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We estimate the response of Asian stock market prices to exogenous monetary policy shocks using a vector error correction model. In our paper, monetary policy transmits to stock market price through three routes : money by itself, exchange rate, and inflation. Our result points to the fact that...
Persistent link: https://www.econbiz.de/10011134378
As all eyes are on the strategy and policy measures of the People’s Republic of China (PRC) to push the international use of the yuan, this paper turns to the internationalization of the Japanese yen and compares it with what the PRC is doing. There are some fundamental differences in the...
Persistent link: https://www.econbiz.de/10011134384
Credit procyclicality has recently been the focus of considerable attention, but what fuels the often excessive credit growth is rarely questioned. We investigate the relationship between the composition of banks’ liabilities and their credit procyclicality. After examining the...
Persistent link: https://www.econbiz.de/10011134481
The paper explores the financial accounts database of Eurostat, a rich set of data that is largely unexploited. It describes the main financial developments at EU level during the 1990-2010 period, both in terms of institutional agents and financial products. The paper provides evidence on the...
Persistent link: https://www.econbiz.de/10011134501
This paper deals with the question of knowing if countries whose activity of financing is mainly bank based face crises more expensive than those where the bond markets are broader and more developed. The results of the empirical tests on a panel of emerging countries suggest that bank based...
Persistent link: https://www.econbiz.de/10011134513
and long-term growth, and, secondly, between financial development and long-term GDP. We also ask whether such effects may … results show a positive but vanishing effect of financial development on steady-state GDP, from a critical (an average) level …
Persistent link: https://www.econbiz.de/10011134524
Five years after the financial crisis, the global economy remains unbalanced and many of the advanced countries are still struggling to return to robust, sustainable growth. Taking a historical perspective, I argue that this predicament reflects a failure to adjust to profound changes in the...
Persistent link: https://www.econbiz.de/10011135886
The availability of bank finance to small and medium sized enterprises (SMEs) is important to allow SMEs to start up and finance investment for growth. To assess changes in such availability over 2001–12, we used data from a series of surveys that provide detailed information on the...
Persistent link: https://www.econbiz.de/10011135921
This paper examines the causalities in mean and variance between stock returns and foreign institutional investment (FII) in India. The analysis in this paper applies the cross-correlation function approach from Cheung and Ng (1996), and uses daily data from January 1999 to March 2008 divided...
Persistent link: https://www.econbiz.de/10011136579
Literature on capital flows identifies various channels through which capital inflows could create financial fragility and economic instability in “developing and emerging economies.†Domestic credit expansion is one such channel. Capital inflows can lead to rapid expansion of domestic...
Persistent link: https://www.econbiz.de/10011137405