IDEAS home Printed from https://ideas.repec.org/a/taf/jecprf/v17y2014i1p46-70.html
   My bibliography  Save this article

The relationship between financial liberalization and stock market volatility: the mediating role of financial crises

Author

Listed:
  • Aymen Ben Rejeb
  • Adel Boughrara

Abstract

This paper aims at comparing the effects of financial liberalization on emerging stock markets’ volatility at normal times to the ones in periods of financial crises. To this purpose, a treatment effects model for 13 emerging economies is estimated over January 1986 to December 2008. Three types of financial crises are considered, i.e. banking, currency and twin crises. It has been found that financial liberalization does not lead to excessive volatility in emerging markets and that volatility decreases gradually along with financial liberalization effect on the probability of crises. Moreover, volatility reduction has been found to depend necessarily on several internal characteristics.

Suggested Citation

  • Aymen Ben Rejeb & Adel Boughrara, 2014. "The relationship between financial liberalization and stock market volatility: the mediating role of financial crises," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 17(1), pages 46-70, January.
    • Handle: RePEc:taf:jecprf:v:17:y:2014:i:1:p:46-70
    DOI: 10.1080/17487870.2013.827967
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17487870.2013.827967
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17487870.2013.827967?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ali M. Kutan & Yaz Gülnür Muradoğlu & Zhong Yu, 2016. "Worldwide impact of IMF policies during the Asian crisis: who does the IMF help, creditors or crisis countries?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 19(2), pages 116-147, June.
    2. Aymen Ben Rejeb & Adel Boughrara, 2015. "Financial integration in emerging market economies: Effects on volatility transmission and contagion," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 15(3), pages 161-179, September.
    3. Faruk Balli & Xuan Hu & Faisal Rana, 2020. "Bond market integration of emerging economies and bilateral linkages," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 2039-2062, September.
    4. Sha, Yezhou & Zhang, Ping & Wang, Yiru & Xu, Yifan, 2022. "Capital market opening and green innovation——Evidence from Shanghai-Hong Kong stock connect and the Shenzhen-Hong Kong stock connect," Energy Economics, Elsevier, vol. 111(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jecprf:v:17:y:2014:i:1:p:46-70. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/GPRE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.