NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Emerging Equity Markets and Economic Development

Geert Bekaert, Campbell R. Harvey, Christian Lundblad

NBER Working Paper No. 7763
Issued in June 2000
NBER Program(s):   AP   IFM

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.

download in pdf format
   (376 K)

download in ps format
   (1385 K)

email paper

A non-technical summary of this paper is available in the October 2000 NBER digest.  You can sign up to receive the NBER Digest by email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w7763

Published: Bekaert, Geert, Campbell R. Harvey and Christian Lundblad. "Emerging Equity Markets And Economic Development," Journal of Development Economics, 2001, v66(2,Dec), 465-504. citation courtesy of

Users who downloaded this paper also downloaded* these:
Barberis, Boycko, Shleifer, and Tsukanova w5136 How Does Privatization Work? Evidence from the Russian Shops
Feldstein and Samwick w5761 The Transition Path in Privatizing Social Security
Wold Model Construction and Evaluation When Theoretical Knowledge Is Scarce
Blanchflower and Oswald w6102 The Rising Well-Being of the Young
Lintner Interest Rate Expectations and Optimal Forward Commitments for Institutional Investors
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us