메뉴 건너뛰기




Volumn 10, Issue 1-2, 2003, Pages 3-55

Emerging markets finance

Author keywords

Capital flows; Contagion; Economic growth; Inequality; Market liberalization; Market microstructure; Market reforms; Performance of emerging market investments; Portfolio flows; Privatization; Productivity; Risk sharing; Volatility of capital flows

Indexed keywords


EID: 0037312816     PISSN: 09275398     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0927-5398(02)00054-3     Document Type: Article
Times cited : (412)

References (266)
  • 1
    • 0002992459 scopus 로고    scopus 로고
    • Stock selection in emerging markets: Portfolio strategies for Malaysia, Mexico and South Africa
    • Achour, D., Harvey, C.R., Hopkins, G., Lang, C., 1999. Stock selection in emerging markets: portfolio strategies for Malaysia, Mexico and South Africa. Emerging Markets Quarterly 3, 38-91.
    • (1999) Emerging Markets Quarterly , vol.3 , pp. 38-91
    • Achour, D.1    Harvey, C.R.2    Hopkins, G.3    Lang, C.4
  • 2
    • 0003478788 scopus 로고    scopus 로고
    • Mexico's integration into the North American capital market
    • Working paper, Columbia University
    • Adler, M., Qi, R., 2002. Mexico's integration into the North American capital market. Working paper, Columbia University.
    • (2002)
    • Adler, M.1    Qi, R.2
  • 6
  • 7
    • 0036353532 scopus 로고    scopus 로고
    • International asset allocation with regime shifts
    • Ang, A., Bekaert, G., 2002. International asset allocation with regime shifts. Review of Financial Studies 15, 1137-1187.
    • (2002) Review of Financial Studies , vol.15 , pp. 1137-1187
    • Ang, A.1    Bekaert, G.2
  • 8
    • 0013067254 scopus 로고    scopus 로고
    • When does capital account liberalization help more than it hurts?
    • Working paper, Graduate Institute of International Studies, Geneva
    • Arteta, C., Eichengreen, B., Wyplosz, C., 2001. When does capital account liberalization help more than it hurts? Working paper, Graduate Institute of International Studies, Geneva.
    • (2001)
    • Arteta, C.1    Eichengreen, B.2    Wyplosz, C.3
  • 10
    • 0035639471 scopus 로고    scopus 로고
    • Risk sharing within the United States: What do financial markets and fiscal federalism accomplish
    • Athanasoulis, S.G., van Wincoop, E., 2001. Risk sharing within the United States: what do financial markets and fiscal federalism accomplish. Review of Economics and Statistics 83, 688-698.
    • (2001) Review of Economics and Statistics , vol.83 , pp. 688-698
    • Athanasoulis, S.G.1    van Wincoop, E.2
  • 11
    • 0002979063 scopus 로고    scopus 로고
    • Capital flows to emerging markets liberalization, overshooting and volatility
    • Edwards, S. (Ed.), University of Chicago Press and NBER, Cambridge, MA
    • Bacchetta, P., Wincoop, E.V., 2000. Capital flows to emerging markets liberalization, overshooting and volatility. In: Edwards, S. (Ed.), Capital Inflows and the Emerging Economies. University of Chicago Press and NBER, Cambridge, MA, pp. 61-98.
    • (2000) Capital Inflows and the Emerging Economies , pp. 61-98
    • Bacchetta, P.1    Wincoop, E.V.2
  • 12
    • 0004082062 scopus 로고    scopus 로고
    • Investibility and return volatility in emerging equity markets
    • Working paper, Hong Kong University of Science and Technology
    • Bae, K.-H., Chan, K., Ng, A., 2002a. Investibility and return volatility in emerging equity markets. Working paper, Hong Kong University of Science and Technology.
