Vietnamese (VN)English (UK)

[STBI-20-04-2017] Institutional quality, macro excessive liquidity and stock market volatility: empirical evidences from emerging market

Presenters: Su Dinh Thanh – dinhthanh@ueh.edu.vn

Journal of Economics Development, University of Economics Ho Chi Minh City

Nguyen Phuc Canh – canhnguyen@ueh.edu.vn

School of Banking, University of Economics Ho Chi Minh City

 Time: 11:00 am 20th April 2017

Venue: 1A Hoang Dieu Street. Phu Nhuan District. Ho Chi Minh city

Abstract

The relationship between monetary policy and stock market is still argument in the literature, especially in emerging countries. The study investigates the relationship between institutional quality, macro liquidity excessive and stock market volatility, in which macro liquidity excessive is used as a proxy for monetary policy. Using a panel data of 32 emerging markets in the period of 2002 – 2013 and employing Sys GMM estimation, the study finds that the relationship between macro liquidity excessive and stock volatility is significantly negative. Interestingly, when interacting with institutional quality variables, namely regulatory quality and law indicator, the effects of institutions on stock returns are significantly negative. That means that institution quality moderates the effect of macro liquidity excessive on stock market volatility, implying that emerging countries should attend to improving institutional quality to reduce stock market volatility.

Download slides.

 

 

Điều kiện dự thi:

  • Thí sinh có bằng tốt nghiệp đại học thuộc khối ngành kinh tế hoặc bằng tốt nghiệp đại học ngoài khối ngành kinh tế kèm chứng chỉ bổ sung kiến thức.
  • Thí sinh dự thi 2 môn bằng tiếng Anh (Toán, Kinh tế học).

 

Yêu cầu tiếng Anh đầu vào:

  • Tương đương khung B2 Châu Âu (CEFR B2, TOEIC 600, IELTS 5.5, TOEFL 500 BPT, 173 CBT, 61 iBT)

 

Lớp ôn tập:

  • Lớp ôn cấp tốc (đợt cuối): Tối thứ 5 - Trưa thứ 7 - Khai giảng 20/07/2017

 

Lịch thi tuyển sinh: 10/09/2017

 

Lịch khai giảng dự kiến khóa 24: 28/10/2017

 

Các thông tin kèm theo: