کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960600 929506 2006 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Volatility in an era of reduced uncertainty: Lessons from Pax Britannica
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Volatility in an era of reduced uncertainty: Lessons from Pax Britannica
چکیده انگلیسی

Although it has been well established that financial volatility is related to news and macroeconomic shocks, less emphasis has been placed on the importance of underlying economic and political stability. In this paper we study the behavior of consol returns since 1729 and identify a greater-than-50% decline in volatility from the end of the Napoleonic Wars in 1815 until the First World War. News events and macroeconomic variables cannot account for this extended period of reduced volatility. Underlying political stability under Pax Britannica seems to be a more likely explanation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 79, Issue 3, March 2006, Pages 693–707
نویسندگان
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