کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964836 930630 2007 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Regional vulnerability: The case of East Asia
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Regional vulnerability: The case of East Asia
چکیده انگلیسی

In a case study of six East Asian economies, we use dynamic factor analysis to estimate a regional component of the exchange market pressure index (EMPI) as a measure of regional financial stress. The extent to which this indicator is explained by regional economic and financial factors is interpreted as regional vulnerability to crisis. We find that regional external liabilities and exuberance in domestic stock and credit markets, as well as the US high-yield spread, were positively correlated with regional vulnerability. Individual country EMPIs are also explained by regional factors, with country-specific factors and trade linkages playing little role.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 26, Issue 8, December 2007, Pages 1292–1310
نویسندگان
, ,