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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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Financing energy efficiency : lessons from Brazil, China, India, and beyond
Taylor, Robert Prescott (contributor) - 2008
Persistent link: https://www.econbiz.de/10010521437
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Half a world : regional inequality in five great federations
Milanovic, Branko - 2005
/provinces in China and India. The United States, where regional inequality is the least, shows further convergence. Brazil, with …"The paper studies regional (spatial) inequality in the five most populous countries in the world: China, India, the … United States, Indonesia, and Brazil in the period 1980-2000. They are all federations or quasi-federations composed of …
Persistent link: https://www.econbiz.de/10010522501
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Investment climate and international integration
Taye Mengistae - 2004
Persistent link: https://www.econbiz.de/10010523011
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Crises, capital controls, and financial integration
Levy Yeyati, Eduardo - 2008
"This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The cross-market premium (the ratio between the domestic and international market price of...
Persistent link: https://www.econbiz.de/10010520989
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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
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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