Narrow search
Showing 1 - 10 of 205
Cover Image
Russias financial markets boom, crisis and recovery 1995-2001, Lessons for Emerging Markets Investors
Sueppel, Ralph - EconWPA - 2002
From 1995 to 2001 Russia witnessed an asset market boom, a deep financial crisis, and a surprisingly forceful recovery … a convergence of Russia’s economic structures with those in Central and Western Europe. …
Persistent link: https://www.econbiz.de/10005561251
Cover Image
BALANCE SHEET EFFECTS AND THE COUNTRY RISK PREMIUM: AN EMPIRICAL INVESTIGATION
Herrero, Alicia Garcia; Berganza, Juan Carlos; Chang, … - EconWPA - 2004
This paper investigates empirically whether there is a negative relationship between a country’s risk premium and the balance sheet effect, as implied by recent theories emphasizing financial imperfections. We find evidence that balance sheet effects, stemming from the increase in the external...
Persistent link: https://www.econbiz.de/10005408194
Cover Image
WHAT MAKES BALANCE SHEET EFFECTS DETRIMENTAL FOR THE COUNTRY RISK PREMIUM?
HERRERO, ALICIA GARCIA; BERGANZA, JUAN CARLOS - EconWPA - 2004
This paper builds upon the empirical literature on the macroeconomic impact of real exchange rate depreciations for a sample of 27 emerging economies. We find that real exchange rate depreciations tend to increase a country’s risk premium. This effect is neither linear nor symmetric: large...
Persistent link: https://www.econbiz.de/10005119475
Cover Image
Financial Dollarization and the Size of the Fear
Castro, Juan F.; Morón, Eduardo - EconWPA - 2005
Based on the significance of a Minimum Variance Portfolio (MVP) for the understanding of dollarization equilibria, a significant strand of the debate concerned with the driving forces behind this phenomenon has focused on analyzing the determinants of the relative volatility of inflation...
Persistent link: https://www.econbiz.de/10005412746
Cover Image
The Financial Crisis in Russia
Malki, Elli - EconWPA - 1999
The financial turmoil that hit Russia in August 1998, was extremely confusing to many foreign observers working in … Russia. It was astonishing to see a country that seemed on its way to prosperity suddenly experiencing an economic meltdown …. As part of my work, I was often asked to provide explanations and guidance regarding the situation in Russia. The casual …
Persistent link: https://www.econbiz.de/10005412688
Cover Image
Argentina: Trying to Make Sense of the Financial Tango
Buchs, Thierry - EconWPA - 2005
The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...
Persistent link: https://www.econbiz.de/10005076729
Cover Image
Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis
Chan-Lau, Jorge A.; Chen, Zhaohui - EconWPA - 1998
This paper develops a new model of international private debt financing. It shows the possibility of discontinuity in the amount of financial intermediation when the intermediary is inefficient. The model suggests a mechanism that can generate the following sequence of events: A period of...
Persistent link: https://www.econbiz.de/10005119443
Cover Image
How Do Firms Choose Their Lenders? An Empirical Investigation
Cantillo, Miguel; Wright, Julian - EconWPA - 1998
This article investigates which firms borrow directly from the capital markets and which raise funds through intermediaries. Our empirical results show that large companies with abundant cash and collateral tap the credit markets directly. These markets cater to safe and profitable industries,...
Persistent link: https://www.econbiz.de/10005134863
Cover Image
Should small open economies in East Asia put all their eggs in one basket: the role of balance sheet effects
Slavov, Slavi T. - EconWPA - 2005
Yen-dollar fluctuations increase macroeconomic instability in small economies in East Asia. I investigate the choice of an exchange rate regime for these countries so as to minimize the adverse effects of this volatility. I build a sticky-price dynamic model of a small economy whose trade is...
Persistent link: https://www.econbiz.de/10005119497
Cover Image
Some Fundamental Inadequacies of the Washington Consensus: Misunderstanding the Poor by the Brightest
Woo, Wing - EconWPA - 2004
The Washington Consensus suffers from fundamental inadequacies, and that a more comprehensive framework of the economic process is needed to guide the formulation of country-specific development strategies. The following five propositions summarise the set of interrelated arguments made in this...
Persistent link: https://www.econbiz.de/10005556001