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

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

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)

Additional information is available for the following registered author(s):

Raphael Franck

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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Publisher 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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Find related papers by JEL classification:
N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
N45 - Economic History - - Government, War, Law, and Regulation - - - Asia including Middle East
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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