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How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?

Kim, Woochan; Wei, Shang-Jin; Sung, Taeyoon - National Bureau of Economic Research (NBER) - 2008

disparity only after the Asian financial crisis. These results suggest that the nature of corporate governance in international …

Persistent link: https://www.econbiz.de/10005830032

When Is Quality of Financial System a Source of Comparative Advantage?

Wei, Shang-Jin; Ju, Jiandong - National Bureau of Economic Research (NBER) - 2008

institutional parameters (cost of financial intermediation, quality of corporate governance, and level of property rights protection … endowment has no effect on outputs and prices. Our model extends a standard one-sector, partial equilibrium model of corporate …

Persistent link: https://www.econbiz.de/10005778034

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis

Tong, Hui; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 2009

International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's...

Persistent link: https://www.econbiz.de/10005033469

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

Wei, Shang-Jin; Bai, Jennie - National Bureau of Economic Research (NBER) - 2012

of a transfer from the sovereign risk to corporate default risks may be mitigated by legal institutions that provide … strong property rights protection. Using a novel credit default swaps (CDS) dataset covering both government and corporate … influence on corporate credit risks. All else equal, a 100 basis points increase in the sovereign CDS spread leads to an …

Persistent link: https://www.econbiz.de/10010821968

A Faith-Based Initiative Meets the Evidence: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Chinn, Menzie D.; Wei, Shang-Jin - In: The Review of Economics and Statistics 95 (2013) 1, pp. 168-184

It is often asserted that a flexible exchange rate regime would facilitate current account adjustment. Using data on over 170 countries over the 1971–2005 period, we examine this assertion systematically. We find no strong, robust, or monotonic relationship between exchange rate regime...

Persistent link: https://www.econbiz.de/10011009920

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels

Claessens, Stijn; Tong, Hui; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 2011

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in external financing conditions, domestic demand, and...

Persistent link: https://www.econbiz.de/10009277261

From Financial Crash to Debt Crisis

Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2010

Newly developed long historical time series on public debt, along with modern data on external debts, allow a deeper analysis of the cycles underlying serial debt and banking crises. The evidence confirms a strong link between banking crises and sovereign default across the economic history of...

Persistent link: https://www.econbiz.de/10008627121

A Sexually Unbalanced Model of Current Account Imbalances

Wei, Shang-Jin; Du, Qingyuan - National Bureau of Economic Research (NBER) - 2010

Large savings and current account surpluses by China and other countries are said to be a contributor to the global current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings based on a major, albeit insufficiently recognized by...

Persistent link: https://www.econbiz.de/10008628334

Current Account Adjustment: Some New Theory and Evidence

Wei, Shang-Jin; Ju, Jiandong - National Bureau of Economic Research (NBER) - 2007

This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination...

Persistent link: https://www.econbiz.de/10005710356

A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Chinn, Menzie; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 2008

The assertion that a flexible exchange rate regime would facilitate current account adjustment is often repeated in policy circles. In this paper, we compile a data set encompassing data for over 170 countries are included, over the 1971-2005 period, and examine whether the rate of current...

Persistent link: https://www.econbiz.de/10005714286