G20 summits have "limited relevance" for markets - ECB research
* Little short-term market impact from G20 since 2007
* Result contrasts with G7 and EU summits
* Media attention on G20 "probably not justified"
By David Milliken
FRANKFURT, April 4 (Reuters) - Regular meetings of the world's leaders and central bankers have little short-term impact on financial markets, despite extensive media coverage, according to research published by the European Central Bank on Friday.
ECB researchers looked at how the price of shares and bonds changed after meetings of the Group of 20 (G20) between November 2007 and September 2013 - a time when the body was at the heart of global efforts to lessen the impact of the financial crisis.
"The big picture arising from our analysis is that effects of G20 summits are small, short-lived, non-systematic and non-robust," the study concludes.
Evidence that G20 meetings eased financial market jitters - for example, by causing share prices to rise and bond prices in advanced economies to fall - was weak.
"(This) suggests that the information and decision content of G20 summits has been of limited immediate relevance for market participants, or already incorporated in prices." Continuación...