Do Markets Care about Central Bank Governor Changes? Evidence from Emerging Markets
基于1992-2006年20个新兴市场的日度数据，研究外汇、股票和主权债券市场对央行行长变更的反应，发现变更公告日市场负面反应，表明新任行长面临可信度问题。
Based on a new daily data set for 20 emerging markets over the period 1992–2006, we examine the reactions of foreign exchange markets, domestic stock markets, and sovereign bond spreads to central bank governor changes. We find that the replacement of a central bank governor negatively affects financial markets on the announcement day, which is in line with the hypothesis that newly appointed central bank governors suffer from a systematic credibility problem at the beginning of their tenure. We also find some evidence that changes in perceived central bank independence affect markets.