Exchange controls and European stock market integration

Patricia L. Chelley-Steeley; James M. Steeley; Eric J. Pentecost

doi:10.1080/000368498326056

Exchange controls and European stock market integration

Patricia L. Chelley-Steeley, James M. Steeley, Eric J. Pentecost

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Abstract

This paper examines the impact on stock price predictability that the removal of exchange controls had on major European countries during the late 1970s and 1980s. It is found that for Germany, Switzerland and France, the removal of exchange controls led to an increase in the interdependence between these and other markets. In contrast, there is little evidence of an increase in interdependence for the UK and Italy.

Original language	English
Pages (from-to)	263-267
Number of pages	5
Journal	Applied Economics
Volume	30
Issue number	2
DOIs	https://doi.org/10.1080/000368498326056
Publication status	Published - Feb 1998

Keywords

stock price predictability
exchange controls
European countries

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10.1080/000368498326056

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title = "Exchange controls and European stock market integration",

abstract = "This paper examines the impact on stock price predictability that the removal of exchange controls had on major European countries during the late 1970s and 1980s. It is found that for Germany, Switzerland and France, the removal of exchange controls led to an increase in the interdependence between these and other markets. In contrast, there is little evidence of an increase in interdependence for the UK and Italy.",

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author = "Chelley-Steeley, {Patricia L.} and Steeley, {James M.} and Pentecost, {Eric J.}",

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AB - This paper examines the impact on stock price predictability that the removal of exchange controls had on major European countries during the late 1970s and 1980s. It is found that for Germany, Switzerland and France, the removal of exchange controls led to an increase in the interdependence between these and other markets. In contrast, there is little evidence of an increase in interdependence for the UK and Italy.

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Exchange controls and European stock market integration

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