Ownership Restrictions toward Foreign Investors in Emerging Economies and International Financial Market Integration
نویسنده
چکیده
s: This paper looks at ownership restrictions toward international investors in emerging stock markets and its impact on the degree to which they move with more mature markets. Surprisingly, the results show that while emerging markets are positively correlated with industrial markets, the strength of such market comovement is weakened by lower levels of capital restrictions, implying the role capital flight plays in emerging economies.
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