Emerging Equity Markets and Economic Development / Geert Bekaert, Campbell R. Harvey, Christian Lundblad.

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Bekaert, Geert

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w7763.Publication details: Cambridge, Mass. National Bureau of Economic Research 2000.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: 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.

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Previous	nber w7760 The Economic Impacts of the Tobacco Settlement /	nber w7761 Borrowing Constraints and the Returns to Schooling /	nber w7762 Generational Conflict, Human Capital Accumulation, and Economic Growth /	nber w7763 Emerging Equity Markets and Economic Development /	nber w7764 Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications /	nber w7765 Natural Openness and Good Government /	nber w7766 Quality of Bureaucracy and Open-Economy Macro Policies /	Next

June 2000.

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.