The Impact of the Global Financial Crisis on Emerging

Overview

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 ...

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2011 Hardcover Good Item may show signs of shelf wear. Pages may include limited notes and highlighting. Includes supplemental or companion materials if applicable. Access ... codes may or may not work. Connecting readers since 1972. Customer service is our top priority. Read more Show Less

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Overview

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 chapters 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; second, implications are considered. Third and fourth sections provide insights from regional and country-specific perspectives.

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Table of Contents

List of Contributors ix

Part I An Overview of the Financial Crisis and Its Impact on Emerging Markets

The Impact of the Global Financial Crisis on Emerging Financial Markets: An Introduction Jonathan A. Batten Peter G. Szilagyi 3

The Global Financial Crisis: Explanations and Implications Douglas Sikorski 17

The Causes of the Global Financial Crisis: With Emphasis on Capital Adequacy and Pro-Cyclicality Ali M. El-Agraa 91

The Impact of the Global Financial Crisis on Emerging and Newly Industrialized Asia: Capital Flows, Financial Markets and Economic Activity Irina Bunda Subir Lall Sunil Sharma 127

Sailing Out of Crisis Emerging Markets Style: Blending Fiscal-Monetary Rules, Nominal Targets and Debt Dynamics in Some Transition Economies Willi Semmler Aleksandr V. Gevorkyan 155

Part II Policy Implications of the Financial Crisis for Emerging Markets

Bargaining Game and LCDs' Commercial Bank Debt Restructuring Outcomes Ki C. Han Sukhun Lee David Y. Suk 199

Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis John Ammer Fang Cai Chiara Scotti 231

Financial Sector Surveillance and the IMF Carlo Gola Francesco Spadafora 255

What Can The East and Northeast Asian Communities Learn From The Eu? Ali M. El-Agraa 311

Part III Regional Studies

Has the International Banking and Financial Crisis Damaged Emerging Market MNCs? Jenny Berrill Colm Kearney 361

Changing Central Bank Transparency in Central and Eastern Europe During the Financial Crisis Csaba Csavas Szilard Erhart Anna Naszodi Klara Pinter 379

Return Seasonality in Emerging Markets: Evidence from Latin America Josep García Blandón 405

How Long Memory in Volatility Affects Market Risk Estimation: Evidence from Emerging Stock Markets Khaled Mokni Faysal Mansouri 423

Dependence and Return Distributions During Crises: Evidence from Emerging Asian Economies Craig Ellis Maike Sundmacher 449

Elasticities of Stock Prices in Emerging Markets: A Panel Data Approach Luiz Paulo Lopes Fávero Fernando Barreira Sotelino 473

Financial Crises Propagation: A Comparison of the Russian and Turkish Crises Elvira Sojli Renée Fry 495

Financial Crises and Structural Breaks in Autocorrelation on the BRIC's Stock Markets Galina Smirnova Olga Saldakeeva Sergey Gelman 523

Part IV Emerging Market Country Studies

Macroeconomic Dynamics and the Term Structure of Interest Rates in Emerging Markets: The Case of Brazil Samer Shousha 547

Subprime Crisis and Its Impact on the Brazilian Mutual Fund Industry Gyorgy Varga Maxim Wengert 581

Determining the RMB Exchange Regime Xiaobing Feng Ilan Alon 611

Grass-Root Stock Market Investment and Long-Term Commonality in Liquidity: Evidence from the Shanghai Stock Exchange Renaud Beaupain Lei Meng Marie Marticou 625

Properties of Realized Correlation: Evidence from the Greek Equity Market Dimitrios I. Vortelinos 645

Pricing the Currency Premium Under Flexible Exchange Rates: Evidence From South Africa Martín Grandes Marcel Peter Nicolas Pinaud 669

Determinants of Foreign Direct Investment in Thailand Kevin Daly Chanikarn Teresa Tosompark 709

A Comparison of Financial Robustness in the United States and Turkey During 2007-2010 Paul Bennett Oral Erdogan 719

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