Emerging Equity Markets and Economic Development

41 Pages Posted: 14 Aug 2000

See all articles by Geert Bekaert

Geert Bekaert

Columbia University - Columbia Business School, Finance

Campbell R. Harvey

Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Christian T. Lundblad

University of North Carolina Kenan-Flagler Business School; Frank Hawkins Kenan Institute of Private Enterprise

Multiple version iconThere are 2 versions of this paper

Date Written: September 22, 2000

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. The effect is larger for countries with high education levels.

JEL Classification: F3, G0, O1

Suggested Citation

Bekaert, Geert and Harvey, Campbell R. and Lundblad, Christian T., Emerging Equity Markets and Economic Development (September 22, 2000). Available at SSRN: https://ssrn.com/abstract=230800 or http://dx.doi.org/10.2139/ssrn.230800

Geert Bekaert

Columbia University - Columbia Business School, Finance ( email )

NY
United States

Campbell R. Harvey (Contact Author)

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)

HOME PAGE: http://www.duke.edu/~charvey

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Christian T. Lundblad

University of North Carolina Kenan-Flagler Business School ( email )

Kenan-Flagler Business School
Chapel Hill, NC 27599-3490
United States
919-962-8441 (Phone)

Frank Hawkins Kenan Institute of Private Enterprise ( email )

Campus Box 3440, The Kenan Center
Chapel Hill, NC 27599-344
United States

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