Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 31, 2022 erstellt
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Beschreibung:
The article examines the response of equity markets in Brazil, Chile and Mexico to stock prices in the US, Spain and four major European countries during three sub-periods surrounding the neoliberal reforms of the 1990s: 1988 to 1994, 1995 to 1998, and 1999 to 2004, using VAR modeling. Our results show that equity markets became more interconnected as countries opened to international trade and capital flows. We find that there was in particular an increasing impact of Spain on these Latin American equity markets. The increasing economic linkages between Spain and these three countries (such as more trade and foreign direct investment), specially in the case of Brazil, seem to explain the increasing levels of equity markets interconnectedness