Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/127993
Authors: 
Dellas, Harris
Hess, Martin K.
Year of Publication: 
2000
Series/Report no.: 
Working Paper, Study Center Gerzensee 00.06
Abstract: 
We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.
Subjects: 
Financial Development
Stock Markets
External Influences
JEL: 
F4
G1
O1
Document Type: 
Working Paper

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