    • (2002)
    • Bae, K.-H.1    Chan, K.2    Ng, A.3
  • 14
    • 84974313177 scopus 로고
    • Exchange rate fluctuations, political risk, and stock market returns: Some evidence from an emerging market
    • Bailey, W., Chung, Y.P., 1995. Exchange rate fluctuations, political risk, and stock market returns: some evidence from an emerging market. Journal of Financial and Quantitative Analysis 30, 541-561.
    • (1995) Journal of Financial and Quantitative Analysis , vol.30 , pp. 541-561
    • Bailey, W.1    Chung, Y.P.2
  • 15
    • 0011618337 scopus 로고
    • Foreign ownership restrictions and stock prices in the Thai capital market
    • Bailey, W., Jagtiani, J., 1994. Foreign ownership restrictions and stock prices in the Thai capital market. Journal of Financial Economics 36, 57-87.
    • (1994) Journal of Financial Economics , vol.36 , pp. 57-87
    • Bailey, W.1    Jagtiani, J.2
  • 16
    • 0002758605 scopus 로고
    • Evaluating the diversification benefits of the new country funds
    • Bailey, W., Lim, J., 1992. Evaluating the diversification benefits of the new country funds. Journal of Portfolio Management, 74-80.
    • (1992) Journal of Portfolio Management , pp. 74-80
    • Bailey, W.1    Lim, J.2
  • 17
    • 0002105144 scopus 로고
    • Benefits of international diversification: The case of Pacific Basin stock markets
    • Bailey, W., Stulz, R.M., 1990. Benefits of international diversification: the case of Pacific Basin stock markets. Journal of Portfolio Management 4, 57-61.
    • (1990) Journal of Portfolio Management , vol.4 , pp. 57-61
    • Bailey, W.1    Stulz, R.M.2
  • 18
    • 0034465125 scopus 로고    scopus 로고
    • A new database on the structure and development of the financial sector
    • Beck, T., Demirgüç-Kunt, A., Levine, R., 2000a. A new database on the structure and development of the financial sector. World Bank Economic Review 14, 597-605.
    • (2000) World Bank Economic Review , vol.14 , pp. 597-605
    • Beck, T.1    Demirgüç-Kunt, A.2    Levine, R.3
  • 20
    • 0013158374 scopus 로고    scopus 로고
    • Devaluation expectations and the stock market - The case of Mexico in 1994/95
    • Working paper, International Monetary Fund
    • Becker, R., Gelos, G., Richards, A., 2000. Devaluation expectations and the stock market - The case of Mexico in 1994/95. Working paper, International Monetary Fund.
    • (2000)
    • Becker, R.1    Gelos, G.2    Richards, A.3
  • 22
    • 77957186796 scopus 로고
    • Market integration and investment barriers in emerging equity markets
    • Bekaert, G., 1995. Market integration and investment barriers in emerging equity markets. World Bank Economic Review 9, 75-107.
    • (1995) World Bank Economic Review , vol.9 , pp. 75-107
    • Bekaert, G.1
  • 23
    • 84993905064 scopus 로고
    • Time-varying world market integration
    • Bekaert, G., Harvey, C.R., 1995. Time-varying world market integration. Journal of Finance 50, 403-444.
    • (1995) Journal of Finance , vol.50 , pp. 403-444
    • Bekaert, G.1    Harvey, C.R.2
  • 25
    • 0040212676 scopus 로고    scopus 로고
    • Foreign speculators and emerging equity markets
    • Bekaert, G., Harvey, C.R., 2000a. Foreign speculators and emerging equity markets. Journal of Finance 55, 565-614.
    • (2000) Journal of Finance , vol.55 , pp. 565-614
    • Bekaert, G.1    Harvey, C.R.2
  • 26
    • 0003116353 scopus 로고    scopus 로고
    • Capital flows and the behavior of emerging market equity returns
    • Edwards, S. (Ed.), NBER and University of Chicago Press
    • Bekaert, G., Harvey, C.R., 2000b. Capital flows and the behavior of emerging market equity returns. In: Edwards, S. (Ed.), Capital Inflows to Emerging Markets. NBER and University of Chicago Press, pp. 159-194.
