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Discussion Paper Details

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Title: Financial Development and Stock Returns: A Cross-Country Analysis

Author(s): Harris Dellas and Martin Hess

Publication Date: January 2002

Keyword(s): financial development and stock returns

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: We examine stock returns in a cross section of emerging and mature markets (47countries) between 1980-99. The level of financial development turns out to be an important determinant of the performance of stock returns. In general, a deeper and higher quality banking system decreases the volatility of stock returns. It also contributes to a greater synchronization in the movements of domestic and world returns and the same obtains when the stock market is liquid.

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Bibliographic Reference

Dellas, H and Hess, M. 2002. 'Financial Development and Stock Returns: A Cross-Country Analysis'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3681