The persistence of capital inflows and the behaviour of stock prices in East Asia emerging markets: some empirical evidence
Sarno, Lucio and Taylor, Mark P. (1999) The persistence of capital inflows and the behaviour of stock prices in East Asia emerging markets: some empirical evidence. Discussion Paper. London: Centre for Economic Policy Research (Great Britain). Discussion paper (Centre for Economic Policy Research (Great Britain)) (No.215).
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We examine the view that the recent East Asian crisis was precipitated by bursting asset price bubbles which had been fuelled by strong capital inflows which were largely the result of a moral hazard problem in financial intermediation, and was exacerbated by a vicious cycle of asset price deflation and incipient and actual capital flight. We find evidence of stock market bubbles in all East Asian economies examined, although not in Australia. We examine various categories of capital flows to these countries and find, in particular, relatively high reversible components in portfolio flows to East Asian economies.
|Item Type:||Working or Discussion Paper (Discussion Paper)|
|Subjects:||D History General and Old World > DS Asia
H Social Sciences > HJ Public Finance
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Stock exchanges -- East Asia, Developing countries -- Economic conditions, Capital movements -- East Asia, Assets (Accounting) -- East Asia, Financial crises -- East Asia|
|Series Name:||Discussion paper (Centre for Economic Policy Research (Great Britain))|
|Publisher:||Centre for Economic Policy Research (Great Britain)|
|Place of Publication:||London|
|Official Date:||May 1999|
|Number of Pages:||50|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
|Funder:||Rotary Foundation (RF)|
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