195
Views
6
CrossRef citations to date
0
Altmetric
Original Articles

International capital crunches: the time-varying role of informational asymmetries

&
Pages 2961-2973 | Published online: 18 Jun 2012

References

  • Agénor , P-R . 1998 . The surge in capital flows: analysis of ‘pull’ and ‘push’ factors . International Journal of Finance and Economics , 3 : 39 – 57 .
  • Agénor , P-R , John McDermott , C and Prasad , E . 2000 . Macroeconomic fluctuations in developing countries: some stylized facts . World Bank Economic Review , 14 : 251 – 85 .
  • Agénor , P-R and Montiel , P . 1999 . Development Macroeconomics , 2nd , Princeton , NJ : Princeton University Press .
  • Amemiya , T . 1974 . A note on the Fair and Jaffee model . Econometrica , 42 : 759 – 62 .
  • Bernanke , B , Gertler , M and Gilchrist , S . 1999 . “ The financial accelerator in a quantitative business cycle framework ” . In Handbook of Macroeconomics , Edited by: Taylor , J and Woodford , M . 1341 – 93 . Oxford : Elsevier .
  • Caballero , R . and A. Krishnamurthy (2001), A vertical analysis of crises and central bank intervention, mimeo, Massachusetts Institute of Technology, Cambridge, MA
  • Calvo , G , Leiderman , L and Reinhart , CM . 1996 . Inflows of capital to developing countries in the 1990s . Journal of Economic Perspectives , 10 : 123 – 39 .
  • Calvo , G and Mendoza , E . 2000 . Rational contagion and the globalization of securities markets . Journal of International Economics , 51 : 79 – 103 .
  • Calvo , G and Reinhart , CM . 1999 . “ When capital inflows come to a sudden stop: consequences and policy options ” . In Key Issues in Reform of the International Monetary and Financial System , Edited by: Kenen , P and Swoboda , A . 175 – 201 . Washington , DC : International Monetary Fund .
  • Chuhan , P , Claessens , S and Mamingi , M . 1998 . Equity and bond flows to Asia and Latin America . Journal of Development Economics , 55 : 439 – 63 .
  • Claessens , S , Dooley , MP and Warner , A . 1995 . Portfolio capital flows: hot or cold? . World Bank Economic Review , 9 : 153 – 74 .
  • Ding , W , Domac , I and Ferri , G . 1998 . Is there a credit crunch in East Asia? . Asia Pacific Journal of Economics and Business , 2 : 4 – 32 .
  • Dornbusch , R , Park , YC and Claessens , S . 2000 . Contagion: understanding how it spreads . World Bank Research Observer , 15 : 177 – 97 .
  • Eaton , J and Gersowitz , M . 1980 . LDC participation in international financial markets: debt and reserves . Journal of Development Economics , 7 : 3 – 21 .
  • Eaton , J and Gersowitz , M . 1981 . Debt with potential repudiation: theoretical and empirical analysis . Review of Economic Studies , 48 : 289 – 309 .
  • Eichengreen , B , Hale , G and Mody , A . 2001 . “ Flight to quality: investor risk tolerance and the spread of emerging market crises ” . In International Financial Contagion , Edited by: Claessens , S and Forbes , K . USA : Kluwer Academic Publishers .
  • Eichengreen , B and Mody , A . 2000 . Lending booms, reserves, and the sustainability of short-term debt: inferences from the pricing of syndicated loans . Journal of Development Economics , 63 : 5 – 44 .
  • Fair , R and Jaffee , D . 1972 . Methods of estimation for markets in disequilibrium . Econometrica , 40 : 497 – 514 .
  • Gertler , M and Lown , C . 2000 . the information in the high-yield bond spread for the business cycle: evidence and some implications National Bureau of Economic Research Working Paper No. 7549, Cambridge, MA
  • Gertler , M and Rogoff , K . 1990 . North-south lending and endogenous domestic capital market inefficiencies . Journal of Monetary Economics , 26 : 245 – 66 .
  • Ghosh , SW . 1999 . Korea in the aftermath of the crisis: credit crunch or lack of demand? mimeo, World Bank
  • Ghosh , SW and Wolf , H . 2000 . “ Is there a curse of location? Spatial determinants of capital flows to emerging markets ” . In Capital Flows and the Emerging Economies: Theory Evidence, and Controversies , Edited by: Edwards , S . 137 – 156 . Chicago : The University of Chicago Press .
  • Goldstein , M , Kaminsky , GL and Reinhart , C . 2000 . Assessing Financial Vulnerability: An Early Warning System for Emerging Markets , Washington , DC : Institute for International Economics .
