The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors

Taylor, Michael W.; Quintyn, Marc; Ramirez, Silvia

doi:10.5089/9781451865899.001

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Cited by 20 publications

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Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality

et al. 2023

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Using panel data of 42 countries from 2001 to 2019, we examine whether political uncertainty (caused by uncertainty about national elections) explains variations in cross‐country liquidity, market size, and transaction cost. We also investigate whether institutional quality moderates the negative effects of political uncertainty on stock market development. We show that political uncertainty reduces stock market size, liquidity, and increases transaction costs. Our results indicate that institutional quality moderates the negative effects of political uncertainty on stock market development. However, we find no effects in emerging markets arising from the high prevalence of weak institutions. We confirm the robustness of our findings using alternative financial development measures and endogeneity. This study enhances our understanding of the salient role of political uncertainty in the development of the stock market, with important implications for market regulators, corporations, and investors.

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Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality

et al. 2023

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Financial Supervision and Bank Accounting Numbers: State of the Art

Fabio

2021

SpringerBriefs in Accounting

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Key Aspects of Public International Financial Law: International Financial Standards

Gortsos¹

2023

The European Banking Regulation Handbook, Volume I

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The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors

Abstract: This Working Paper should not be reported as representing the views of the IMF.

Cited by 20 publications

References 16 publications

Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality

Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality

Financial Supervision and Bank Accounting Numbers: State of the Art

Key Aspects of Public International Financial Law: International Financial Standards

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