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Publications (7)
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– Evidence from East Asia
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-6. We find that mature and slow-growing firms with ownership structures more likely to...
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– Evidence for Italian Public Enterprises' Investment
This study examines the effect of the hardening of the budget constraint on the investment behaviour of Italian state owned enterprises (SOEs). It carries out a natural experiment that exploits the 1987 shift of budget regimes due to the pressure of European Union economic policies on the Italian...
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– Global Perspectives
We examine the role of institutional investors in financial markets and in corporate governance. In many countries, institutional investors have become the predominant players in financial markets and their influence worldwide is growing, chiefly due to the privatization and development of pension...
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The abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting that decision by focusing on the rationale, the...
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This paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the apparently golden period, when Mexico was acclaimed...
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The emergence of a select group of developing countries as destinations for private portfolio investment in the 1990s (and the subsequent peso crisis in Mexico in 1994) has rekindled the old issues about the responsibilities and capacities public authorities have with regard to managing the...
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This paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings for financial investment and consumption...
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