The 1997 Asian financial crisis inflicted serious economic damages to many Asian countries. However, China was conspicuously avoided being severely attacked by this crisis. This study compares the growth patterns of foreign short-term debt, the foreign debt structure and short-term foreign...

One of the puzzling phenomena in the emerging financial market was that financial crises often took place in middle-income countries rather than in low-income countries. This study empirically studies the financial crises between 1993 and 2003 and finds that the over-reliance on foreign debt,...

Das Handelsvolumen auf dem südafrikanischen Wertpapiermarkt hat in den letzten Jahren deutlich zugenommen, angeregt durch steigende Umsätze an der Johannesburger Börse und der zunehmenden Beteiligung von Ausländern an diesem Markt. Vor diesem Hintergrund untersuchen die Autoren die Bedeutung...

This paper presents a diagnostic of the source of financial shocks (idionsyncratic country specific versus common fundamental), which is robust to a range of forms of crisis propagation across markets. Size and power characteristics of the test appear strong. An application of the proposed test...