How Risky is Financial Liberalization in the Developing Countries?

Wyplosz, Charles

doi:10.1057/ces.2002.7

Cited by 58 publications

(33 citation statements)

References 38 publications

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“…Indicators of financial fragility explored in the existing literature include net investment flows, domestic financial liberalisation and banking linkages; see for example Wyplosz (2001), Weder (2001,2003) and Furman and Stiglitz Table 2; column 3 per-capita GDP adjusted. g Moody's sovereign rating foreign currency country ceiling for bonds and notes prior to crisis.…”

Section: Trade and Financial Linkages Are Importantmentioning

confidence: 99%

Correlation, Contagion, and Asian Evidence

Dungey

Fry

Martin

2006

Asian Economic Papers

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This paper examines the existing empirical literature on financial market contagion in Asia in the light of existing tests of contagion. Empirical evidence on contagion in Asia supports the hypotheses that contagion is regional and transmitted through developed markets. Contagion occurs across both asset types and geographical borders and tends to have larger effects in equity markets than currency and bond markets. Contagion affects both developed and developing markets, and does not seem to vary with the relative economic fundamental health or trade and financial linkages of the Asian economies. The discussion of the behaviour of correlation coefficients in the presence of contagion and crises suggests they are not a reliable metric for detecting contagion.

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Section: Trade and Financial Linkages Are Importantmentioning

confidence: 99%

Correlation, Contagion, and Asian Evidence

Dungey

Fry

Martin

2006

Asian Economic Papers

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“…Charles Wyplosz (2001) finds that external financial liberalization is considerably more destabilizing in developing countries than in developed economies. Graciela Kaminski and Sergio Schmukler (2001) show that stock markets become more volatile in the three years following financial liberalization but stabilize in the longer run.…”

mentioning

confidence: 99%

Globalization and Emerging Markets: With or Without Crash?

Martin¹,

Rey²

2005

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“…As a result of the narrow scope of financial markets in Central and Eastern Europe, capital providers have associated firm financing in these transition countries with higher risk than in other more developed economies (Wyplozs, 2002). The disregard for transparency, medium to high levels of bankruptcy and lack of adequate business expertise and experience have been identified as the main reasons for this (Bakker and Gross, 2004).…”

Section: Equity Culture and Transition Economiesmentioning

confidence: 99%

Financial System and Equity Culture Development in Central and Eastern European Countries: The Effect of Institutional Environment

Stone¹,

Filippaios²,

Stoian³

2012

Handbook of Institutional Approaches to International Business

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This paper serves as a conceptual discussion of equity culture and its development mechanism. Equity culture is a less popular source of finance in the Central and Eastern European Countries (CEECs) but yet developed in a number of developed economies. The way the CEECs will proceed is a dynamic and challenging issue to observe. We graphically display ten CEECs from our research sample and four benchmarks in terms of their institutional characteristics and thus cumulatively, we portray the status of their financial system developments and equity culture creation. The Co-Plot applied to create the exhibits, enable us firstly, to identify indicators leading to debt financing and equity financing; and secondly, to place individual CEECs not only in terms of their general financial system development credibility but also in relation to equity culture development. The presence of an efficient bureaucratic system and an institutional system with low corruption levels is a necessary condition. Therefore, if a country's government aims to start building equity culture at all levels of its corporate sector, improved quality of the bureaucratic system and low levels of corruption may enable them to achieve this.

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How Risky is Financial Liberalization in the Developing Countries?

Cited by 58 publications

References 38 publications

Correlation, Contagion, and Asian Evidence

Correlation, Contagion, and Asian Evidence

Globalization and Emerging Markets: With or Without Crash?

Financial System and Equity Culture Development in Central and Eastern European Countries: The Effect of Institutional Environment

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