This paper examines the determinants of stock markets' vulnerability to the 2007-2008 crisis. Given that the United States (US) was the crisis epicenter, the authors analyze the factors driving the co-movement between US returns and stock returns in 83 countries. The analysis distinguishes between the period before and after the collapse of Lehman Brothers. The findings indicate that the main channel of transmission was financial. There is also evidence...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2010/03/01
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Рабочий документ в рамках исследования вопросов политики
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WPS5224
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1
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1
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2010/07/01
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Disclosed
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What explains stock markets' vulnerability to the 2007-2008 crisis ?
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Finance & Private Sector Development
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ПОЛНЫЙ ОТЧЕТ
Официальная версия документа (может содержать подписи, и т.д.)