By Mohamed El Hedi Arouri
Emerging markets have obtained a specific realization of educational researchers and practitioners due to the fact they made up our minds to open their household capital markets to international contributors approximately 3 many years in the past. while, we comment that theoretical and empirical examine in rising inventory markets has been fairly challenged by means of their quick adjustments in nature and dimension lower than the results of monetary liberalization and reforms. This evolving function has quite resulted in a commensurate elevate in sophistication of modeling options used for realizing monetary markets.
In this spirit, the booklet goals at offering the viewers a finished knowing of rising inventory markets in a variety of features utilizing glossy monetary econometric tools. It addresses the empirical ideas wanted via monetary brokers to investigate the dynamics of those markets and illustrates how they are often utilized to the particular facts. however, it provides and discusses new study findings and their implications.
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Additional resources for The Dynamics of Emerging Stock Markets: Empirical Assessments and Implications
Have forced many countries to undertake a vast program of economic reforms. As a major component, financial liberalization policy, aiming mainly at deregulating domestic capital markets to promote international capital mobility, was initiated by the most advanced countries like Germany in 1973 and the United States in 1974. In the universe of emerging markets, the wave of financial liberalization only started in the late 1970s and became more pronounced in the early part of the 1980s. The principal reason is that foreign bank credits granted to emerging markets, which constitute major external funding sources, decreased considerably following the advent of the 1982–1983 debt crisis in Latin America.
In general, fund shares are traded at prices (S) different from the net asset value per share (NAV) due to their inability of redemptions over a certain period. The NAV is announced at regular intervals, weekly or daily. Defining P = ln(S) – ln(NAV), the fund is said to trade at premium (discount) when P > 0 (P < 0). The existence of closed-end country fund premium is often interpreted as limits to arbitrage and investor’s irrationality. 5 provides an incomplete list of closed-end single country funds that are traded in the US as of December, 2005.
On the one hand, policymakers reduce a wide range of controls on capital gain transfers and foreign exchange rates, and on the other hand they allow foreign investors to invest in domestic markets and to provide financial services. Overall, the goal of such policies is to insure that, in a liberalized market, foreign investors are allowed to hold, without bearing restrictions, financial assets issued by emerging market companies, and domestic investors have the right to trade foreign assets. Therefore, any deregulation that facilitates the participation of non-resident investors is viewed as element characterizing external liberalization.
The Dynamics of Emerging Stock Markets: Empirical Assessments and Implications by Mohamed El Hedi Arouri