We employ a discrete-time parametric duration model on a group of 121 countries over the period 1970–2011 and find that the probability of the end of financial markets' shutdown and reaccess falls as these events become longer. We also show that: (1) shutdown episodes are longer when economic prospects are poor and the degree of financial openness falls, the chief executive has been in office for long periods, and the country has a default history and (2) spells of reaccess tend to be longer when economic growth improves and financial openness increases, there are neither government crises nor government instability, and the country did not default in the past. (JEL C41, G15).

Agnello, L., Castro, V., Sousa, R.M. (2018). FINANCIAL MARKETS' SHUTDOWN AND REACCESS. ECONOMIC INQUIRY, 56(1), 562-571 [10.1111/ecin.12518].

FINANCIAL MARKETS' SHUTDOWN AND REACCESS

Agnello, Luca;
2018-01-01

Abstract

We employ a discrete-time parametric duration model on a group of 121 countries over the period 1970–2011 and find that the probability of the end of financial markets' shutdown and reaccess falls as these events become longer. We also show that: (1) shutdown episodes are longer when economic prospects are poor and the degree of financial openness falls, the chief executive has been in office for long periods, and the country has a default history and (2) spells of reaccess tend to be longer when economic growth improves and financial openness increases, there are neither government crises nor government instability, and the country did not default in the past. (JEL C41, G15).
2018
Agnello, L., Castro, V., Sousa, R.M. (2018). FINANCIAL MARKETS' SHUTDOWN AND REACCESS. ECONOMIC INQUIRY, 56(1), 562-571 [10.1111/ecin.12518].
File in questo prodotto:
File Dimensione Formato  
Agnello_et_al-2018-Economic_Inquiry.pdf

Solo gestori archvio

Dimensione 146.13 kB
Formato Adobe PDF
146.13 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10447/278659
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 4
  • ???jsp.display-item.citation.isi??? 4
social impact