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La contagion financi`ere : une ´etude empirique sur les causalités lors de la crise asiatique
Elise, MARAIS - EconWPA - 2004
Cet article a pour objet d’´etudier empiriquement le ph´enom`ene de contagion lors de la crise asiatique de 1997 …
Persistent link: https://www.econbiz.de/10005408190
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Towards Transparency in Finance and Governance
Vishwanath, Tara; Kaufmann, Daniel - EconWPA - 2003
The study of transparency is increasingly a more topical, broadly relevant, but also more under-researched enterprise. The Asian financial crisis has highlighted not only the welfare consequences of financial sector transparency, sparking a series of yet unresolved debates, but has also linked...
Persistent link: https://www.econbiz.de/10005561607
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Do European Stock Markets Affect Latin American Stock Markets?
Rivas, Andrés; Verma, Rahul; Rodriguez, Antonio; … - EconWPA - 2005
In this study, we examine the response of Latin American stock markets to movements in European stock markets using VAR models. Our results vary depending on the openness of the country in terms of international trade. We find evidence that Latin American stock markets are responsive to changes...
Persistent link: https://www.econbiz.de/10005561729
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Project Finance at the World Bank: An Overview of Policies and Instruments.
Benoit, P. - World Bank Group - 1996
Private and public sector sponsors of infrastructure, industrial and other commercial projects in developing countries are looking increasingly to the project finance structure to fund these operations. The World Bank has an array of financial instruments to support these projects. This paper...
Persistent link: https://www.econbiz.de/10005780263
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The Internationalization of Money and Finance and the Globalization of Financial Markets
Lothian, James R. - EconWPA - 2003
In this paper I combine long multi-country time series data for interest rates and stock returns with the institutional evidence for much earlier centuries amassed by economic historians to study the question of financial globalization and how it has altered since the late classical era. At...
Persistent link: https://www.econbiz.de/10005556598
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Transparency, Liberalization and Financial Crises
Mehrez, Gil; Kaufmann, Daniel - EconWPA - 2003
We investigate the effect of financial liberalization on the probability of a banking crises in economies with poor transparency We construct a model with imperfect information where banks cannot distinguish between aggregate shocks on the one hand, and government’s policy and firms’...
Persistent link: https://www.econbiz.de/10005561599
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CONTAGION AND PORTFOLIO SHIFT IN EMERGING COUNTRIES´ SOVEREIGN BONDS
Herrero, Alicia Garcia; Rios, Antonio Diez de los - EconWPA - 2004
The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven … emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion … pricing model. We measure contagion (and portfolio shift) in terms of a causal positive (negative) dynamic co-movement between …
Persistent link: https://www.econbiz.de/10005125554
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International Stock-Bond Correlations in a Simple Affine Asset Pricing Model
d'Addona, Stefano; Kind, Axel H. - EconWPA - 2005
In this paper we use an affine asset pricing model to jointly value stocks and bonds. This enables us to derive endogenous correlations and to explain how economic fundamentals influence the correlation between stock and bond returns. The presented model is implemented for G7 post- war economies...
Persistent link: https://www.econbiz.de/10005134844
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Country Funds and Asymmetric Information
Frankel, Jeffrey A.; Schmukler, Sergio L. - EconWPA - 1998
Closed-end country funds trade in New York at their price. Their Net Asset Value (NAV) represent the value of the underlying assets, usually traded in each particular country. If the holders of the underlying assets have more information about local assets than the country fund holders, changes...
Persistent link: https://www.econbiz.de/10005408198