    • (2000) Capital Inflows to Emerging Markets , pp. 159-194
    • Bekaert, G.1    Harvey, C.R.2
  • 27
    • 0013153596 scopus 로고    scopus 로고
    • Research in emerging market finance: Looking to the future
    • (in press)
    • Bekaert, G., Harvey, C.R., 2003. Research in emerging market finance: looking to the future. Emerging Markets Review (in press).
    • (2003) Emerging Markets Review
    • Bekaert, G.1    Harvey, C.R.2
  • 28
    • 0039613660 scopus 로고    scopus 로고
    • Diversification, integration and emerging market closed-end funds
    • Bekaert, G., Urias, M., 1996. Diversification, integration and emerging market closed-end funds. Journal of Finance 51, 835-869.
    • (1996) Journal of Finance , vol.51 , pp. 835-869
    • Bekaert, G.1    Urias, M.2
  • 29
    • 0033096002 scopus 로고    scopus 로고
    • Is there a free lunch in emerging market equities?
    • Spring
    • Bekaert, G., Urias, M., 1999. Is there a free lunch in emerging market equities? Journal of Portfolio Management 25, Spring, 83-95.
    • (1999) Journal of Portfolio Management , vol.25 , pp. 83-95
    • Bekaert, G.1    Urias, M.2
  • 35
    • 0003689045 scopus 로고    scopus 로고
    • Does financial market liberalization spur growth?
    • Working paper, Duke, Columbia and Indiana Universities
    • Bekaert, G., Harvey, C.R., Lundblad, C., 2002c. Does financial market liberalization spur growth? Working paper, Duke, Columbia and Indiana Universities.
    • (2002)
    • Bekaert, G.1    Harvey, C.R.2    Lundblad, C.3
  • 36
    • 0003415164 scopus 로고    scopus 로고
    • Growth volatility and equity market liberalization?
    • Working paper, Duke, Columbia and Indiana Universities
    • Bekaert, G., Harvey, C.R., Lundblad, C., 2002d. Growth volatility and equity market liberalization? Working paper, Duke, Columbia and Indiana Universities.
    • (2002)
    • Bekaert, G.1    Harvey, C.R.2    Lundblad, C.3
  • 37
    • 13444277738 scopus 로고    scopus 로고
    • Liquidity and expected returns: Lessons from emerging markets
    • Working paper, Columbia, Duke and Indiana Universities
    • Bekaert, G., Harvey, C.R., Lundblad, C., 2002e. Liquidity and expected returns: lessons from emerging markets. Working paper, Columbia, Duke and Indiana Universities.
    • (2002)
    • Bekaert, G.1    Harvey, C.R.2    Lundblad, C.3
  • 38
    • 4243659498 scopus 로고    scopus 로고
    • Large-scale privatization and the dynamics of emerging market equity returns
    • Working paper, Columbia, Duke and Wisconsin
    • Bekaert, G., Harvey, C.R., Roper, A., 2002f. Large-scale privatization and the dynamics of emerging market equity returns. Working paper, Columbia, Duke and Wisconsin.
    • (2002)
    • Bekaert, G.1    Harvey, C.R.2    Roper, A.3
  • 39
    • 25544443445 scopus 로고    scopus 로고
    • Equity market liberalization in emerging markets
    • Federal Reserve Bank of St. Louis Review (in press)
    • Bekaert, G., Harvey, C.R., Lundblad, C., 2003a. Equity market liberalization in emerging markets. Federal Reserve Bank of St. Louis Review (in press).
    • (2003)
    • Bekaert, G.1    Harvey, C.R.2    Lundblad, C.3
  • 41
    • 0004010045 scopus 로고    scopus 로고
    • The instability of fixed exchange rate systems when raising the nominal interest rate is costly
    • Bensaid, B., Jeanne, O., 1997. The instability of fixed exchange rate systems when raising the nominal interest rate is costly. European Economic Review 41 (8), 1461-1478.
