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Institutional changes, wars and stock market risk in an emerging economy: evidence from the Israeli stock exchange, 1945–1960

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Author Info

  • Raphaël Franck

    ()
    (Department of Economics, Bar Ilan University, 52900 Ramat Gan, Israel)

  • Miriam Krausz

    ()
    (Department of Economics, Bar Ilan University, 52900 Ramat Gan, Israel)

Abstract

In an effort to understand the determinants of economic growth in an emerging economy, we analyze the effects of institutional reforms, wars and political events on the risk level of the Israeli stock market between 1945 and 1960. We find that the anticipation of wars did not have any effect but the end of skirmishes actually raised the risk on the stock market. Domestic political instability also increased the stock market risk. Finally we find that most legal reforms did not matter much.

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Bibliographic Info

Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 3 (2009)
Issue (Month): 2 (June)
Pages: 141-164

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Handle: RePEc:afc:cliome:v:3:y:2009:i:2:p:141-164

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Web page: http://www.cliometrie.org
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Keywords: Institutions; Emerging economy; Stock marke; War;

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