Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?:
This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in ext...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
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Schriftenreihe: | IMF Working Papers
Working Paper No. 11/227 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in external financing and trade conditions and examines how bank and trade linkages propagated effects across borders. It finds that policy measures announced impacted financially-constrained firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries. Trade linkages with peripheral countries also played a role, with euro exchange rate movements causing differential effects |
Beschreibung: | 1 Online-Ressource (40 p) |
ISBN: | 1463904959 9781463904951 |
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spelling | Claessens, Stijn Verfasser aut Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? Claessens, Stijn Washington, D.C International Monetary Fund 2011 1 Online-Ressource (40 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/227 This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in external financing and trade conditions and examines how bank and trade linkages propagated effects across borders. It finds that policy measures announced impacted financially-constrained firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries. Trade linkages with peripheral countries also played a role, with euro exchange rate movements causing differential effects Online-Ausg Tong, Hui Sonstige oth Zuccardi, Igor Sonstige oth http://elibrary.imf.org/view/IMF001/12215-9781463904951/12215-9781463904951/12215-9781463904951.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Claessens, Stijn Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title_auth | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title_exact_search | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title_exact_search_txtP | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title_full | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? Claessens, Stijn |
title_fullStr | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? Claessens, Stijn |
title_full_unstemmed | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? Claessens, Stijn |
title_short | Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? |
title_sort | did the euro crisis affect non financial firm stock prices through a financial or trade channel |
url | http://elibrary.imf.org/view/IMF001/12215-9781463904951/12215-9781463904951/12215-9781463904951.xml |
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