Local and global illiquidity effects in the Balkans frontier markets

Milunovich, George and Minović, Jelena (2014) Local and global illiquidity effects in the Balkans frontier markets. Applied economics, 46 (31). pp. 1-13. ISSN 0003-6846

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We study market illiquidity across 11 national markets of the Balkans. In general, the EU member countries are more liquid than the nonmember countries. Turkey, however, has the most liquid market, while Serbia and Bosnia are the least liquid. Global illiquidity sourced from the US has a strong and positive impact on pricing in eight of the Balkans markets. In contrast, illiquidity transmitted from the EU impacts expected returns in only two instances, while local illiquidity is significant for just one market. Croatia and Slovenia are most susceptible to transmissions of regional illiquidity, each receiving illiquidity spillovers from four sources.

Item Type: Article
Additional Information: COBISS.SR-ID:512261986
Research Department: Sectorial Economics
Depositing User: Mrs Aleksandra Bradic-Martinovic
Date Deposited: 08 Jul 2015 05:54
Last Modified: 15 Apr 2020 11:05
URI: http://ebooks.ien.bg.ac.rs/id/eprint/118

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