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101 0 $aeng
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181   $ctxt
182   $cc
183   $acr
200 14$aThe composition matters$b[electronic resource] $ecapital inflows and liquidity crunch during a global economic crisis /$fHui Tong, Shang-Jin Wei
210   $a[Washington, D.C.] $cInternational Monetary Fund, Research Dept.$dc2009
215   $a1 online resource (39 p.)
225 1 $aIMF working paper ;$vWP/09/163
300   $a"August 2009".
311   $a1-4519-1739-2 
320   $aIncludes bibliographical references.
327   $aContents; I. Introduction; II. Specification and Key Variables; A. Basic Specification; B. Key Data; III. Empirical Analysis; A. The Extent of Financial Constraint; B. The Role of Pre-crisis Exposure to International Finance; Conclusion; References; Tables; 1. Average Change of Stock Price(log); 2a. Summary Statistics; 2b. Correlation of Variables; 3. The Average Effect of Liquidity Crunch Across Countries; 4. Pre-Crisis Exposure to Capital Inflows; 5. Role of Pre-Crisis Exposure to Capital Inflows in Emerging Economies (Volume Effect)
327   $a6. Role of Pre-Crisis Exposure to Capital Inflows in Emerging Economies (Composition Effect)7. Role of Pre-Crisis Exposure to Capital Inflows (Robusiness Checks); 8. Role of Pre-Crisis Exposure to Capital Inflows (More Robustness Checks); 9. Role of Pre-Crisis Exposure to Capital Inflows in Emerging Economies (Non-financial firms); 10. Placebo Test; 11. Stock Returns Around Lehman Brothers Bankruptcy; Figures; 1. Capital Flow to Emerging Economies; 2. The Extent of Capital Reversal versus the Initial Share of FDI in Capital Flows
327   $a3. Change in Log Banking Stock Prices vs Pre-Crisis International Bank LoansAppendix; 1. De Jure Financial Openness for Year 2006
330   $aWe study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constrain
410  0$aIMF working paper ;$vWP/09/163.
606   $aFinancial crises$xEconometric models
606   $aCapital movements
606   $aInvestments, Foreign
606   $aGlobal Financial Crisis, 2008-2009
608   $aElectronic books.
615  0$aFinancial crises$xEconometric models.
615  0$aCapital movements.
615  0$aInvestments, Foreign.
615  0$aGlobal Financial Crisis, 2008-2009.
700   $aTong$b Hui$0888384
701   $aWei$b Shang-Jin$0118987
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464002403321
996   $aThe composition matters$91984640
997   $aUNINA