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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

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

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

Financing energy efficiency : lessons from Brazil, China, India, and beyond

Taylor, Robert Prescott (contributor) - 2008

Persistent link: https://www.econbiz.de/10010521437

Refinements to the probabilistic approach to fiscal sustainability analysis

Frank, Nathaniel - 2008

"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is...

Persistent link: https://www.econbiz.de/10010521050

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

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

World Bank engagement at the state level : the cases of Brazil, India, Nigeria, and the Russian Federation

World Bank - 2010

Persistent link: https://www.econbiz.de/10011393482

World Bank Engagement at the State Level : The Cases of Brazil, India, Nigeria and Russia

World Bank - 2012

Beginning in the late 1990s, the World Bank significantly expanded its engagement at the state level in Brazil, India …

Persistent link: https://www.econbiz.de/10012555621

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