What Drives Stock Market Growth? A Case of a Volatile Emerging Economy

Autor:	Syed Mujahid Hussain, Danielle Xu, Ashfaque H. Khan, Timo Korkeamäki
Rok vydání:	2015
Předmět:	Macroeconomics Foreign portfolio investment Economics Portfolio Stock market Monetary economics Emerging markets ta512 General Economics Econometrics and Finance Finance Stock (geology)
Zdroj:	Emerging Markets Finance and Trade. 51:209-223
ISSN:	1558-0938 1540-496X
DOI:	10.1080/1540496x.2015.1011533
Popis:	We study the determinants of the explosive stock market growth and increased foreign portfolio investment in Pakistan. Our results indicate that in contrast to evidence from developed markets, the aggregate stock returns are not driven by macroeconomic fundamentals in Pakistan. Moreover, foreign portfolio investors do not tend to react to changes in economic variables in Pakistan. As fundamentals fail to affect stock returns in Pakistan, they may be based more on speculative motives. Our results suggest that in the absence of a strong institutional and regulatory framework, economic policies have only a limited effect on stabilizing an emerging market.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::39fb933ac8108c1eff317d2af191ee5d https://doi.org/10.1080/1540496x.2015.1011533 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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