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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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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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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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Republic of Mozambique : technical assistance report : inflation targeting and model-based monetary policy analysis
Internationaler Währungsfonds - 2021
The purpose of the mission was to improve the understanding of the conduct of monetary policy in an inflation targeting (IT) central bank. During the September visit, the mission provided capacity building through daily morning seminars, giving an introduction to modern theory of monetary policy...
Persistent link: https://www.econbiz.de/10012516441
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Financial crises : lessons from the past, preparation for the future
Caprio, Gerard (contributor); Hanson, James A. (contributor) - 2005
Persistent link: https://www.econbiz.de/10003087477
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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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Chile : central bank transparency code review
Internationaler Währungsfonds - 2021
The Central Bank of Chile (CBC) has implemented broadly advanced transparency practices. This reflects the CBC's strong public commitment to transparency, which is anchored in the law and has been designated by the CBC as a strategic objective to fulfill its mandate. This policy has earned the...
Persistent link: https://www.econbiz.de/10012604062
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The Russian default and the contagion to Brazil
Baig, Taimur; Goldfajn, Ilan - 2000
Persistent link: https://www.econbiz.de/10001542272
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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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Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data*
Kato, Takao; Long, Cheryl - William Davidson Institute, University of Michigan - 2004
This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …
Persistent link: https://www.econbiz.de/10005677675