  • Gordon , R and Lans Bovenberg , A . 1996 . Why is capital so immobile internationally? Possible explanations and implications for capital income taxation . American Economic Review , 86 : 1057 – 75 .
  • Hajivassiliou , V . 1987 . The external debt problems of LDCs: an econometric model based on panel data . Journal of Econometrics , 36 : 205 – 30 .
  • International Monetary Fund . 2000 . International Capital Markets: Developments, Prospects, and Policy Issues , Washington , DC : International Monetary Fund .
  • Kiefer , NM . 1980 . A note on regime classification in disequilibrium models . Review of Economic Studies , 47 : 637 – 9 .
  • Kletzer , KM . 1984 . Asymmetries of information and LDC borrowing with sovereign risk . Economic Journal , 94 : 287 – 307 .
  • Korajczyk , RA , Lucas , DJ and McDonald , RL . 1992 . Equity issues with time-varying asymmetric information . Journal of Financial and Quantitative Analysis , 27 : 397 – 417 .
  • Maddala , GS . 1983 . Limited Dependent and Qualitative Variables in Econometrics , Cambridge and New York : Cambridge University Press .
  • Maddala , GS and Nelson , FD . 1974 . Maximum likelihood methods for models of markets in disequilibrium . Econometrica , 42 : 1013 – 30 .
  • Mankiw , NG . 1986 . The allocation of credit and financial collapse . Quarterly Journal of Economics , 101 : 455 – 70 .
  • Mody , A and Srinivasan , K . 1998 . US and Japanese investors: do they march to the same tune? . Canadian Journal of Economics , 31 : 778 – 99 .
  • Mody , A , Taylor , MP and Kim , JY . 2001a . Modeling economic fundamentals for forecasting capital flows to emerging markets . International Journal of Finance and Economics , 6 : 201 – 16 .
  • Mody , A , Taylor , MP and Kim , JY . 2001b . Forecasting capital flows to emerging markets: a Kalman filtering approach . Applied Financial Economics , 11 : 581 – 9 .
  • Montiel , P and Reinhart , C . 1999 . Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s . Journal of International Money and Finance , 18 : 619 – 35 .
  • Obstfeld , M . and K. Rogoff (2000), The six major puzzles in international macroeconomics: is there a common cause?, National Bureau of Economic Research Working Paper No. 7777, Cambridge, MA
  • Pazarbasiouglou , C . 1997 . A credit crunch? Finland in the aftermath of the banking crisis . International Monetary Fund Staff Papers , 44 : 315 – 27 .
  • Portes, R. and Rey, H. (2005) The determinants of cross-border equity flows, Journal of International Economics, 65, 269–9
  • Razin , A , Sadka , E and Yuen , CW . 1998 . A pecking order of capital inflows and international tax principles . Journal of International Economics , 44 : 45 – 68 .
  • Reinhart , CM . 2001 . Sovereign credit ratings before and after financial crises mimeo, Department of Economics, University of Maryland
  • Reinhart , CM and Reinhart , VR . 2001 . “ Some lessons for policy makers dealing with the mixed blessing of capital inflows ” . In Capital Flows and Financial Crises , Edited by: Kahler , M . 93 – 127 . New York : Council on Foreign Relations .
  • Sarno , L and Taylor , MP . 1999a . Hot money, accounting labels, and the persistence of capital flows to developing countries: an empirical investigation . Journal of Development Economics , 59 : 337 – 64 .
  • Sarno , L and Taylor , MP . 1999b . Moral hazard, asset price bubbles, capital flows and the East Asian crisis: the first tests . Journal of International Money and Finance , 18 : 637 – 57 .
  • Savastano , M . 2000 . “ Comment on Ghosh and Wolf ” . In Capital Flows and the Emerging Economies: Theory Evidence, and Controversies , Edited by: Edwards , S . 156 – 158 . Chicago : The University of Chicago Press .
  • Stiglitz , J and Weiss , A . 1981 . Credit rationing in markets with imperfect information . American Economic Review , 71 : 393 – 410 .
  • Taylor , MP and Sarno , L . 1997 . Capital flows to developing countries: long- and short-term determinants . World Bank Economic Review , 11 : 451 – 71 .
  • Woo , WT , Sachs , J and Schwab , K . (Eds) (2000) The Asian Financial Crisis: Lessons for a Resilient Asia, MIT Press, Cambridge, MA and London
  • World Bank (1997) The Road to Financial Integration: Private Capital Flows to Developing Countries, Washington, DC

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.