The Impact of the Global Financial Crisis on Emerging Financial Markets

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Format: Hardcover
Pub. Date: 2011-05-02
Publisher(s): Emerald Group Pub Ltd
List Price: $229.99

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The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and broader economies from the developing world. This outcome owes much to the bitter experience and economic strategies developed and implemented at both a national and international level following the Asian Financial Crisis of 1997-1998. The objective of this volume is to investigate and assess the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation. Our hope is that the assembled papers will offer clear insights into the complex financial arrangements that now link emerging and developed financial markets in the current economic environment. The volume spans four dimensions: first, a series of background studies offer explanations of the causes and impacts of the crisis on emerging markets more generally; then, implications are considered. The third and final sections provide insights from regional and country-specific perspectives.

Table of Contents

List of Contributorsp. ix
An Overview of the Financial Crisis and Its Impact on Emerging Markets
The Impact of the Global Financial Crisis on Emerging Financial Markets: An Introductionp. 3
The Global Financial Crisis: Explanations and Implicationsp. 17
The Causes of the Global Financial Crisis: With Emphasis on Capital Adequacy and Pro-Cyclicalityp. 91
The Impact of the Global Financial Crisis on Emerging and Newly Industrialized Asia: Capital Flows, Financial Markets and Economic Activityp. 127
Sailing Out of Crisis Emerging Markets Style: Blending Fiscal-Monetary Rules, Nominal Targets and Debt Dynamics in Some Transition Economiesp. 155
Policy Implications of the Financial Crisis for Emerging Markets
Bargaining Game and LCDs' Commercial Bank Debt Restructuring Outcomesp. 199
Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisisp. 231
Financial Sector Surveillance and the IMFp. 255
What Can The East and Northeast Asian Communities Learn From The Eu?p. 311
Regional Studies
Has the International Banking and Financial Crisis Damaged Emerging Market MNCs?p. 361
Changing Central Bank Transparency in Central and Eastern Europe During the Financial Crisisp. 379
Return Seasonality in Emerging Markets: Evidence from Latin Americap. 405
How Long Memory in Volatility Affects Market Risk Estimation: Evidence from Emerging Stock Marketsp. 423
Dependence and Return Distributions During Crises: Evidence from Emerging Asian Economiesp. 449
Elasticities of Stock Prices in Emerging Markets: A Panel Data Approachp. 473
Financial Crises Propagation: A Comparison of the Russian and Turkish Crisesp. 495
Financial Crises and Structural Breaks in Autocorrelation on the BRIC's Stock Marketsp. 523
Emerging Market Country Studies
Macroeconomic Dynamics and the Term Structure of Interest Rates in Emerging Markets: The Case of Brazilp. 547
Subprime Crisis and Its Impact on the Brazilian Mutual Fund Industryp. 581
Determining the RMB Exchange Regimep. 611
Grass-Root Stock Market Investment and Long-Term Commonality in Liquidity: Evidence from the Shanghai Stock Exchangep. 625
Properties of Realized Correlation: Evidence from the Greek Equity Marketp. 645
Pricing the Currency Premium Under Flexible Exchange Rates: Evidence From South Africap. 669
Determinants of Foreign Direct Investment in Thailandp. 709
A Comparison of Financial Robustness in the United States and Turkey During 2007-2010p. 719
Table of Contents provided by Ingram. All Rights Reserved.

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