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Chapter 3

Measurement and Impact of Equity Market Liberalization

C. Lundblad

University of North Carolina, Chapel Hill, NC, USA

Outline

Introduction

Equity Market Liberalization

Official Equity Market Liberalization

Country Funds and American Depository Receipts

The Intensity of Liberalization

Foreign equity portfolio holdings

Measuring Market Integration

Effects of Stock Market Liberalization

Financial Effects

Expected returns (cost of capital)

Return volatility and correlation

Market liquidity

Capital flows and contagion

Macroeconomic Effects

Investment and GDP growth

Allocative efficiency and productivity

Acknowledgments

During the globalization era, the liberalization of domestic financial markets has been among the most ...

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