کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5063535 | 1372249 | 2006 | 22 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Is locking domestic funds into the local market beneficial? Evidence from the Polish pension reforms Is locking domestic funds into the local market beneficial? Evidence from the Polish pension reforms](/preview/png/5063535.png)
This paper is concerned with the effect of enforced home bias on the development of emerging stock markets. It provides a detailed study of the impact on the Warsaw Stock Exchange of the Polish pension fund reforms and the associated restrictions on international investment. The time-path of market development for the Warsaw Stock Exchange is compared with a benchmark sample consisting of the other seven post-communist countries that joined the EU in May 2004. It is shown that benefits arising from the pension funds' increased investment in the home market are short-lived. In the long run, the relative performance of the Polish market returned to pre-1999 levels or worse, suggesting that enforced home bias on emerging markets may be detrimental, rather than beneficial, to the long-run development of the market.
Journal: Emerging Markets Review - Volume 7, Issue 4, December 2006, Pages 339-360