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

页码：855 / 864

页数：10

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