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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

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 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

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

Offshore Investment Funds: Monsters in Emerging Markets?

Kim, Woochan; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 1999

The 1997-99 financial crises in the emerging markets have brought to the foreground the concern about offshore investment funds and their possible role in exacerbating volatility in the markets they invest in. Offshore investment funds are alleged to engage in trading behaviors that are...

Persistent link: https://www.econbiz.de/10005714364

Emerging Currency Blocs

Frankel, Jeffrey Alexander; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 1993

Using the gravity model to examine bilateral trade patterns throughout the world. we find clear evidence of trading blocs in Europe. the Western Hemisphere, East Asia and the Pacific. In Europe, it is the EC that operates as a bloc, not including EFTA. Two EC members trade an extra 55 per cent...

Persistent link: https://www.econbiz.de/10005714547

Pitfalls of a State-Dominated Financial System: The Case of China

Wei, Shang-Jin; Boyreau-Debray, Genevieve - National Bureau of Economic Research (NBER) - 2005

State-owned financial institutions have been proposed as a way to address market failure, but the recent literature has also highlighted their pathological problems. This paper studies the case of China for pitfalls of a state-dominated financial system, including possible segmentation of the...

Persistent link: https://www.econbiz.de/10005720471

Currency Hedging and Goods Trade

Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 1998

A puzzle in empirical international finance is the difficulty in finding a large and negative effect of exchange rate volatility on international trade. A common explanation is the availability of hedging instruments. This paper examines the empirical validity of this explanation using data on...

Persistent link: https://www.econbiz.de/10005778482