Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies

2021 ◽  
Author(s):  
Deven Bathia ◽  
Riza Demirer ◽  
Roman Ferrer Lapeña ◽  
Ibrahim Raheem
Keyword(s):  
Emerging Economies ◽  
Capital Flows ◽  
Currency Markets ◽  
Information Spillovers ◽  
Cross Border

scholarly journals COVID-19 PANDEMICS IMPACT ON INTERNATIONAL FINANCIAL SYSTEM

2021 ◽  
Vol 230 (4) ◽  
pp. 252-258
Author(s):  
M.Yu.­­ GOLOVNIN ◽  
Keyword(s):  
Financial Market ◽  
Emerging Economies ◽  
Capital Flows ◽  
Financial System ◽  
International Financial Institutions ◽  
Debt Burden ◽  
Cross Border ◽  
International Financial System ◽  
Advanced Economies ◽  
The Impact

The international financial system faced the crisis of 2020 with a set of accumulated problems, a number of which were exacerbated by the impact of the crisis. Thus, the threat of the formation of "bubbles" has increased in certain segments of the international financial market (stock market, cryptocurrency market); the debt burden has increased. At the same time, the crisis of 2020 did not cause a "global sudden stop", gross cross-border capital flows have grown in all leading advanced economies. It is proposed to intensify the reform of the international financial system in the following main areas: strengthening the representation and influence of developing countries and emerging economies in international financial institutions; alignment of regulation in various segments of the international financial system; creation of protective collective mechanisms.

scholarly journals Transnational Corruption and the Globalized Individual

2017 ◽  
Vol 15 (3) ◽  
pp. 732-753 ◽  
Author(s):  
Alexander Cooley ◽  
J. C. Sharman
Keyword(s):  
Real Estate ◽  
Transaction Costs ◽  
Capital Flows ◽  
Oecd Countries ◽  
Citizenship Rights ◽  
Financial Access ◽  
Key Informants ◽  
Cross Border ◽  
Main Components ◽  
The Individual

We present a new, more transnational, networked perspective on corruption. It is premised on the importance of professional intermediaries who constitute networks facilitating cross-border illicit finance, the blurring of legal and illegal capital flows, and the globalization of the individual via multiple claims of residence and citizenship. This perspective contrasts with notions of corruption as epitomized by direct, unmediated transfers between bribe-givers and bribe-takers, disproportionately a problem of the developing world, and as bounded within national units. We argue that the professionals in major financial centers serve to lower the transaction costs of transnational corruption by senior foreign officials. Wealthy, politically powerful individuals on the margins of the law are increasingly globalized as they secure financial access, physical residence, and citizenship rights in major OECD countries. These trends are evidenced by an analysis of the main components of the relevant transnational networks: banks, shell companies, foreign real estate, and investor citizenship programs, based on extensive interviews with key informants across multiple sites.

Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital

2010 ◽  
Author(s):  
Ana Balcarcel ◽  
Michael G. Hertzel ◽  
Laura Anne Lindsey
Keyword(s):  
Venture Capital ◽  
Capital Flows ◽  
Cross Border

Capital flows to emerging economies: Minsky in the tropics

2010 ◽  
Vol 35 (4) ◽  
pp. 663-683 ◽  
Author(s):  
M. R. Agosin ◽  
F. Huaita
Keyword(s):  
Emerging Economies ◽  
Capital Flows ◽  
The Tropics

Determinants of stock market reaction to cross-border acquisitions: evidence from emerging economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samta Jain ◽  
Smita Kashiramka ◽  
P. K. Jain
Keyword(s):  
Emerging Economies ◽  
Value Creation ◽  
Global Economy ◽  
Emerging Market ◽  
Research Work ◽  
Abnormal Returns ◽  
Content Type ◽  
Cross Border ◽  
Country Level ◽  
Acquiring Firms

