LEADER 05421oam 22011534 450 001 9910788230003321 005 20180910225123.0 010 $a1-4623-7695-9 010 $a1-4527-7024-7 010 $a1-282-84377-X 010 $a1-4518-7311-5 010 $a9786612843778 035 $a(CKB)3170000000055316 035 $a(EBL)1608384 035 $a(SSID)ssj0000943298 035 $a(PQKBManifestationID)11502963 035 $a(PQKBTitleCode)TC0000943298 035 $a(PQKBWorkID)10975195 035 $a(PQKB)11700696 035 $a(OCoLC)680613634 035 $a(NBER)w15207 035 $a(MiAaPQ)EBC1608384 035 $a(IMF)WPIEE2009164 035 $a(EXLCZ)993170000000055316 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Composition Matters : $eCapital Inflows and Liquidity Crunch During a Global Economic Crisis /$fHui Tong, Shang-Jin Wei 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 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 3 $aWe study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar results also hold surrounding the Lehman Brothers bankruptcy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/164 606 $aFinancial crises$xEconometric models 606 $aCapital movements 606 $aInvestments, Foreign 606 $aGlobal Financial Crisis, 2008-2009 606 $aExports and Imports$2imf 606 $aFinancial Risk Management$2imf 606 $aMacroeconomics$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aFinancial Crises$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational economics$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aCapital flows$2imf 606 $aFinancial crises$2imf 606 $aAsset prices$2imf 606 $aCapital inflows$2imf 606 $aExternal debt$2imf 606 $aCapital movements$2imf 606 $aPrices$2imf 606 $aDebts, External$2imf 607 $aUnited States$2imf 615 0$aFinancial crises$xEconometric models. 615 0$aCapital movements. 615 0$aInvestments, Foreign. 615 0$aGlobal Financial Crisis, 2008-2009. 615 7$aExports and Imports 615 7$aFinancial Risk Management 615 7$aMacroeconomics 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aFinancial Crises 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aInternational Lending and Debt Problems 615 7$aInternational economics 615 7$aEconomic & financial crises & disasters 615 7$aCapital flows 615 7$aFinancial crises 615 7$aAsset prices 615 7$aCapital inflows 615 7$aExternal debt 615 7$aCapital movements 615 7$aPrices 615 7$aDebts, External 700 $aTong$b Hui$01485143 701 $aWei$b Shang-Jin$0118987 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788230003321 996 $aThe Composition Matters$93704129 997 $aUNINA