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The Role of Bond Finance in Firms' Survival During the Asian Crisis

Spaliara, Marina-Eliza; Tsoukas, Serafeim - Hong Kong Institute for Monetary Research (HKIMR), … - 2010

In this paper we assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies most affected by the crisis - Indonesia, Korea, Malaysia, Singapore and Thailand - we find strong evidence...

Persistent link: https://www.econbiz.de/10008621743

Leverage Constraints and the International Transmission of Shocks

Devereux, Michael B.; Yetman, James - Hong Kong Institute for Monetary Research (HKIMR), … - 2010

Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent...

Persistent link: https://www.econbiz.de/10008677198

What Effect Has Bond Market Development in Emerging Asia Had on the Issuance of Corporate Bonds?

Mizen, Paul; Tsoukas, Serafeim - Hong Kong Institute for Monetary Research (HKIMR), … - 2010

This paper investigates the determinants of firms' decision to issue public debt in emerging Asian economies, using a …

Persistent link: https://www.econbiz.de/10009642546

Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets

Mizen, Paul; Tsoukas, Serafeim - Hong Kong Institute for Monetary Research (HKIMR), … - 2008

Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate bonds especially for the emerging Asian market. In this paper we hypothesize that balance sheet...

Persistent link: https://www.econbiz.de/10005357431

Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

Rajan, Ramkishen; Sen, Rahul; Siregar, Reza Y. - Hong Kong Institute for Monetary Research (HKIMR), … - 2002

The literature on the East Asian crisis has concentrated almost exclusively on the five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and the Philippines (Asia-5). Relatively scant attention has been paid to the "twin cities" of Hong Kong and Singapore, both of which also suffered...

Persistent link: https://www.econbiz.de/10005435849

International Asset Allocations and Capital Flows: The Benchmark Effect

Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas - Hong Kong Institute for Monetary Research (HKIMR), … - 2015

We study different channels through which well-known benchmark indexes impact asset allocations, capital flows, and asset prices across countries, using unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2014. Benchmarks are useful for...

Persistent link: https://www.econbiz.de/10011170338

International Capital Flows

Tille, Cedric; Wincoop, Eric van - Hong Kong Institute for Monetary Research (HKIMR), … - 2007

The sharp increase in both gross and net capital flows over the past two decades has led to a renewed interest in their determinants. Most existing theories of international capital flows are in the context of models with only one asset, which only have implications for net capital flows, not...

Persistent link: https://www.econbiz.de/10005558100

Disconnect and Information Content of International Capital Flows: Evidence and Theory

Tille, Cedric; Wincoop, Eric van - Hong Kong Institute for Monetary Research (HKIMR), … - 2009

The relationship between asset prices and fundamentals is characterized by both disconnect and predictability: asset prices are largely disconnected from current publicly observed fundamentals and at the same time contain information about future fundamentals, even when conditioning on current...

Persistent link: https://www.econbiz.de/10011211975

Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences

Cheung, Yin-wong; Ito, Hiro - Hong Kong Institute for Monetary Research (HKIMR), … - 2008

We examine the empirical determinants of the demand for international reserves and compare the experiences of some Asian and Latin American economies. Our empirical results indicate that different vintages of the model of international reserves give different inferences about the appropriate...

Persistent link: https://www.econbiz.de/10005558124

The Macroeconomic Effects of Debt- and Equity-Based Capital Inflows

Davis, Scott - Hong Kong Institute for Monetary Research (HKIMR), … - 2014

This paper will consider whether debt- and equity-based capital inflows have different macroeconomic effects. Using … shock to debt or equity-based capital inflows in a structural VAR model that includes domestic variables like GDP, inflation …, the exchange rate, stock prices, credit growth, and interest rates. An exogenous increase in debt inflows leads to a …

Persistent link: https://www.econbiz.de/10011084993