ارزش تبلیغات؟ اثر نشست G20 بر بازارهای مالی جهانی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42306||2015||26 صفحه PDF||سفارش دهید||12852 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of International Money and Finance, Volume 53, May 2015, Pages 192–217
In the wake of the global financial crisis, the G20 has become the most important forum of global governance and cooperation, largely replacing the once powerful G7. Against this background, this paper looks at G20 meetings at Ministerial and Leaders level to see whether they had an impact on global financial markets. To assess their impact we run an event study and we look at equity returns, bond yields and measures of market risk such as implied volatility, skewness and kurtosis between 2007 and 2013. Our main finding is that G20 summits have not had a strong, consistent and durable effect on any of the markets that we consider, suggesting that the information and decision content of G20 summits is of limited relevance for market participants.