FINANCIAL MARKETS' SHUTDOWN AND REACCESS

Luca Agnello, Ricardo M. Sousa, Vítor Castro

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)

Abstract

We employ a discrete-time parametric duration model on a group of 121 countries over the period 1970â2011 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).
Original languageEnglish
Pages (from-to)562-571
Number of pages10
JournalEconomic Inquiry
Volume56
Publication statusPublished - 2018

All Science Journal Classification (ASJC) codes

  • General Business,Management and Accounting
  • Economics and Econometrics

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