6533b7d2fe1ef96bd125f4d7
RESEARCH PRODUCT
FINANCIAL MARKETS' SHUTDOWN AND REACCESS
Luca AgnelloRicardo M. SousaRicardo M. SousaVitor CastroVitor Castrosubject
MacroeconomicsEconomics and EconometricsGovernmentShutdown05 social sciencesFinancial market1. No povertyMonetary economicsGeneral Business Management and AccountingFinancial openness8. Economic growth0502 economics and businessEconomics050207 economicsDuration (project management)050205 econometricsdescription
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)
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2017-11-01 | Economic Inquiry |