    • (1997) European Economic Review , vol.41 , Issue.8 , pp. 1461-1478
    • Bensaid, B.1    Jeanne, O.2
  • 42
    • 0041672311 scopus 로고    scopus 로고
    • The world price of insider trading
    • Bhattacharya, U., Daouk, H., 2002. The world price of insider trading. Journal of Finance 57, 75-108.
    • (2002) Journal of Finance , vol.57 , pp. 75-108
    • Bhattacharya, U.1    Daouk, H.2
  • 45
    • 0002518156 scopus 로고    scopus 로고
    • U.S. equity investment in foreign markets: Portfolio rebalancing or return chasing?
    • Bohn, H., Tesar, L.L., 1996. U.S. equity investment in foreign markets: portfolio rebalancing or return chasing? American Economic Review 86 (2), 77-81.
    • (1996) American Economic Review , vol.86 , Issue.2 , pp. 77-81
    • Bohn, H.1    Tesar, L.L.2
  • 47
    • 0006533015 scopus 로고    scopus 로고
    • A panic-prone pack? The behavior of emerging market mutual funds
    • Working paper, International Monetary Fund
    • Borensztein, E.R., Gelos, R.G., 2001. A panic-prone pack? The behavior of emerging market mutual funds. Working paper, International Monetary Fund.
    • (2001)
    • Borensztein, E.R.1    Gelos, R.G.2
  • 49
    • 0003854714 scopus 로고    scopus 로고
    • Pitfalls in tests for changes in correlations
    • Federal Reserve Board, IFS Discussion Paper No. 597R, March
    • Boyer, B.H., Gibson, M.S., Loretan, M., 1999. Pitfalls in tests for changes in correlations. Federal Reserve Board, IFS Discussion Paper No. 597R, March.
    • (1999)
    • Boyer, B.H.1    Gibson, M.S.2    Loretan, M.3
  • 50
    • 0013157566 scopus 로고    scopus 로고
    • The rise in comovement across national stock markets: Market integration or IT bubble?
    • Working paper, Federal Reserve Bank of Atlanta
    • Brooks, R., Del Negro, M., 2002. The rise in comovement across national stock markets: Market integration or IT bubble? Working paper, Federal Reserve Bank of Atlanta.
    • (2002)
    • Brooks, R.1    Del Negro, M.2
  • 51
    • 84936628561 scopus 로고
    • A constant recontracting model of sovereign debt
    • Bulow, J., Rogoff, K., 1989a. A constant recontracting model of sovereign debt. Journal of Political Economy 97, 155-178.
    • (1989) Journal of Political Economy , vol.97 , pp. 155-178
    • Bulow, J.1    Rogoff, K.2
  • 53
    • 0004075658 scopus 로고    scopus 로고
    • Contagion in emerging markets: When wall street is a carrier
    • Working paper, University of Maryland
    • Calvo, G., 1999. Contagion in emerging markets: when wall street is a carrier. Working paper, University of Maryland.
    • (1999)
    • Calvo, G.1
  • 54
    • 0039765357 scopus 로고    scopus 로고
    • Capital markets crises and economic collapse in emerging markets: An informational frictions approach
    • Calvo, G., Mendoza, E., 2000a. Capital markets crises and economic collapse in emerging markets: an informational frictions approach. American Economic Review 90, 59-64.
    • (2000) American Economic Review , vol.90 , pp. 59-64
    • Calvo, G.1    Mendoza, E.2
  • 55
    • 0034035847 scopus 로고    scopus 로고
    • Rational contagion and the globalization of securities markets
    • Calvo, G., Mendoza, E., 2000b. Rational contagion and the globalization of securities markets. Journal of International Economics 51, 79-113.
