Emerging Market Research Papers - Academia.edu (original) (raw)

The paper intends to analyze aspects of international economic order that are relevant to understand the integration of underdeveloped countries. Its main hypothesis is that globalization is the result of financial liberalization at the... more

The paper intends to analyze aspects of international economic order that are relevant to understand the integration of underdeveloped countries. Its main hypothesis is that globalization is the result of financial liberalization at the domestic level and of progressive capital mobility in the international field. To characterize globalization different aspects are examined, such as the influence of financial liberalization on

This paper evaluates whether Nigeria is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted over the last one decade. The paper reviews literature on selected conditions for... more

This paper evaluates whether Nigeria is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted over the last one decade. The paper reviews literature on selected conditions for successful implementation of IT and then ...

The quality of mortgage loans had been deteriorating since 2001, when interest rates were consistently below 3 per cent for several years. Housing prices dropped substantially since their high in 2006. This article examines the current... more

The quality of mortgage loans had been deteriorating since 2001, when interest rates were consistently below 3 per cent for several years. Housing prices dropped substantially since their high in 2006. This article examines the current credit crisis against the background of recent financial meltdowns in wealthy and emerging markets. We argue that securitisation involves various tensions between market participants and is based on several different criteria that gauge liquidity and creditworthiness. Most often, liquidity and credit enhancement are part of the deal. The problems in the subprime market led directly to the Fed Rescue, in which it guaranteed $30 billion, although Fed's authority over investment banks is murky. The United States had been experiencing subprime crisis, and that affect EU ’s policies on interest rates and exchange rates. The situation also influence Romanian creditors to study more closely a borrower's capability to pay the loan. The possible implic...

Abstract: Online trading volumes have increased significantly in developed countries, while in developing nations; the trend seems to be less pronounced. Research on developing markets and e-trading dynamics in India's tiny but... more

Abstract: Online trading volumes have increased significantly in developed countries,
while in developing nations; the trend seems to be less pronounced. Research on
developing markets and e-trading dynamics in India's tiny but promising economy
will be conducted in this study. This approach is based on a study of the literature on
e-trading adoption and the development of an analytical framework. Psychological
traits that prevent traders from taking part in electronic trading have been coined the
term "E-Comfortability." A conceptual framework for electronic trading has been
discovered after an in-depth examination of the many aspects of online trading. This
research produced statistically significant and useful results. With these results, traders
may be able to create new trading volumes and formulate a particular plan of action to
follow. Many people now think that online brokers should band together to promote
the value of online trading systems as a product, rather than disseminating information
about them via several brand identities.
Keywords: online trading, e-trading, online traders, emerging markets, brokers’
attitude, brokers’ perception, trade frequency

This paper is the first major and thorough study on the M&A activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means... more

This paper is the first major and thorough study on the M&A activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the most complete set of empirical data. Proceeds from sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impacts of M&A on Vietnam’s long-term prosperity are, thus, highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the pa...

Extreme returns in stock returns need to be captured for a successful risk management function to estimate unexpected loss in portfolio. Traditional value-at-risk models based on parametric models are not able to capture the extremes in... more

Extreme returns in stock returns need to be captured for a successful risk management function to estimate unexpected loss in portfolio. Traditional value-at-risk models based on parametric models are not able to capture the extremes in emerging markets where high volatility and nonlinear behaviors in returns are observed. The Extreme Value Theory (EVT) with conditional quantile proposed by McNeil and Frey (2000) is based on the central limit theorem applied to the extremes rater than mean of the return distribution. It limits the distribution of extreme returns always has the same form without relying on the distribution of the parent variable. This paper uses 8 filtered EVT models created with conditional quantile to estimate value-at-risk for the Istanbul Stock Exchange (ISE). The performances of the filtered expected shortfall models are compared to those of GARCH, GARCH with student-t distribution, GARCH with skewed student-t distribution and FIGARCH by using alternative back-t...

PurposeThe purpose of the paper is to examine the relationship between corporate social responsibility (CSR) and firm performance, taking into account firm value and financial accounting performance, in an emerging market –... more

PurposeThe purpose of the paper is to examine the relationship between corporate social responsibility (CSR) and firm performance, taking into account firm value and financial accounting performance, in an emerging market – Brazil.Design/methodology/approachContent analysis was conducted to extract data from two different sources, one relative to CSR data and another that provided financial data. CSR indexes and financial performance measures were calculated to allow the estimation of regression analysis conducted to examine the relationship between CSR and performance.FindingsThe results indicate that CSR is value destroying in Brazil since a significant negative correlation between CSR and firm value was found. Additionally, a neutral relationship characterises the mutual effect between CSR and financial accounting performance.Originality/valueThe study has examined the relationship between CSR and firm performance in a country where, as in most other non‐developed markets, such a...

With increasing liquidity of the Indian sovereign debt market since 1997, it has become possible to estimate the term structure in India. However, the market is characterised by several frictions that cause individual securities to be... more

With increasing liquidity of the Indian sovereign debt market since 1997, it has become possible to estimate the term structure in India. However, the market is characterised by several frictions that cause individual securities to be priced differently from the 'average' pricing in the ...

Pension and social insurance programs that prevent a substantial loss in consumption resulting from old age, disability, or death are an integral part of any social protection system. The dual objectives of such programs are to allow for... more

Pension and social insurance programs that prevent a substantial loss in consumption resulting from old age, disability, or death are an integral part of any social protection system. The dual objectives of such programs are to allow for the prevention of a sharp decline in income when these life-cycle events take place and protection against poverty in old age. This background paper reviews the World Bank's conceptual framework for the analysis of pension programs and defines the major challenges facing low and middle income countries, namely, coverage, adequacy and sustainability. The paper proposes a broad, forward-looking strategy to help address these challenges.

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure... more

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies ...

We study the extent to which crashes in emerging market currencies are predictable using simple logit models based on lagged macroeconomic and financial data. To evaluate our model, we calculate trading strategies in which an investor... more

We study the extent to which crashes in emerging market currencies are predictable using simple logit models based on lagged macroeconomic and financial data. To evaluate our model, we calculate trading strategies in which an investor goes long or short in the currency ...

To understand the performance implications of corporate strategies as conditioned by business group affiliations, we analyze the relation between corporate diversification and performance for 889 Indian firms. We find that diversified... more

To understand the performance implications of corporate strategies as conditioned by business group affiliations, we analyze the relation between corporate diversification and performance for 889 Indian firms. We find that diversified firms perform significantly worse than focused firms and that there exists a significant negative relation between the degree of diversification and firm performance. A comparative analysis of firms affiliated with Indian business groups and those affiliated with MNCs indicates that the sources of negative impact of diversification on performance are conditioned by the nature of a firm's affiliation. For multinational affiliates, diversification is associated with poor asset quality and asset management, which is an indicator of possible agency conflict. For domestic business group affiliates, diversification is associated with cost inefficiencies and poor performance.