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Does corruption drive the stock market?
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Orientador(es)
Resumo(s)
We estimate the effect of corruption on the stock markets returns using as controls gross
domestic product growth, inflation, unemployment growth, monetary base growth and
institutional variables. The results show that in more developed countries corruption is
inversely related to the stock market returns. In developing economies, on the other hand,
there is empirical evidence supporting the second-best theory: higher levels of corruption
impact positively on the stock markets returns. Furthermore, while per capita gross national
income cannot account for corruption coefficients on the stock market, inflation seems to be
positively related to the latter.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics
Palavras-chave
Corruption Stock market Country level