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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

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

Domestic Institutions and the Bypass Effect of Financial Globalization

Ju, Jiandong; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2007

, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under … poor corporate governance in a country may be completely bypassed by two-way capital flows in which domestic savings leave … effect is ambiguous for a developing country with an inefficient financial sector/poor corporate governance. However, the net …

Persistent link: https://www.econbiz.de/10005789081

Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Wei, Shang-Jin; Patel, Nikhil; Wang, Zhi - National Bureau of Economic Research (NBER) - 2014

The real effective exchange rate (REER) is one of the most cited statistical constructs in international macroeconomics. With the rising importance of offshoring and outsourcing, the standard measures are increasingly flawed. In addition, because different sectors within a country may...

Persistent link: https://www.econbiz.de/10010785618

A Theory of the Competitive Saving Motive

Wei, Shang-Jin; Du, Qingyuan - National Bureau of Economic Research (NBER) - 2013

Motivated by recent empirical work, this paper formalizes a theory of competitive savings - an arms race in household savings for mating competition that is made more fierce by an increase in the male-to-female ratio in the pre-marital cohort. Relative to the empirical work, the theory can...

Persistent link: https://www.econbiz.de/10010785630