Download The Dynamics of Emerging Stock Markets: Empirical by Mohamed El Hedi Arouri PDF

By Mohamed El Hedi Arouri

Emerging markets have bought a selected recognition of educational researchers and practitioners on the grounds that they determined to open their family capital markets to international individuals approximately 3 a long time in the past. while, we comment that theoretical and empirical examine in rising inventory markets has been really challenged by means of their speedy adjustments in nature and measurement lower than the results of monetary liberalization and reforms. This evolving characteristic has rather resulted in a commensurate raise in sophistication of modeling innovations used for realizing monetary markets.

In this spirit, the booklet goals at supplying the viewers a accomplished realizing of rising inventory markets in numerous points utilizing sleek monetary econometric equipment. It addresses the empirical ideas wanted by means of fiscal brokers to investigate the dynamics of those markets and illustrates how they are often utilized to the particular information. nevertheless, it offers and discusses new learn findings and their implications.

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Extra resources for The Dynamics of Emerging Stock Markets: Empirical Assessments and Implications

Example text

1 Political Risk Political risk refers in general to the combination of political instability (civil war, terrorism, insurrection, political regime change) and unfavorable economic environment (financial instability and growth uncertainty). , unexpected changes in fiscal, monetary, trade and investment policies) and social policies (labor, social strike, and developmental purposes). Political changes that increase tax discrimination between resident and nonresident investors as well as restrictions on cross-border capital mobility, foreign ownership and exchange-rate movements are particularly faced by foreign portfolio investment flows.

They include for example discriminatory taxation treatment for foreign investments (dividends and interests), limits on foreign ownership, and restriction on capital gain and interest repatriation. The foreign access to strategic sectors such as defense industry and telecommunications is generally closed or highly 10 The increase in cross-market correlations reflects the fact that emerging markets commove largely with developed in recent years. Three main factors explain this phenomenon: the financial interdependences due to high degree of cross-border capital mobility, the economic integration resulting from tighter trade links and increased number of companies with international operations, and the rapid convergence of emerging markets toward the economic and financial structure of mature markets.

Further, risk diversification can be achieved through investing in uncorrelated or less correlated assets. Following these theoretical insights, investing in emerging markets is particularly interesting for several reasons. First, emerging markets are characterized by a very low correlation with other markets of the world owing to their numerous restrictions on capital flows from foreign investors. This is entirely supported by the fact that the majority of the correlation coefficients between emerging markets and MSCI World index (as a proxy for global stock market), reported in Sect.

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