MARC Record from Library of Congress

LEADER: 02319nam a22003257a 4500
001 2009655507
003 DLC
005 20090319080329.0
007 cr |||||||||||
008 090319s2008 dcu sb i000 0 eng
010 $a 2009655507
040 $aDLC$cDLC
050 00 $aHG3881.5.W57
100 1 $aLevy Yeyati, Eduardo.
245 10 $aCrises, capital controls, and financial integration$h[electronic resource] /$cEduardo Levy Yeyati, Sergio L. Schmukler, Neeltje Van Horen.
260 $a[Washington, D.C. :$bWorld Bank,$c2008]
490 1 $aPolicy research working paper ;$v4770
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 3/19/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The cross-market premium (the ratio between the domestic and international market price of cross-listed stocks) provides a valuable measure of how capital controls and crises affect integration. The paper shows that, contrary to the common perception that capital controls can be easily evaded, they do affect the cross-market premium. Controls on capital inflows put downward pressure on domestic markets relative to international ones, generating a negative premium. The opposite happens with controls on capital outflows. This signals the inability of market participants to engage in perfect arbitrage, due to the segmentation of domestic markets from international ones induced by capital controls. Crises affect financial integration by generating more volatility in the cross-market premium and putting more downward pressure on domestic prices. "--World Bank web site.
650 0 $aCapital movements.
650 0 $aFinancial crises.
700 1 $aSchmukler, Sergio L.
700 1 $aHoren, Neeltje van.
710 2 $aWorld Bank.
830 0 $aPolicy research working papers (Online) ;$v4770.
856 40 $uhttp://econ.worldbank.org/external/default/main?pagePK=64165259&theSitePK=469372&piPK=64165421&menuPK=64166093&entityID=000158349_20081106083956