Neo-classical economics suggests that financial liberalisation will result in increased savings, investment and economic growth. On the other hand, post-Keynesian analysis suggest that liberalisation could attract speculators and introduce volatility and economic instability. In this paper, we examine the main implication of the post-Keynesian hypothesis, that of increased market volatility folllowing deregulation. More specifically, we examine whether stock market volatility increased or decreased, in a sample of ASEAN equity markets, following interest rate liberalisation in the 1990s.
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Paper provided by Middlesex University - School of Economics in its series Papers with number
59.