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347.734 <430> --- Banking law --- -Stock exchanges --- -Banking law --- -346.0820943 --- Ha1.ideu --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Banks and banking --- Law, Banking --- Financial institutions --- Bankrecht. Bankwezen--?<430> --- Law and legislation --- -Law and legislation --- Stock exchanges --- 347.734 <430> Bankrecht. Bankwezen--?<430> --- 346.0820943
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This paper examines the evidence for the common assertion that the volatility of emerging stock markets has increased as a result of the liberalization of markets. A range of measures suggests that there has been no generalized increase in volatility in recent years; indeed, it appears that volatility may have tended to fall rather than rise on average. The paper also tests for the predictability of long-horizon returns in emerging markets. While there is evidence for positive autocorrelation in returns at horizons of one or two quarters, the autocorrelations appear to turn negative at horizons of a year or more. However, the magnitude of the apparent return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries. In general, the liberalization and broadening of emerging markets should lead to a reduction in return volatility as risk is spread among a larger number of investors.
Finance: General --- Investments: Stocks --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Markets and the Macroeconomy --- International Financial Markets --- Finance --- Investment & securities --- Emerging and frontier financial markets --- Stock markets --- Asset prices --- Stocks --- Market capitalization --- Financial markets --- Prices --- Financial institutions --- Financial services industry --- Stock exchanges --- United States
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This paper is a response to the literature that tests for cointegration between national stock market indices. It argues that apparent findings of cointegration in other studies may often be due to the use of asymptotic, rather than small-sample, critical values. In fact, economic theory suggests that cointegration is unlikely to be observed in efficient markets. However, this paper finds some evidence for the long-horizon predictability of relative returns, and the existence of “winner-loser” reversals across 16 national equity markets. A conclusion is that national stock market indices include a common world component and two country-specific components, one permanent and one transitory.
Econometrics --- Finance: General --- Investments: Stocks --- Macroeconomics --- International Financial Markets --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Econometrics & economic statistics --- Investment & securities --- Stock markets --- Asset prices --- Vector autoregression --- Stocks --- Price indexes --- Financial markets --- Prices --- Financial institutions --- Econometric analysis --- Stock exchanges --- United States
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This paper presents a new theory of asset pricing intended to address why other developing country equity markets responded so strongly to the Mexican devaluation, while the world’s major stock markets were unmoved. This phenomenon can be explained if investors follow a two-step portfolio allocation process, first determining what share of their portfolio to invest in developing countries, then allocating those funds across the emerging markets. For 12 of 13 markets studied, the one-factor CAPM is rejected in favor of a two-factor asset pricing model, including both a broad emerging markets portfolio and the global market portfolio.
Finance: General --- Financial Risk Management --- Investments: Stocks --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Price Level --- Inflation --- Deflation --- International Financial Markets --- Portfolio Choice --- Investment Decisions --- Finance --- Investment & securities --- Stock markets --- Emerging and frontier financial markets --- Stocks --- Asset prices --- Asset allocation --- Financial markets --- Financial institutions --- Prices --- Asset and liability management --- Stock exchanges --- Financial services industry --- Asset-liability management --- Taiwan Province of China
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Stock exchanges --- 333.600 --- 333.613 --- 334.151.3 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- -Capital market --- -332.6424 --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Speculation --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- EG : begrotings- en belastingpolitiek. --- Europe --- Economic integration. --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- EG : begrotings- en belastingpolitiek --- Stock exchanges - European Union countries --- -Europe
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For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International finance --- Finance --- Finance, Public --- Cameralistics --- Public finance --- Public finances --- Currency question --- Funding --- Funds --- Economics --- International monetary system --- International money --- International economic relations --- E-books --- Investments: Energy --- Finance: General --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Industries: Energy --- General Financial Markets: General (includes Measurement and Data) --- Nonrenewable Resources and Conservation: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Environmental Economics: General --- Public finance & taxation --- Investment & securities --- Pensions --- Stock markets --- Personal income --- Environment --- Oil sector --- Oil --- Financial markets --- National accounts --- Economic sectors --- Commodities --- Petroleum industry and trade --- Stock exchanges --- Income --- Loans --- Russian Federation
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Banken --- Banques --- Belgique --- België --- Beurswezen --- Bourse --- Banken België --- 336.71 <493> --- 336.76 <493> --- Banks and banking --- -Stock exchange --- -#ECO:02.02:financiële sector bank --- #ECO:05.01:landen België --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Bankwezen--België --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt--België --- Stock exchanges --- 336.76 <493> Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt--België --- 336.71 <493> Bankwezen--België --- Money market. Capital market --- bankwezen --- -336.76 <493> --- Stock exchange --- -#A9712A --- Bankwezen --- Bankwezen. --- Beurswezen. --- #A9712A --- #ECO:02.02:financiële sector bank --- Belgium --- Banken ; België
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The design of payment systems has important implications for the conduct of monetary policy, the soundness of financial firms, and the functioning of the economy as a whole.
Banks and banking --- Money --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- E-books --- Banks and Banking --- Exports and Imports --- Finance: General --- Foreign Exchange --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Foreign exchange --- International economics --- Stock markets --- Personal income --- Securities markets --- Payment systems --- Financial markets --- National accounts --- Stock exchanges --- Income --- Capital market --- Financial services industry --- China, People's Republic of
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Countries in the Middle East and North Africa region have unprecedented opportunities for transforming their economies through accelerated economic growth, but the countries themselves must ensure the necessary conditions. This study, by the Middle Eastern Department, focuses on four areas that are fundamental to growth-enhancing structural changes: improving the region's investment performance, fiscal reform, financial sector reform, and trade liberalization.
331.30 --- 331.31 --- 336.61 --- MEA / Middle East - Midden Oosten - Moyen Orient --- 330.35 <5-011> --- 330.35 <6-17> --- 330.35 <6-17> Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09}--?<6-17> --- Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09}--?<6-17> --- 330.35 <5-011> Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09}--Nabije-Oosten. Midden-Oosten --- Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09}--Nabije-Oosten. Midden-Oosten --- Economische toestand --- Economisch beleid --- Financieel beleid --- Africa, North --- Middle East --- Barbary States --- Maghreb --- Maghrib --- North Africa --- Economic policy. --- Banks and Banking --- Exports and Imports --- Finance: General --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Trade Policy --- International Trade Organizations --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Public finance & taxation --- International economics --- Finance --- Banking --- Expenditure --- Trade liberalization --- Stock markets --- Fiscal stabilization --- Fiscal policy --- Financial markets --- International trade --- Commercial policy --- Expenditures, Public --- Stock exchanges --- Banks and banking --- Financial services industry --- Jordan
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