Currency crises and institutions

Shimpalee, Pattama L.; Breuer, Janice Boucher

doi:10.1016/j.jimonfin.2005.10.008

Cited by 58 publications

(42 citation statements)

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“…Estimations of Equation (2) allow us to decompose the total return variations of the stock market in country i into two components: (1) those attributed to the total return variations of the world stock market, and (2) those tied to country-specific factors 6 . Because the R 2 is bounded between zero and one, we apply a similar approach to An and Zhang (2013) and Gul et al (2010) to obtain a stock market integration (SMI) variable that is nearly normally distributed as follows:…”

Section: Empirical Methodologymentioning

confidence: 99%

“…3 On the one hand, some scholars (e.g., Kaminsky and Reinhart, 1999;Ocampo and Stiglitz, 2008;Shimpalee and Breuer, 2006;Stiglitz, 2003) argue and/or show that the capital market liberalization leads to the instability of financial markets and increases the probability of currency/banking/economic crises. For example, Gregory (2006) finds that the volatility of equity markets increases up to three years after the official market liberalization in eight emerging markets.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

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Financial development, international trade integration, and stock market integration: Evidence from Asia

Vithessonthi

Kumarasinghe

2016

Journal of Multinational Financial Management

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Section: Empirical Methodologymentioning

confidence: 99%

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Financial development, international trade integration, and stock market integration: Evidence from Asia

Vithessonthi

Kumarasinghe

2016

Journal of Multinational Financial Management

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“…In this way, the approach allows for analysis of the effect of a 13 specific event on a defined stream of data, commonly stock prices. 3 The methodology has also been used, however, in many non-stock market-related studies, such as: the impact of professional sport franchises on local US economies (Lertwachara & Cochran, 2007); institutional impacts of currency crises (Shimpalee & Breuer, 2006); and the aftermath of civil war (Chen, Loayza, & Reynal-Querol, 2008). …”

Section: Methodsmentioning

confidence: 99%

An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

Anderson

Sutherland

Severe

2015

International Business Review

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Publisher's copyright statement: NOTICE: this is the author's version of a work that was accepted for publication in International Business Review. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reected in this document. Changes may have been made to this work since it was submitted for publication. A denitive version was subsequently published in International Business Review, 24, 5, October 2015, 10.1016/j.ibusrev.2015.01.007. Additional information:Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. ABSTRACTWe use event study methodologies to analyze trends in home and host country patent applications of Chinese MNEs that acquire strategic asset-rich developed market businesses. Our results show the domestic market patents of Chinese MNEs rise significantly in the wake of such acquisitions, while those of the acquired target do not significantly change. These results hold for different ownership classes. In light of current theoretical debates, we discuss the possible motivations for such acquisitions by Chinese MNEs and the reasons for the observed patenting performance in both domestic and target businesses. We argue acquisition of codified strategic assets (such as patents) for the purpose of imitation and exploitation in the domestic Chinese market context provides one plausible explanation for our results.

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“…In the fourth generation of models, currency crises are said to be defined by institutional factors (Cuaresma andSlacík 2007, Shimpalee andBreuer 2006). The models identify features of the institutional environment that set the stage for the buildup of macroeconomic imbalances, which subsequently give rise to crises.…”

Section: Conclusion and Policy Considerationsmentioning

confidence: 99%

Asian Economic Integration Report 2017:

2017

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Some rights reserved. Published in 2017. Publication Stock No. TCS179038-2 DOI: http://dx.doi.org/10.22617/TCS179038-2The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo. Notes:In this publication, "$" refers to US dollars. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda ADB recognizes "China" as the People's Republic of China; "Hong Kong" as Hong Kong, China; and "Korea" as the Republic of Korea. AEIR 2017 includes a Theme Chapter on how best to enhance regional financial resilience as global financial systems become more interconnected. "The Era of Financial Interconnectedness: How Can Asia Strengthen Financial Resilience?" examines the structural weaknesses of the region's financial systems, existing and emerging vulnerabilities, and the implications of increasingly more pronounced and procyclical financial cycles and financial interconnectedness. It investigates the evolution of financial networks and various channels through which financial shocks can be transmitted. And it specifically cites the region's overreliance on external funding (largely denominated in US dollars) as one of many sources of potential vulnerability should the global financial cycle reverse and dollar liquidity tighten. CONTENTSHowever, the Theme Chapter also shows that-20 years after the 1997/98 Asian financial crisiswide-ranging reforms helped b...

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Currency crises and institutions

Cited by 58 publications

References 41 publications

Financial development, international trade integration, and stock market integration: Evidence from Asia

Financial development, international trade integration, and stock market integration: Evidence from Asia

An event study of home and host country patent generation in Chinese MNEs undertaking strategic asset acquisitions in developed markets

Asian Economic Integration Report 2017:

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