Does central bank independence affect stock market volatility?

被引：16
|
作者：
Papadamou, Stephanos [1 ]
Sidiropoulos, Moise [2 ,3 ]
Spyromitros, Eleftherios [2 ,4 ]
机构：
[1] Univ Thessaly, Dept Econ, 28 October Str 78, Volos, Greece
[2] Univ Strasbourg, BETA, Strasbourg, France
[3] Aristotle Univ Thessaloniki, Dept Econ, Thessaloniki 54124, Greece
[4] Democritus Univ Thrace, Dept Econ, Univ Campus, Komotini 69100, Greece
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2017年 / 42卷
关键词：
Central bank independence; Stock market volatility; Panel data; OPTIMAL MONETARY-POLICY; FINANCIAL STABILITY; ASSET PRICES; INFLATION; TRANSPARENCY; GLOBALIZATION; INSTITUTIONS; DISCRETION; LESSONS; CARE;
D O I：
10.1016/j.ribaf.2017.07.021
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper addresses the issue of impacts of central banks' independence on stock market volatility. Using a simple theoretical macroeconomic model, we analytically find a positive link between stock prices volatility and central bank independence. By applying panel data analysis on a set of 29 countries from 1998 to 2005, sufficient evidence for this positive relationship is provided using two different measures of stock market volatility.
引用
收藏
页码：855 / 864
页数：10
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