PurposeThe global economy has witnessed an exponential increase in cross-border acquisitions (CBAs) by emerging market companies (EMCs), demanding a relook at their internationalization strategy. The purpose of the study is to investigate whether the announcement of CBAs by EMCs creates value for the equity-holders of acquiring firms and identify factors affecting the valuation of acquiring companies.Design/methodology/approachThe paper investigates the announcement impact of CBAs of CNX Nifty 500 Indian and SSE 380 Chinese companies. The event study analysis of 553 Indian and 125 Chinese acquisitions supports the contention that CBAs are indeed a strategic choice of EMCs for value creation.FindingsCBAs generate positive and statistically significant abnormal returns for shareholders of both Indian and Chinese acquirers. The markets, however, differ in terms of their motivations; country-level factors have been observed to exert significant influence on the returns of Indian acquirers. Indian companies experience larger value creation on acquiring firms established in developed, institutionally closer and/or economically distant markets. The findings support the asset-seeking motive of Indian companies.Originality/valueThe research work contributes to the evolving stream of CBAs literature with a focus on the globalization strategies of EMCs. The present study is a modest attempt to lay the foundation for a new theoretical framework (asset-seeking perspective) of overseas acquisitions from emerging economies. The existing studies on emerging economies have emphasized, in isolation, either Indian CBAs or international acquisitions by Chinese firms. Being so, the study is unique and original in the sense that it is a comparative study of India and China.

A Framework for Regional Banking Regulation in ASEAN

2020 ◽  
Vol 19 (3) ◽  
pp. 111-125
Author(s):  
Peter J. Morgan
Keyword(s):  
Capital Flows ◽  
Deposit Insurance ◽  
Financial Regulation ◽  
Financial Integration ◽  
Banking Regulation ◽  
Safety Net ◽  
Regional Level ◽  
Cross Border ◽  
Banking Institutions ◽  
Financial Safety Net

This paper argues that there is a role for regional-level institutions of banking regulation in the ASEAN region. This is particularly important in an environment of increasing financial integration and harmonization, including exposures to shocks from volatile capital flows and cross-border banking institutions. The paper examines four aspects of financial regulation: microprudential regulation, macroprudential regulation, resolution capacity and deposit insurance, and a financial safety net. The paper argues that EU regional banking regulation provides a useful reference point, but the lower degree of credit market openness in ASEAN implies that a more nuanced approach can be adopted, and makes specific recommendations.

scholarly journals Postneoliberalism as institutional recalibration: Reading Polanyi through Argentina’s soy boom

2019 ◽  
Vol 52 (1) ◽  
pp. 216-236 ◽  
Author(s):  
Christian Berndt ◽  
Marion Werner ◽  
Víctor Ramiro Fernández
Keyword(s):  
Latin America ◽  
Latin American ◽  
Economic Geography ◽  
Capital Flows ◽  
Cross Border ◽  
Double Movement ◽  
Movement Type ◽  
Societal Reaction ◽  
Fictitious Commodities

While postneoliberalism is often interpreted as a societal reaction against the deleterious effects of marketization in Latin America, this paper develops a finer-grained Polanyian institutional analysis to gain better analytical purchase on the ambivalent outcomes of postneoliberal reforms. Drawing on recent insights in economic geography, and in dialogue with the Latin American structuralist tradition, we elaborate our framework through a case study of the Argentinian soy boom of the 2000s, identifying forms of market extension, redistribution, reciprocity and householding that facilitated this process. We argue for a multi-scalar approach that balances attention to national and extra-local dynamics shaping the combination of these forms, identified through the lens of the “fictitious commodities” of the soy boom: money (credit, currency and cross-border capital flows), land (in the agricultural heartland and frontier regions), labor (transformed and excluded in a “farming without farmers” model) and, we add, knowledge (biotech). Our analysis identifies internal tensions as well as overt resistance and “overflow” that ultimately led to the collapse of postneoliberal regulation of the soy complex, ushering in a wider, market-radical counter-movement. Refracting double-movement-type dynamics through the prism of heterodox institutional forms, we argue, allows for a better grasp of processes that underlie institutional recalibrations of progressive and regressive kinds.

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