글로벌 금융위기시 국가별 주가변동 차이의 원인
What Accounts for Differing Impacts of Global Financial Crisis on the Stock Prices Across Countries?: An Empirical Examination
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초록
본 연구에서는 74개국을 대상으로 2007년 미국에서 촉발된 글로벌 금융위기가 주식시장에 미친 영향이 국가별로 서로 다르게 나타났던 이유를 실증적으로 분석하였다. 본 연구의 실증분석 결과를 요약하면 다음과 같다. 첫째, 경상수지 적자폭(흑자폭)이 작은(큰) 국가일수록 글로벌 금융위기시 상대적으로 낮은 주가 하락폭을 경험하였다. 둘째, 해외금융시장과의 연계성이 높았던 국가의 주식시장이 글로벌 금융위기시 더욱 큰 부정적인 영향을 받은 것으로 나타났다. 끝으로, 미국에 대한 수출비중이 높은 국가의 주식시장에서 글로벌 금융위기의 충격이 약하게 나타났음을 발견하였다.
Abstract
In this paper, we attempt to explain empirically what caused different impacts of the recent global financial crisis on the stock prices across 74 countries. We find that stock prices in countries with lower current account deficits dropped less than those in countries with higher current account deficits. We also find that countries more closely linked to the global financial market had their stock markets more severely affected by the recent crisis. Interestingly, however, the magnitudes of stock price fall are found smaller in countries whose exports more heavily rely on the U.S. economy.
참고문헌 (18)
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