Country Fund Discounts Asymmetric Information And The Mexican Crises Of 1994 Did Local Residents Turn Pessimistic Before International Investors
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Country Fund Discounts Asymmetric Information And The Mexican Crisis Of 1994
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 2010
Country Fund Discounts Asymmetric Information And The Mexican Crisis Of 1994 written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
It has been suggested that Mexican investors were the front-runners in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own economy, perhaps due to asymmetric information, prompted Mexican investors to be the first ones to leave the country. This paper uses data from three Mexican country funds to investigate the hypothesis of divergent expectations. We find that, right before the devaluation, Mexican fund Net Asset Values (mainly driven by Mexican investors) dropped faster than Mexican country fund prices (mainly driven by foreign investors). Moreover, we find that Mexican NAVs tend to Granger-cause the country fund prices. This suggests that causality, in some sense, flows from the Mexico City investor community to the Wall Street investor community. More generally, the paper proposes an asymmetric information approach that differs from the existing explanations of country fund discounts.
Country Fund Discounts Asymmetric Information And The Mexican Crises Of 1994 Did Local Residents Turn Pessimistic Before International Investors
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 1996
Country Fund Discounts Asymmetric Information And The Mexican Crises Of 1994 Did Local Residents Turn Pessimistic Before International Investors written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Country Fund Discounts And The Mexican Crisis Of December 1994
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 2003
Country Fund Discounts And The Mexican Crisis Of December 1994 written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
It has been suggested that Mexican investors were the quot;front-runnersquot; in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own economy, perhaps due to asymmetric information, prompted Mexican investors to be the first ones to leave the country. This paper investigates whether data from three Mexican country funds provide evidence that supports the quot;divergent expectationsquot; hypothesis. We find that, right before the devaluation, Mexican country fund Net Asset Values (driven mainly by Mexican investors) dropped faster than their prices (driven mainly by foreign investors). Moreover, we find that Mexican NAVs tend to Granger-cause the country fund prices. This suggests that causality, in some sense, flows from the Mexico City investor community to the Wall Street investor community.
Country Fund Discount Asymmetric Information And The Mexican Crisis Of 1994
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Author : Jeffrey A. Frankel
language : es
Publisher:
Release Date : 1996
Country Fund Discount Asymmetric Information And The Mexican Crisis Of 1994 written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Country Fund Discounts Asymmetric Information And The Mexican Crisis Of 1994
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 1996
Country Fund Discounts Asymmetric Information And The Mexican Crisis Of 1994 written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Country funds categories.
It has been suggested that Mexican investors were the front-runners in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own economy, perhaps due to asymmetric information, prompted Mexican investors to be the first ones to leave the country. This paper uses data from three Mexican country funds to investigate the hypothesis of divergent expectations. We find that, right before the devaluation, Mexican fund Net Asset Values (mainly driven by Mexican investors) dropped faster than Mexican country fund prices (mainly driven by foreign investors). Moreover, we find that Mexican NAVs tend to Granger-cause the country fund prices. This suggests that causality, in some sense, flows from the Mexico City investor community to the Wall Street investor community. More generally, the paper proposes an asymmetric information approach that differs from the existing explanations of country fund discounts.
Country Funds And Asymmetric Information
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Country Funds And Asymmetric Information written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Country Fund Discounts And The Mexican Crisis Of December 1994
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Author : Jeffrey A. Frankel
language : en
Publisher:
Release Date : 1996
Country Fund Discounts And The Mexican Crisis Of December 1994 written by Jeffrey A. Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Capital movements categories.
Predicting Currency Fluctuations And Crises
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Author : Daniel Kaufmann
language : en
Publisher: World Bank Publications
Release Date : 1999
Predicting Currency Fluctuations And Crises written by Daniel Kaufmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Balance Of Payments Crises categories.
"Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates"--Cover.
The Collapse Of Exchange Rate Regimes
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Author : George S. Tavlas
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Collapse Of Exchange Rate Regimes written by George S. Tavlas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Essays On Country Funds Asymmetric Information And Contagion In International Capital Markets
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Author : Sertio Luis Schmukler
language : en
Publisher:
Release Date : 1997
Essays On Country Funds Asymmetric Information And Contagion In International Capital Markets written by Sertio Luis Schmukler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.