 2001

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...

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

Why every Economist should Learn some Auction Theory

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and argue that auction-theoretic tools and intuitions can...

Persistent link: https://www.econbiz.de/10005792157

Does Market Organization Speed Up Market Stabilization? First Lessons From the Budapest and Warsaw Stock Exchanges

Zalewska, Ania - C.E.P.R. Discussion Papers - 1999

This paper investigates whether different systems of financial market organization influence the way in which newly created stock markets become more (weak-form) efficient. The author conducts a detailed comparative analysis of stocks listed on the Budapest and Warsaw Stock Exchanges, 1991-98,...

Persistent link: https://www.econbiz.de/10005497754

The Origination and Evolution of Ownership and Control

Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003

In the first half of the twentieth century, the UK capital markets were marked by an absence of investor protection; by the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK therefore provides an exceptional laboratory for evaluating...

Persistent link: https://www.econbiz.de/10005123634

Europe's 'New' Stock Markets

Bottazzi, Laura; Da Rin, Marco - C.E.P.R. Discussion Papers - 2002

The creation of Europe’s ‘new’ stock markets represents a major experiment in market design with important implications for the ability to support innovative, fast-growing companies. We evaluate the success of these markets based on a large number of measures of firm performance and...

Persistent link: https://www.econbiz.de/10005123860

Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms

Alexander, Ian; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

This paper examines the influence of stock markets on corporate performance. It compares large private and publicly listed companies in the UK. It finds that, controlling for size and industry, quoted firms invest more and grow more rapidly than unquoted firms. They earn higher profits and pay...

Persistent link: https://www.econbiz.de/10005656401

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10011084251

Expected Returns and Expected Dividend Growth

Lettau, Martin; Ludvigson, Sydney - C.E.P.R. Discussion Papers - 2002

We develop a consumption-based present value relation that is a function of future dividend growth. Using data on aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend growth make an important contribution to fluctuations...

Persistent link: https://www.econbiz.de/10005504785