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Crises, capital controls, and financial integration

Levy Yeyati, Eduardo; Schmukler, Sergio L.; Horen, … - 2008

This paper analyzes the effects of capital controls and crises on financial integration, using stocks from emerging economies that trade in both domestic and international markets. The cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks)...

Persistent link: https://www.econbiz.de/10003855387

Financial globalization in emerging countries : diversification vs. offshoring

Ceballos, Francisco; Didier, Tatiana; Schmukler, Sergio L. - 2012

offshoring. The diversification dimension of globalization refers to the increase in foreign assets and liabilities in countries … markets and countries. We also show that the nature of financing through both diversification and offshoring has improved for … examines two important concurrent dimensions of financial globalization relevant for emerging countries: diversification and …

Persistent link: https://www.econbiz.de/10009632681

Developing Asian local currency bond markets : why and how?

Spiegel, Mark - 2009

This paper examines the motivation for, and the success of, regional efforts in Asia to promote local currency bond markets. The analysis demonstrates that Asian local currency bond markets made substantial gains as a region going into the current global financial crisis. However, we argue that...

Persistent link: https://www.econbiz.de/10003928027

Financial development : a broader perspective

Reid, Richard - 2010

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

Persistent link: https://www.econbiz.de/10008907303

Cross-border portfolio investment and financial integration in Asia and the Pacific region

Shirai, Sayuri; Sugandi, Eric Alexander - 2018

This paper examines the developments of cross-border portfolio assets and liabilities in the Asia and Pacific region over the periods of 2001-2017. Rapid increases in both portfolio foreign assets and liabilities have taken place particularly after the 2008-2009 global financial crisis. These...

Persistent link: https://www.econbiz.de/10011843951

The Chiang Mai Initiative Multilateralisation : origin, development and outlook

Chalongphob Sussangkarn - 2010

This paper discusses the Chiang Mai Initiative Multilateralization (CMIM); its origin, development and future outlook. It puts forward a number of proposals to make the liquidity support role of the CMIM more effective. It is further argued that the CMIM can bring about major changes to the...

Persistent link: https://www.econbiz.de/10003983484

International reserves and swap lines in times of financial distress : overview and interpretations

Aizenman, Joshua - 2010

In this paper I review the use of precautionary measures aimed at mitigating emerging markets' exposure to fragility associated with financial integration. The discussion draws possible lessons from the ongoing global liquidity crisis. The fear of losing international reserves (IR) constrained...

Persistent link: https://www.econbiz.de/10003928113

How should we bank with foreigners? ; an empirical assessment of lending behavior of international banks to six East Asian economies

Pontines, Victor; Siregar, Reza Yamora - 2012

The possible crucial role of international bank lending in transmitting adverse economic disturbance from developed economies to emerging economies in the 2008 - 2009 global financial crisis has placed capital flows into sharper scrutiny in academic and policy discussions. The authors construct...

Persistent link: https://www.econbiz.de/10009626993

Bond market development in Asia : an empirical analysis of major determinants

Bhattacharyay, Biswanath - 2011

One of the reasons behind the financial crisis in 1997 was excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because the other major source, bond markets, was underdeveloped and small. On the other hand, the...

Persistent link: https://www.econbiz.de/10009267743

Regional financial regulation in Asia

Kawai, Masahiro; Morgan, Peter J. - 2014

The Asian financial crisis (1997 - 1998) and the global financial crisis (2007 - 2009) highlighted the potential value of financial regionalism, i.e., regional-level cooperation in financial policy. This paper argues that there is a mediating role for regional-level institutions of financial...

Persistent link: https://www.econbiz.de/10010240660

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