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Dodging Bullets -- Contents -- About the Authors -- Preface -- Acknowledgments -- Introduction -- The End of the 1980s -- Why the 1980s Stopped: Leveraging as a Mania -- Why the 1980s Stopped: Did Judges, Lawmakers, and Regulators Kill the Leveraging Business? -- RJR-Nabisco: A Case Study -- The...
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This paper surveys the nature of capital inflows into Asia since the peak of the US dollar in the first quarter of 2002 and the policy responses to them. Portfolio equity flows have become more volatile and more responsive to global equity market developments. Inflows into local bond markets...
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This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...
Persistent link: https://www.econbiz.de/10009690839
This paper takes stock of the state of financial integration in East Asia. It contrasts the international integration of equity markets, the regional integration of the markets for bonds and syndicated loans denominated in US dollars, and the insularity of most local currency bond markets. In...
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The paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find...
Persistent link: https://www.econbiz.de/10014224179