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Coping with Risk Through Mismatches : Domestic and International Financial Contracts for Emerging Economies

de la Torre, Augusto - 2004

This paper argues that short termism, dollarization, and the use of foreign jurisdictions are endogenous ways of coping with systemic risks prevalent in emerging markets. They represent a symptom at least as much as a problem. These coping mechanisms are jointly determined and the choice of one...

Persistent link: https://www.econbiz.de/10012738744

Why Do Emerging Economies Borrow Short Term?

Broner, Fernando - 2005

Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk-sharing problem between the government...

Persistent link: https://www.econbiz.de/10012785132

Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Kaminsky, Graciela - 2004

Kaminsky and Schmukler examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to...

Persistent link: https://www.econbiz.de/10012786094

Why Do Emerging Economies Borrow Short Term?

Broner, Fernando - 2013

We argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing...

Persistent link: https://www.econbiz.de/10012711871

Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie 2006 (2006) 3

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship … between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy … money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the …

Persistent link: https://www.econbiz.de/10005036707

Country Fund Discounts and the Mexican Crisis of December 1994 : Did Local Residents Turn Pessimistic Before International Investors?

Frankel, Jeffrey A. - 2003

It has been suggested that Mexican investors were the quot;front-runnersquot; in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own economy, perhaps due to asymmetric information, prompted Mexican investors to be the first...

Persistent link: https://www.econbiz.de/10012740786

Financial Crises: Nine Lessons from East Asia

Kawai, Masahiro; Newfarmer, Richard; Schmukler, Sergio L. - In: Eastern Economic Journal 31 (2005) 2, pp. 185-207

The 1990s witnessed a surge in private capital flows to developing countries--and a surge in financial crises. The most severe and regionally extensive has (to date) been East Asia's. The last six years has produced a wealth of research that now allows us to abstract policy lessons from the East...

Persistent link: https://www.econbiz.de/10005641654

Migration, Spillovers, and Trade Diversion : The Impact of Internationalization on Stock Market Liquidity

Levine, Ross - 2004

What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, Levine and Schmukler find that...

Persistent link: https://www.econbiz.de/10012786074

Short- and Long-Run Integration : Do Capital Controls Matter?

Kaminsky, Graciela - 2004

Do controls on capital flows persistently isolate domestic markets from international markets? Or is the insulation they provide just ephemeral?Kaminsky and Schmukler study whether capital controls affect the link between domestic and foreign stock market prices and interest rates. To examine...

Persistent link: https://www.econbiz.de/10012786212

International Financial Integration Through the Law of One Price

Levy-Yeyati, Eduardo Levy - 2011

This paper argues that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage....

Persistent link: https://www.econbiz.de/10012757051