کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5063165 1476673 2015 29 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?
ترجمه فارسی عنوان
آیا یورو بر رابطه پویا بین نقدینگی بازار سهام و چرخه تجاری تاثیر می گذارد؟
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

Does Eurozone equity market liquidity affect economic growth? If so, how does the Euro currency affect the dynamic relationship between growth and stock market liquidity (macro-liquidity relation) of the Eurozone? We address these questions using data from ten Eurozone countries and the UK. The findings document the predictability role of liquidity proxies on economic growth, suggesting that stock market liquidity influences economic growth. The results reveal that liquidity increases substantially after a structural break realized around the Euro's introduction in Europe, and in all countries except Portugal we find that liquidity improvement coincides with higher growth. During periods of high exchange-rate volatility between currencies (which tend to be periods of high uncertainty and economic convergence), growth becomes highly affected by stock market liquidity movements.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Emerging Markets Review - Volume 25, December 2015, Pages 125-153
نویسندگان
, ,