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http://hdl.handle.net/2451/31391
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| Title: | Do Stock Market Liberalizations Cause Investment Booms? |
| Authors: | Henry, Peter |
| Issue Date: | Jan-2007 |
| Publisher: | Center on Democracy, Development, and Rule of Law |
| Abstract: | Stock market liberalizations lead private investment booms. In a sample
of 11 developing countries that liberalized, 9 experience growth rates
of private investment above their non-liberalization median in the first
year after liberalizing. In the second and third years after
liberalization this number is 10 of 11 and 8 of 11 respectively. The
mean growth rate of private investment in the three years immediately
following stock market liberalization exceeds the sample mean by 22
percentage points. The evidence stands in sharp contrast with recent
work that suggests capital account liberalization has no effect on investment. |
| URI: | http://hdl.handle.net/2451/31391 |
| Appears in Collections: | Peter Henry's Collection
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