Financial markets’ shutdown and reaccess
Luca Agnello
Vitor Castro
Ricardo M. Sousa
2134/26417
https://repository.lboro.ac.uk/articles/journal_contribution/Financial_markets_shutdown_and_reaccess/9491483
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 re-access falls as these events become longer. We also show that: (i) 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 (ii) spells of re-access 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.
2017-09-07 14:46:52
Financial markets’ shutdown
Financial markets’ re-access
Parametric duration model
Economics
Economics not elsewhere classified