Crises Contagion And The Closed End Country Fund Puzzle

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Crises Contagion And The Closed

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Author : Mr.Angel J. Ubide
language : en
Publisher: International Monetary Fund
Release Date : 1998-09-01

Crises Contagion And The Closed written by Mr.Angel J. Ubide and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-01 with Business & Economics categories.

This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the “closed-end country fund puzzle.” Our results show that the puzzle relates directly to the fact that international investors are less (more) sensitive to changes in local (global) market conditions than domestic investors. This asymmetry implies that foreign participation in local markets can both help dampen a crisis in the originating country, and amplify the contagion to noncrisis countries.

Crises Contagion And The Closed End Country Fund Puzzle

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Author : Eduardo Levy Levy-Yeyati
language : en
Publisher:
Release Date : 2006

Crises Contagion And The Closed End Country Fund Puzzle written by Eduardo Levy Levy-Yeyati and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

This paper analyzes the behavior of closed-end country fond discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the quot;closed-end country fund puzzle.quot; Our results show that the puzzle relates directly to the fact that international investors are less (more) sensitive to changes in local (global) market conditions than domestic investors. This asymmetry implies that foreign participation in local markets can both help dampen a crisis in the originating country, and amplify the contagion to noncrisis countries.

Imf Staff Papers Volume 45 No 4

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01

Imf Staff Papers Volume 45 No 4 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-01 with Business & Economics categories.

This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the costs of corruption in terms of economic growth. It also emphasizes that the fight against corruption may not be cheap and cannot be independent from the reform of the state. If certain reforms are not made, corruption is likely to continue to be a problem regardless of actions directly aimed at curtailing it.

Imf Staff Papers Volume 47 No 1

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2000-01-01

Imf Staff Papers Volume 47 No 1 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.

This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse, their direct effects on the economy are difficult to specify and appear to have been limited. The paper also argues that prevention of pyramid schemes is better than cure and that government and international financial institutions should be vigilant in clamping down on frauds.

Research Activities Of The Imf January 1991 December 1998

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1999-09-24

Research Activities Of The Imf January 1991 December 1998 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-09-24 with Business & Economics categories.

A selective index of major research papers prepared by IMF staff in 1991-98.

Finance For Growth

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Author :
language : en
Publisher: World Bank Publications
Release Date : 2001

Finance For Growth 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 2001 with Business & Economics categories.

CD-ROM contains: Research and background information for the report.

Imf Staff Papers Volume 47 No 3

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2001-10-10

Imf Staff Papers Volume 47 No 3 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-10-10 with Business & Economics categories.

This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.

International Financial Integration Through The Law Of One Price

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Author : Eduardo Levy Yeyati
language : en
Publisher: World Bank Publications
Release Date : 2006

International Financial Integration Through The Law Of One Price written by Eduardo Levy Yeyati 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 2006 with Integracion financiera categories.

"The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage. Applying to equity markets recent methodological developments in the purchasing power parity literature, they show that nonlinear Threshold Autoregressive (TAR) models properly capture the behavior of the cross market premium. The estimates reveal the presence of narrow non-arbitrage bands and indicate that price differences outside these bands are rapidly arbitraged away, much faster than what has been documented for good markets. Moreover, the authors find that financial integration increases with market liquidity. Capital controls, when binding, contribute to segment financial markets by widening the non-arbitrage bands and making price disparities more persistent. Crisis episodes are associated with higher volatility, rather than by more persistent deviations from the law of one price. "--World Bank web site.

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.

The Closed End Fund Discount

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Author : Elroy Dimson
language : en
Publisher:
Release Date : 2002

The Closed End Fund Discount written by Elroy Dimson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.