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The Composition Matters : : Capital Inflows and Liquidity Crunch During a Global Economic Crisis / / Hui Tong, Shang-Jin Wei



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Autore: Tong Hui Visualizza persona
Titolo: The Composition Matters : : Capital Inflows and Liquidity Crunch During a Global Economic Crisis / / Hui Tong, Shang-Jin Wei Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (39 p.)
Soggetto topico: Financial crises - Econometric models
Capital movements
Investments, Foreign
Global Financial Crisis, 2008-2009
Exports and Imports
Financial Risk Management
Macroeconomics
International Investment
Long-term Capital Movements
Financial Crises
Price Level
Inflation
Deflation
International Lending and Debt Problems
International economics
Economic & financial crises & disasters
Capital flows
Financial crises
Asset prices
Capital inflows
External debt
Prices
Debts, External
Soggetto geografico: United States
Altri autori: WeiShang-Jin  
Note generali: "August 2009".
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; 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)
6. 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
3. Change in Log Banking Stock Prices vs Pre-Crisis International Bank LoansAppendix; 1. De Jure Financial Openness for Year 2006
Sommario/riassunto: We 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.
Titolo autorizzato: The Composition Matters  Visualizza cluster
ISBN: 1-4623-7695-9
1-4527-7024-7
1-282-84377-X
1-4518-7311-5
9786612843778
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788230003321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/164