Stock Market Liberalizations : Financial and Macroeconomic Implications

Using a panel of 27 countries, we analyze the effects of stock market liberalization on financial and macroeconomic development. We find that liberalization is associated with a short-term increase in real private investment growth of about 14 percentage points cumulatively in the four years following liberalization and a cumulative 4 percentage point increase in real GDP per capita growth. Growth tends to be higher if institutional reforms precede liberalization. In contrast to other studies, we also find evidence for a permanent growth effect of about 0.4 percent a year in an extended sample of 72 countries.
Publication date: December 2001
ISBN: 9781451859812
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Finance , Finance , financial liberalization , regulation , stock market , stock market liberalization , credit rating , stock market liberalizations , General Financial Markets

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