Do stock market liberalizations cause investment booms?

• 成果类型: Article
• 署名作者: Henry, PB
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00073-8
• 发表日期: 2000
• 页码: 301-334
• 关键词: capital account liberalization; INVESTMENT; capital flows; Emerging markets

摘要

Stock market liberalizations lead private investment booms. In a sample of Il developing countries that liberalized their stock markets, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In the second and third years after liberalization, this number is 10 of 11 and 8 of 11, respectively. The mean growth rate of private investment in the three years immediately following stock market liberalization exceeds the sample mean by 22 percentage points. The evidence stands in sharp contrast to recent work that suggests capital account liberalization has no effect on investment. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: F3; F4; G15.