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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

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 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

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

Managing Macroeconomic Crises

Frankel, Jeffrey Alexander; Wei, Shang-Jin - National Bureau of Economic Research (NBER) - 2004

This study reviews broadly the experience of the last decade on crisis prevention and management. It seeks to draw greater attention to policy decisions that are made during the phase when capital inflows come to a sudden stop. Procrastination---the period of financing a balance of payments...

Persistent link: https://www.econbiz.de/10004976958

On the connection between intra-temporal and intertemporal trade

Ju, Jiandong; Shi, Kang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

Sticky (or slow-adjusting) current accounts are observed for many countries. This paper explores the role of domestic factor market flexibility in understanding the phenomenon. To do so, we consider multiple tradable sectors with different factor intensities and allow substitution between...

Persistent link: https://www.econbiz.de/10011083600

A Darwinian Perspective on "Exchange Rate Undervaluation"

Du, Qingyuang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

Though the real exchange rate is a key price for most economies, our understanding of its determinants is still incomplete. This paper studies the implications of status competition in the marriage market for the real exchange rate. In theory, a rise in the sex ratio (increasing relative surplus...

Persistent link: https://www.econbiz.de/10011083634

Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?

Ju, Jiandong; Shi, Kang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2013

In partial equilibrium, a reduction in import barriers may be thought to lead to an increase in imports and a reduction in trade surplus. However, the general equilibrium effect can go in the opposite direction. We study how trade reforms affect current accounts by embedding a modified...

Persistent link: https://www.econbiz.de/10011084142

Roads and the Real Exchange Rate

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

This paper studies the effect of transport infrastructure on the real exchange rate (RER) and reaches two relatively strong conclusions. First, while the list of robust determinants of the RER is not long, transport infrastructure belongs to that list. Many other potential determinants proposed...

Persistent link: https://www.econbiz.de/10010821869

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