The study investigates corporate liquidity (cash holdings) in emerging markets (Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Thailand, and Taiwan) from 1990 to 2006. Using the Asian financial crisis as the backdrop, I find that firms generally hold more cash after the...

Our friend and colleague Ruediger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universitaet. The lectures contain a fascinating overview of the...