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Emerging Equity Markets and Economic DevelopmentGeert BekaertColumbia Business School - Finance and Economics; National Bureau of Economic Research (NBER) Campbell R. HarveyDuke University - Fuqua School of Business; National Bureau of Economic Research (NBER) Christian T. LundbladUniversity of North Carolina Kenan-Flagler Business School September 22, 2000 AFA 2001 New Orleans Meetings; EFA 0711; Fuqua Working Paper No. 49 Abstract: We provide an analysis of real economic growth prospects in emerging markets after financial liberalizations. In contrast with previous research, we identify the financial liberalization dates and examine the influence of liberalizations while controlling for a number of other macroeconomic and financial variables. Our work also introduces an econometric methodology that allows us to use extensive time-series as well as cross-sectional information for our tests. We find across a number of different specifications that financial liberalizations are associated with significant increases in real economic growth. The effect is larger for countries with high education levels.
Number of Pages in PDF File: 41 JEL Classification: F3, G0, O1 working papers seriesDate posted: August 14, 2000Suggested CitationContact Information
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