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Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis
Auguste, Sebastian; Dominguez, Kathryn M.E.; Kamil, Herman - William Davidson Institute, University of Michigan - 2002
This paper examines the surprising performance of the Argentine stock market in the midst of the country’s most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with...
Persistent link: https://www.econbiz.de/10005784778
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Financial Sector Returns and Creditor Moral Hazard: Evidence from Indonesia, Korea, and Thailand
Tong, Jian; Xu, Chenggang - William Davidson Institute, University of Michigan - 2004
This paper introduces a framework of investor behavior in which investors form their expectations regarding the credibility of a prospective IMF program in reforming the financial sector characterized by domestic implicit guarantees. We examine the changes in financial sector returns in response...
Persistent link: https://www.econbiz.de/10005651501
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - William Davidson Institute, University of Michigan - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005677454
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China's High Saving Puzzle
Ma, Guonan; Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2013
jointly contributed to the upsurge in aggregate savings in China in the past two decades. Government policies to rebalance the …
Persistent link: https://www.econbiz.de/10010791521
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Aggregate Savings and External Imbalances in China
Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2012
Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels …. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded …, the accession of China to the World Trade Organization has dramatically amplified the effects of these structural …
Persistent link: https://www.econbiz.de/10010791526
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Why Do Governments Sell Privatised Companies Abroad?
Bortolotti, Bernardo; Fantini, Marcella; Scarpa, Carlo - William Davidson Institute, University of Michigan - 2000
This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments...
Persistent link: https://www.econbiz.de/10005677641
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The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective
Hericourt, Jérôme; Maurel, Mathilde - William Davidson Institute, University of Michigan - 2000
The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat...
Persistent link: https://www.econbiz.de/10005652580
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Industrialization Lessons from BRICS: A Comparative Analysis
Naudé, Wim; Szirmai, Adam; Lavopa, Alejandro - Institute for the Study of Labor (IZA) - 2013
Brazil, Russia, India, China and South Africa (BRICS). We contribute to addressing this gap by exploring the patterns of … de-industrialization (Brazil, Russia and South Africa). China is the only country where an expanding manufacturing sector … China and the other BRICS. These differences are down to differences in industrial policy: in China industrial policy …
Persistent link: https://www.econbiz.de/10010884080
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Tian, Lihui; Estrin, Saul - William Davidson Institute, University of Michigan - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005784638
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Tian, Lihui; Estrin, Saul - Institute for the Study of Labor (IZA) - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005822452