Showing 1 - 7 of 7
We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little...
Persistent link: https://www.econbiz.de/10013118251
We review the modern history of financial crises, providing a context for analyses of the world's recent bout of …
Persistent link: https://www.econbiz.de/10013092488
A financial crisis is a disturbance to financial markets. associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the marketacirc;euro;TMs capacity to allocate capital. In this paper we analyze the...
Persistent link: https://www.econbiz.de/10012774821
How did the Subprime Crisis, a problem in a small corner of U.S. financial markets, affect the entire global banking system? To shed light on this question we use principal components analysis to identify common factors in the movement of banks' credit default swap spreads. We find that fortunes...
Persistent link: https://www.econbiz.de/10012757524
Two general approaches have been offered for dealing with the developing country debt crisis: continued reliance on case-by-case negotiation, versus global plans for fundamentally restructuring the terms of international lending and repayment. Both approaches have precedents in earlier...
Persistent link: https://www.econbiz.de/10013221971
Recent years have seen the development of a large literature on balance sheet factors in emerging-market financial crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt intolerance' seek to explain the same phenomenon, namely, the...
Persistent link: https://www.econbiz.de/10013225038
international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …
Persistent link: https://www.econbiz.de/10013231411