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Spillovers to Emerging Equity Markets

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Author Info

  • Tao Sun
  • L. Effie Psalida
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Abstract

This paper shows that emerging market equity prices are influenced by growing global factors, and therefore global factors constitute a significant channel for spillovers when the international economic environment changes. Strengthening their resilience to equity price declines remains an important goal for emerging market economies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/111.

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Length: 32
Date of creation: 01 May 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/111

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Related research

Keywords: Emerging markets; Spillovers; Capital inflows; Economic models; Stock prices; equity prices; equity market; stock market; excess liquidity; equity markets; capital markets; stock market capitalization; financial stability; financial market; capital market; inflation rate; international financial statistics; equity inflows; discount rates; composition of capital inflows; financial markets; securities market; foreign equity; capital flows; stock exchange; stock markets; global capital markets; derivatives markets; domestic capital; domestic credit; international standards; stock index; financial instruments; domestic equity; domestic financial markets; liquid capital; real discount rates; derivative market; stock market liberalizations; derivative; capital market development; equity funds; financial market development; securities exchange; capital controls; financial economics; treasury bond; securities markets; securitization; bond;

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References

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  1. R. Gaston Gelos & Ratna Sahay, 2001. "Financial market spillovers in transition economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 9(1), pages 53-86, March.
  2. Hoffmaister, Alexander W. & Roldos, Jorge E., 2001. "The Sources of Macroeconomic Fluctuations in Developing Countries: Brazil and Korea," Journal of Macroeconomics, Elsevier, vol. 23(2), pages 213-239, April.
  3. Ludwig, Alexander & Sløk, Torsten, 2004. "The relationship between stock prices, house prices and consumption in OECD," Sonderforschungsbereich 504 Publications 04-12, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  4. Charles Frederick Kramer & Catriona Purfield & Hiroko Oura & Andreas Jobst, 2006. "Asian Equity Markets," IMF Working Papers 06/266, International Monetary Fund.
  5. Ghosh, Swati & Revilla, Ernesto, 2007. "Enhancing the efficiency of securities markets in East Asia," Policy Research Working Paper Series 4129, The World Bank.
  6. Heiko Hesse & Nathaniel Frank & Brenda González-Hermosillo, 2008. "Transmission of Liquidity Shocks," IMF Working Papers 08/200, International Monetary Fund.
  7. Henry, Peter Blair, 2000. "Do stock market liberalizations cause investment booms?," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 301-334.
  8. Jiri Slacalek, 2006. "International Wealth Effects," Computing in Economics and Finance 2006 425, Society for Computational Economics.
  9. Funke, Norbert, 2004. "Is there a stock market wealth effect in emerging markets?," Economics Letters, Elsevier, vol. 83(3), pages 417-421, June.
  10. Tamim Bayoumi & Hali Edison, 2003. "Is Wealth Increasingly Driving Consuption?," DNB Staff Reports (discontinued) 101, Netherlands Central Bank.
  11. Jorge Roldos, 2007. "Pension Reform and Macroeconomic Stability in Latin America," IMF Working Papers 07/108, International Monetary Fund.
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Cited by:
  1. Priscilla Liang & Thomas D. Willett & Nan Zhang, 2010. "The Slow Spread Of The Global Crisis," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 33-58.

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