کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
973808 932875 2008 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Sudden stops and liability dollarization: Evidence from Asia's financial intermediaries
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Sudden stops and liability dollarization: Evidence from Asia's financial intermediaries
چکیده انگلیسی

Before the currency crisis of 1997–1998, East Asian financial intermediaries borrowed heavily in international markets. During the crisis, the intermediaries' stock market value declined sharply, and a sizable fraction of the institutions were closed or nationalized. We investigate how the short-term and the foreign-currency nature of the intermediaries' international borrowing contributed to these outcomes. From the impact of long-term international debt on the stock returns of surviving intermediaries, we observe the negative effects of the foreign-currency nature of international debt (liability dollarization). From the impact of short-term international debt on the likelihood of firm failure and on the size of surviving intermediaries' assets and liabilities, we observe the negative effects of the short-term nature of international debt (sudden stops).

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 16, Issue 4, September 2008, Pages 436–452
نویسندگان
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