Financial development and economic activity in advanced and developing open economies: Evidence from panel cointegration. G Chortareas, G Magkonis. Office: 1, Sofokleous & Aristidou str., 5th floor, office Tel: email : gchortar[at]econ,uoa[dot]gr. Personal Website: Georgios Chortareas. Research Economist,. Dr Chortareas has been a Research Economist in the International Economic Analysis Division, Monetary Analysis.

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We examine the impact of monetary policy on stock market returns for the period before and after the adoption of inflation targeting in the UK Using a standard event study methodology, we do not find a significant relationship between market-based policy surprises and equity returns.

In addition to central banking, he also works on the EU fiscal environment and the relationship between macroeconomy and financial stability.

Articles 1—16 Show more. If the author is listed in the directory of specialists for this field, a link is also provided. She is the author of several papers and chapters of books on these subjects.

Chortareas, Georgios

South East Asia 1 She is working on research projects on local debt and property tax in China. Essays on the political economy of central banking by Georgios Chortareas 1 edition published in in English and held by 2 WorldCat member libraries worldwide. We identify the factors that explain this heterogeneity in estimates by conducting a meta-analysis. Finally, the literature is found to be gergios of publication bias. His other research interests include economic growth, innovation, and regional convergence.


We employ a non-linear version of the Augmented Dickey-Fuller test, based on an exponentially smooth-transition autoregressive model ESTAR that enhances the power of the tests against mean-reverting non-linear alternative hypotheses.

On intervention days, the intraday volatility has different patterns to those on non-intervention days. Also, a genuine positive effect exists between financial development and economic growth.

New articles by this author.

Georgios Chortareas | EABCN

International Review of Financial Analysis. RePEc uses bibliographic data supplied by the respective publishers. The financial development and growth nexus: Forecast rationality and monetary policy frameworks: Review of Development Economics. Evidence from High Frequency data more. Conflicting theoretical models and diverse empirical evidence characterize research analysing the relationship between business cycle volatility and economic growth.

Balance of payments Balance of payments–Econometric chortarfas Banks and banking, Central Business cycles–Econometric models Economic forecasting Europe–European Union countries Foreign exchange rates Foreign exchange rates–Econometric models Monetary policy Portfolio management Purchasing power parity Saving and investment.


Our results indicate that the inflation rates converge irrespective of the monetary policy framework. We employ a non-linear version of the Augmented Dickey-Fuller test, based on an exponentially smooth-transition autogregressive model ESTAR that enhances the power of the tests against mean-reverting nonlinear alternative hypotheses.

Evidence from Cointegration Analysis more. He was a Lecturer at University of Paris-Dauphine between and and has been teaching at Sciences Po since Does monetary policy transparency reduce disinflation costs? Does it pay to be transparent?

The Yen real exchange rate may be stationary after all: While the average reported effect of volatility on growth is negative, the empirical estimates vary substantially across studies.

Market Power versus Efficiency more.

Inflation targeting and inflation convergence: Oil shocks, stock market prices, and the U. CRX argue that the extracted series chortarras simultaneous information from financial markets and its volatility is closer to that of exchange rates.