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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2010.1
- 수록면
- 103 - 121 (19page)
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This paper examines whether equity market liberalization facilitates economic growth at the industry level. It also explores whether equity market liberalization reduces the cost of capital by scrutinizing a particular mechanism: that liberalization reduces the wedge between the costs of external and internal capital to firms. Using industry-level data on 19 emerging markets and 18 developed countries for the period between 1980-2000, we find a uniform increase in the growth rate of real value added across industries following liberalization in emerging markets. Industries highly dependent on external finance grow faster in liberalized regimes. No additional growth effects are found for industries dependent more on equity finance in emerging markets.
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참고문헌 (17)
참고문헌 신청
Bekaert, G. / 2000 / Foreign Speculators and Emerging Equity Markets / Journal of Finance 55 (2) : 565 ~ 613
Bekaert, G. / 2001 / Emerging Equity Markets and Economic Development / Journal of Development Economics 66 : 465 ~ 504
Bekaert, G. / 2003 / Equity Market Liberalization in Emerging Markets / The Federal Reserve Bank of St. Louis Review 85 (4) : 53 ~ 74
Bekaert, G. / 2005 / Does Financial Liberalization Spur Growth? / Journal of Financial Economics 77 : 3 ~ 56
Chari, A. / 2004 / Risk Sharing and Asset Prices: Evidence from a Natural Experiment / Journal of Finance 59 : 1295 ~ 1324
Bekaert, G. / 2001 / Emerging Equity Markets and Economic Development / Journal of Development Economics 66 : 465 ~ 504
Bekaert, G. / 2003 / Equity Market Liberalization in Emerging Markets / The Federal Reserve Bank of St. Louis Review 85 (4) : 53 ~ 74
Bekaert, G. / 2005 / Does Financial Liberalization Spur Growth? / Journal of Financial Economics 77 : 3 ~ 56
Chari, A. / 2004 / Risk Sharing and Asset Prices: Evidence from a Natural Experiment / Journal of Finance 59 : 1295 ~ 1324
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