Impacto de la integración de Bolsas de Valores en la liquidez de mercado en economías emergentes : lecciones del Mercado Integrado Latinoamericano

The purpose of this work is to analyse the impact that stock market integration can have in emerging markets' liquidity, from changes in transaction costs and information flows, taking as study case the creation of the Mercado Integrado Latinoamericano (MILA) between Colombia, Peru, Chile and Mexico. For this, the monthly change in the proportion of zero return days, volume traded and Google search volume of the most representative stocks of each market listed in MILA were observed between the years 2008 and 2016, as liquidity and information measures, and a fixed effects model was built to determine if the integration had a significant impact. It is found that the creation of MILA has not affected the markets' liquidity because of high operational transaction costs and low information flows.

• Autores: Medellín Peña, Juan David
• Tipo de recurso: Trabajo de grado de pregrado
• Fecha de publicación: 2017
• Institución: Universidad de los Andes
• Repositorio: Séneca: repositorio Uniandes
• Idioma: spa
• OAI Identifier: oai:repositorio.uniandes.edu.co:1992/61345
• Acceso en línea: http://hdl.handle.net/1992/61345
• Palabra clave: Bolsa de valores; Mercados emergentes
• Rights: openAccess
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/