Series: IMF Working Papers
Author(s): Norbert Funke
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 December 2002
Keywords: Stock market, Financial wealth, equity returns, stock markets, stock market developments, stock market liberalization, Macroeconomics: Consumption, Saving, Production, Employment
Using a panel of 16 emerging markets, the paper finds a small but statistically significant effect of stock market developments on private consumption spending. In the short run, a 10 percent decline in the annual...