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Distributional effects of crises : the role of financial transfers

Halac, Marina; Schmukler, Sergio - Economics Research, World Bank Group - 2003

Financial crises affect income distribution by way of different channels. The authors argue that financial transfers are an important channel which has been overlooked by the literature. They study the role of financial transfers by analyzing some of the most severe Latin American crises during...

Persistent link: https://www.econbiz.de/10005079564

Short-run pain, long-run gain : the effects of financial liberalization

Kaminsky, Graciela Laura; Schmukler, Sergio L. - Economics Research, World Bank Group - 2002

The authors examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to identify booms and...

Persistent link: https://www.econbiz.de/10005079793

Crisis and contagion in East Asia : nine lessons

Kawai, Masahiro; Newfarmer, Richard; Schmukler, Sergio - Economics Research, World Bank Group - 2001

The authors investigate the origins of the East Asian crisis and its contagion, examine the channels of contagion, and discuss policy recommendationsThey make detailed recommendations in the context of nine general lessons learned from the East Asian crisis. 1) Preventing crises and contagion:...

Persistent link: https://www.econbiz.de/10005079883

Predicting currency fluctuations and crises - do resident firms have an informational advantage?

Kaufmann, Daniel; Mehrez, Gil; Schmukler, Sergio - Economics Research, World Bank Group - 1999

The authors investigate whether resident enterprise managers have an informational advantage about the countries in which they work. They propose a method for extracting information available to resident managers but unknown to investors and forecasters. They rest their hypothesis of...

Persistent link: https://www.econbiz.de/10005080040

Managers, investors, and crises : mutual fund strategies in emerging markets

Kaminsky, Graciela; Lyons, Richard; Schmukler, Sergio - Economics Research, World Bank Group - 2000

The authors address the trading strategies of mutual funds in emerging markets. The data set they develop permits analyses of these strategies at the level of individual portfolios. A methodologically novel feature of their analysis: they disentangle the behavior of fund managers from that of...

Persistent link: https://www.econbiz.de/10005128513

Emerging markets instability: do sovereign ratings affect country risk and stock returns?

Kaminsky, Graciela; Schmukler, Sergio - Economics Research, World Bank Group - 2001

Financial market instability has been the focus of attention of both academic and policy circles. Rating agencies have been under particular scrutiny lately as promoters of financial excesses, upgrading countries in good times and downgrading them in bad times. Using a panel of emerging...

Persistent link: https://www.econbiz.de/10005128745

What triggers market jitters? A chronicle of the Asian crisis

Kaminsky, Graciela L.; Schmukler, Sergio L. - Economics Research, World Bank Group - 1999

In the chaotic financial environment of East Asia in 1997-98, daily changes in stock prices of as much as 10 percent became commonplace. The authors analyze what type of news moved the market in those days of extreme market jitters. They find that movements are triggered by both local and...

Persistent link: https://www.econbiz.de/10005128754

Country funds and asymmetric information

Frankel, Jeffrey A.; Schmukler, Sergio L. - Economics Research, World Bank Group - 1998

Using data on country funds, the authors study how differential access to information affects international investment. They find that past changes in net asset values (NAVs) and discounts predict current country fund prices more commonly than prices and discounts predict NAVs. The price (NAV)...

Persistent link: https://www.econbiz.de/10005128779

Financial development in Latin America : big emerging issues, limited policy answers

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, … - Economics Research, World Bank Group - 2006

This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin America. This paradigm was shaped over the past decades by a fundamental shift in thinking toward...

Persistent link: https://www.econbiz.de/10005128873

Do depositors punish banks for"bad"behavior? : market discipline in Argentina, Chile, and Mexico

Peria, Martinez; Soledad, Maria; Schmukler, Sergio L. - Economics Research, World Bank Group - 1999

the 1980s and 1990s. Using a set of bank panel data, they test for the presence of market discipline by studying whether …. Standardized coefficients and variance decomposition of deposits indicate that bank fundamentals are at least as important as other … endogeneity of bank fundamentals. …

Persistent link: https://www.econbiz.de/10005129376