Detail Unhealthy twins: Exchange rate and banking market dynamics in the Asian region Bibliografi Author: Lee, B.J. (Advisor); Chandrasekhar, Krishanan Topik: ECONOMICS; FINANCE|ECONOMICS; GENERAL Bahasa: (EN )    ISBN: 0-599-74709-9     Penerbit: University of Notre Dame Press     Tahun Terbit: 2000     Jenis: Theses - Dissertation Fulltext: 9969787.pdf (0.0B; 2 download) Abstract This study provides an empirical examination of the Asian Twin-Crises. It is motivated by a desire to overcome certain weaknesses and caveats present in the empirical literature on crises studies, especially regarding proxies and methodologies. In order to better understand the empirical dynamics and interactions between the exchange rate and banking markets in the region, an alternate approach is used here that incorporates information from Granger-causality tests, vector autoregression (VAR) analysis, and impulse response functions. This approach allows the numbers to tell the story and the study examines how the results supplement and complement the theoretical analysis provided here and elsewhere. The focus of this study is on better comprehending the dependencies between the twin-markets in the region, in order to be able to better predict future market turmoil. The empirics are intended to clarify the dynamics between the two markets, both within and across economies, and determine the propagation of shocks in terms of their direction, magnitude, and persistence. Earlier studies have tended to ignore (1) the VAR methodology that allows a direct exploration of interactions among markets, (2) the comparison of pre- or full-period versus crisis and post-crisis observations in order to better understand the change in series dynamics, and (3) the incorporation of a control group for comparative analysis. All of these improvements are useful because of the clarity they provide and the implications that one derives in terms of policy applicability. The empirical exercises are used to infer some important results regarding the market dynamics prior to, during, and soon after the crisis in each of the sample economies. The findings of this study highlight potential vicious cycles that make the case for protective firewalls between adolescent financial markets. There are additional policy implications of these results. These include tradeoffs that domestic policy makers are confronted with regarding remedial action in times of market collapses, especially once capital markets have already been liberalized. Additionally, the examination of contagion across economies also reveals paradoxes that international regulators are confronted with that may involve choosing between domestic and international market stability. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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