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The Composition Matters
Mr.Hui TongShang-Jin Wei
其他書名
Capital Inflows and Liquidity Crunch During a Global Economic Crisis
出版International Monetary Fund, 2009-08-01
主題Business & Economics / Exports & ImportsBusiness & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / Macroeconomics
ISBN14518731159781451873115
URLhttp://books.google.com.hk/books?id=aIMYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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