    • (2000) Journal of International Economics , vol.51 , pp. 79-113
    • Calvo, G.1    Mendoza, E.2
  • 56
    • 0000968537 scopus 로고
    • Capital inflows and real exchange rate appreciation in Latin America: The role of external factors
    • Calvo, G., Leiderman, L., Reinhart, C., 1993. Capital inflows and real exchange rate appreciation in Latin America: the role of external factors. IMF Staff Papers 40, 108-151.
    • (1993) IMF Staff Papers , vol.40 , pp. 108-151
    • Calvo, G.1    Leiderman, L.2    Reinhart, C.3
  • 58
    • 0002709449 scopus 로고    scopus 로고
    • The determinants and impact of sovereign credit ratings
    • Cantor, R., Packer, F., 1996. The determinants and impact of sovereign credit ratings. Journal of Fixed Income, 76-91.
    • (1996) Journal of Fixed Income , pp. 76-91
    • Cantor, R.1    Packer, F.2
  • 59
    • 0013115233 scopus 로고    scopus 로고
    • Characterizing world market integration through time
    • Working paper, McGill University
    • Carrieri, F., Errunza, V., Hogan, K., 2002. Characterizing world market integration through time. Working paper, McGill University.
    • (2002)
    • Carrieri, F.1    Errunza, V.2    Hogan, K.3
  • 60
    • 0009806438 scopus 로고    scopus 로고
    • A model of financial crises in emerging markets
    • Chang, R., Velasco, A., 2001. A model of financial crises in emerging markets. Quarterly Journal of Economics 116, 489-517.
    • (2001) Quarterly Journal of Economics , vol.116 , pp. 489-517
    • Chang, R.1    Velasco, A.2
  • 61
    • 0001891124 scopus 로고
    • International diversification through closed end country funds
    • Chang, E.C., Eun, C., Kolodny, R., 1995. International diversification through closed end country funds. Journal of Banking and Finance 19, 1237-1263.
    • (1995) Journal of Banking and Finance , vol.19 , pp. 1237-1263
    • Chang, E.C.1    Eun, C.2    Kolodny, R.3
  • 62
    • 0003974021 scopus 로고    scopus 로고
    • Stock market liberalizations and the repricing of systematic risk
    • Working paper, Stanford University
    • Chari, A., Henry, P.B., 2001. Stock market liberalizations and the repricing of systematic risk. Working paper, Stanford University.
    • (2001)
    • Chari, A.1    Henry, P.B.2
  • 63
    • 0001120384 scopus 로고    scopus 로고
    • Correlations, trades and stock returns of the Pacific Rim markets
    • Chen, N.-F., Zhang, F., 1997. Correlations, trades and stock returns of the Pacific Rim markets. Pacific Basin Finance Journal 5, 559-577.
    • (1997) Pacific Basin Finance Journal , vol.5 , pp. 559-577
    • Chen, N.-F.1    Zhang, F.2
  • 64
    • 0004035361 scopus 로고
    • The House of Morgan
    • Simon & Schuster, New York
    • Chernow, R., 1990. The House of Morgan. Simon & Schuster, New York.
    • (1990)
    • Chernow, R.1
  • 65
    • 0037312696 scopus 로고    scopus 로고
    • The magnet effect of price limits: Evidence from high frequency data on Taiwan Stock Exchange
    • Cho, D.C., Russell, J., Tiao, G.C., Tsay, R., 2003. The magnet effect of price limits: evidence from high frequency data on Taiwan Stock Exchange. Journal of Empirical Finance 10, 135-170.
    • (2003) Journal of Empirical Finance , vol.10 , pp. 135-170
    • Cho, D.C.1    Russell, J.2    Tiao, G.C.3    Tsay, R.4
  • 66
    • 0000759899 scopus 로고    scopus 로고
    • Do foreign investors destabilize stock markets? The Korean experience in 1997
    • Choe, H., Kho, B.-C., Stulz, R., 1999. Do foreign investors destabilize stock markets? The Korean experience in 1997. Journal of Financial Economics 54, 227-264.
