Contagion And Firms' Internationalization In Latin America: Evidence From Mexico, Brazil, And Chile
The author investigates whether contagion matters when emerging market firms cross-list their stocks in a developed capital market. She develops a rational expectations model where financial markets are segmented along emerging markets' borders and contagion spreads from one emerging market to...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2006
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| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The author investigates whether contagion matters when emerging market firms cross-list their stocks in a developed capital market. She develops a rational expectations model where financial markets are segmented along emerging markets' borders and contagion spreads from one emerging market to another through the actions of international investors rebalancing their portfolio using stocks cross-listed in the developed market. The author finds that contagion is a cost of internationalization as cross-listed stocks are more affected by contagion than pure domestic stocks. Furthermore, a welfare analysis of international cross-listing versus financial autarky suggests that the benefits of internationalization in terms of less information asymmetry and better market efficiency offset the costs of contagion. Her model is able to explain some transmission of the 1998 Brazilian crisis to Mexico and Chile |
| Beschreibung: | Weitere Ausgabe: Sakho, Yaye Seynabou: Contagion And Firms' Internationalization In Latin America |
| Beschreibung: | 1 Online-Ressource (54 Seiten) |
Internformat
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| 520 | 1 | |a The author investigates whether contagion matters when emerging market firms cross-list their stocks in a developed capital market. She develops a rational expectations model where financial markets are segmented along emerging markets' borders and contagion spreads from one emerging market to another through the actions of international investors rebalancing their portfolio using stocks cross-listed in the developed market. The author finds that contagion is a cost of internationalization as cross-listed stocks are more affected by contagion than pure domestic stocks. Furthermore, a welfare analysis of international cross-listing versus financial autarky suggests that the benefits of internationalization in terms of less information asymmetry and better market efficiency offset the costs of contagion. Her model is able to explain some transmission of the 1998 Brazilian crisis to Mexico and Chile | |
| 534 | |c 2006 | ||
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| 653 | |a Finance and Financial Sector Development | ||
| 653 | |a Financial Contagion | ||
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| 653 | |a Information Asymmetry | ||
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| 653 | |a Investment and Investment Climate | ||
| 653 | |a Macroeconomics and Economic Growth | ||
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| language | English |
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| spellingShingle | Sakho, Yaye Seynabou Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile |
| title | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile |
| title_auth | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile |
| title_exact_search | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile |
| title_full | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile Sakho, Yaye Seynabou |
| title_fullStr | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile Sakho, Yaye Seynabou |
| title_full_unstemmed | Contagion And Firms' Internationalization In Latin America Evidence From Mexico, Brazil, And Chile Sakho, Yaye Seynabou |
| title_short | Contagion And Firms' Internationalization In Latin America |
| title_sort | contagion and firms internationalization in latin america evidence from mexico brazil and chile |
| title_sub | Evidence From Mexico, Brazil, And Chile |
| url | http://documents.worldbank.org/curated/en/258681468048533992/Contagion-and-firms-internationalization-in-Latin-America-evidence-from-Mexico-Brazil-and-Chile |
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