This paper examines the stock market exposures of French and German firms to the Korean won and the Japanese yen. If a European firm competes with an Asian firm, an appreciation of the euro relative to its competitors’ currency should lower its profitability and its stock price. If a European...

The economic success of the East Asian countries has inspired many scholars and policy makers to study the background of their rapid growth. Since there are many versions of capitalism, there is a debate over which model is the best answer for people needs. This debate is still open. In the...