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Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio inflows. In contrast to the usual practice of...
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Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio inflows. In contrast to the usual practice of...
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We measure a country's growth opportunities by investigating how its industry mix is priced in global capital markets … growth opportunities strongly predict future changes in real GDP and investment in a large panel of countries. This relation … re-examine the link between financial development, investor protection, capital allocation, and growth. We find that …
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