Essays in Financial Economics in Emerging Markets PDF Download

Author: Monica Fuentes
Publisher:
ISBN:
Category :
Languages : en
Pages : 212

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Author: David G. Berger
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 73

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Author: Tuomas Komulainen
Publisher:
ISBN:
Category : Currency crises
Languages : en
Pages : 184

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Tiivistelmä.

Author: Rita Biswas
Publisher: Emerald Group Publishing
ISBN: 1789733898
Category : Business & Economics
Languages : en
Pages : 168

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This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance.

Author: Haonan Qu
Publisher:
ISBN:
Category :
Languages : en
Pages : 224

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Book Description
In this dissertation, I explore the interactions between financial markets and real economy activities. In the first chapter, I use the evidence from an emerging market to study how the development of its financial system could affect activities in its real economy. In the second chapter, I look at excess returns in the US treasury bond market and try to understand the economic fundamentals driving the risk premia. In the final chapter, I examine corporate financing decisions using publicly traded firms in the US. The patterns in their financing decision can be partially explained by the information embedded in the financial market. To what extent the development of sophisticated financial markets benefits emerging economies is an open question. In the first chapter, I use a unique data set on all currency derivative transactions by non-financial firms in 2006 and 2007 in Colombia to provide new evidence on one aspect of this question: the effect of participation in derivatives markets on firm capital formation. I use a difference-in-difference propensity score matching approach in order to control for self selection and common trends. I find a large positive effect: firms using currency derivatives invest on average 5.7 percent more, which is about 40 percent of their average investment rate. This investment-enhancing effect is entirely driven by firms taking long positions (i.e. dollar buying) in the derivatives market. For firms taking short positions, typically exporters, the use of derivatives does not have any discernible impact on investment. One possible explanation is the asymmetry in the impact of the exchange rate movement on exporting and importing firms. In the second chapter, I propose a latent variable approach within a present value model to estimate the expected short rate changes and bond risk premia. This approach aggregates information contained in the history of yield spreads and short rate changes to predict future bond excess returns and short rate changes. I find that the factor from Cochrane and Piazzesi (2005) fails to predict bond excess returns when I consider different maturities of the underlying short rate. From the proposed present value model, I find a significant predictable component in short rate changes with R-square ranging from 29 precent to 80 percent, and a moderate R-square about 12 percent for predicting bond excess returns. Both expected short rate changes and bond risk premia have a persistent component, but bond risk premia are more persistent than expected short rate changes. In addition, the bond risk premia become more persistent as I increase the maturity of the underlying short rate. Finally, I explore the source of the time variation in bond risk premia, and find that monetary policy plays an important role. In the third chapter, I document a strongly decreasing time trend in firms' leverage ratio at their IPO years over the period from 1975 to 2006. This trend survives when typical factors are controlled for, including industry fixed effect. Furthermore, I find that firms listed more recently are more adverse to debt financing. A deeper examination shows that the risk associated with firm's operation provides a limited explanation for this finding. However, the underpinnings of the observed pattern of firms' leverage ratios at IPO are still largely unresolved.

Author: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521800204
Category : Business & Economics
Languages : en
Pages : 494

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Book Description
The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.

Author: C. Fred Bergsten
Publisher: Peterson Institute
ISBN: 0881326623
Category : Biography & Autobiography
Languages : en
Pages : 248

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Book Description
Over five decades, John Williamson has written across an extraordinarily broad set of topics in international economics ranging from international monetary economics to development policy. The arc of his scholarship follows the main preoccupations of international economists during the second half of the 20th century and the first decade of the 21st. Bridging the scholarly literature and policy debates, his publications on the Washington Consensus, exchange rate policy, and international monetary reform have profoundly influenced public discourse, government policy, and the evolution of the economics discipline. As John marked his 75th birthday, his friends and colleagues prepared this collection of essays to celebrate these many contributions and reflect on their relevance to the challenges that confront the world economy in the wake of the 2008 09 global financial crisis and its current aftermath in Europe.

Author: Ursula Vogel
Publisher:
ISBN:
Category :
Languages : en
Pages : 33

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Author: United Nations. Economic Commission for Latin America and the Caribbean
Publisher: United Nations Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 354

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Financial globalisation has been a dynamic element in recent years, with large capital flows to a number of emerging economies in Latin America and Asia often being followed by financial crises.

Author: Jan Toporowski
Publisher: Anthem Press
ISBN: 0857286560
Category : Business & Economics
Languages : en
Pages : 158

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Book Description
The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.