    • (1999) Journal of Financial Economics , vol.54 , pp. 227-264
    • Choe, H.1    Kho, B.-C.2    Stulz, R.3
  • 67
    • 0003863817 scopus 로고    scopus 로고
    • Do domestic investors have more valuable information about individual stocks than foreign investors?
    • Working paper, The Ohio State University, Columbus, OH
    • Choe, H., Kho, B.-C., Stulz, R.M., 2002. Do domestic investors have more valuable information about individual stocks than foreign investors? Working paper, The Ohio State University, Columbus, OH.
    • (2002)
    • Choe, H.1    Kho, B.-C.2    Stulz, R.M.3
  • 68
    • 0001220839 scopus 로고
    • What is different about international lending?
    • Chowdhry, B., 1991. What is different about international lending? Review of Financial Studies 4, 121-148.
    • (1991) Review of Financial Studies , vol.4 , pp. 121-148
    • Chowdhry, B.1
  • 69
    • 0004243790 scopus 로고
    • Sources of portfolio investment in emerging markets
    • Working Paper, International Economics Department, World Bank
    • Chuhan, P., 1992. Sources of portfolio investment in emerging markets. Working Paper, International Economics Department, World Bank.
    • (1992)
    • Chuhan, P.1
  • 71
    • 0013152548 scopus 로고    scopus 로고
    • Financial development, property rights, and growth
    • (in press)
    • Claessens, S., Laeven, L., 2003. Financial development, property rights, and growth. Journal of Finance (in press).
    • (2003) Journal of Finance
    • Claessens, S.1    Laeven, L.2
  • 72
    • 0030559739 scopus 로고    scopus 로고
    • Estimating the likelihood of Mexican default from the Mexican prices of Brady bonds
    • Claessens, S., Pennachi, G., 1996. Estimating the likelihood of Mexican default from the Mexican prices of Brady bonds. Journal of Financial and Quantitative Analysis 31, 109-126.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 109-126
    • Claessens, S.1    Pennachi, G.2
  • 74
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian corporations
    • Claessens, S., Djankov, S., Lang, L.H.P., 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58, 81-112.
    • (2000) Journal of Financial Economics , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.H.P.3
  • 75
    • 0002562837 scopus 로고    scopus 로고
    • Contagion: Why crises spread and how this can be stopped
    • Classens, S., Forbes, K. (Eds.), Kluwer Academic Publishing, Boston
    • Claessens, S., Dornbusch, R., Park, Y.C., 2001. Contagion: why crises spread and how this can be stopped. In: Classens, S., Forbes, K. (Eds.), International Financial Contagion. Kluwer Academic Publishing, Boston, pp. 19-52.
    • (2001) International Financial Contagion , pp. 19-52
    • Claessens, S.1    Dornbusch, R.2    Park, Y.C.3
  • 77
    • 0004218789 scopus 로고    scopus 로고
    • Foreign investment fluctuations and emerging market stock returns: The case of Mexico
    • Staff Report, Federal Reserve Bank of New York, New York, NY
    • Clark, J., Berko, E., 1997. Foreign investment fluctuations and emerging market stock returns: the case of Mexico. Staff Report, vol. 24. Federal Reserve Bank of New York, New York, NY.
    • (1997) , vol.24
    • Clark, J.1    Berko, E.2
  • 79
    • 0013502518 scopus 로고    scopus 로고
    • Corporate governance and the home bias
    • Working paper, Ohio State University, Columbus, OH
    • Dahlquist, M., Pinkowitz, L., Stulz, R.M., Williamson, R., 2002. Corporate governance and the home bias. Working paper, Ohio State University, Columbus, OH.
    • (2002)
    • Dahlquist, M.1    Pinkowitz, L.2    Stulz, R.M.3    Williamson, R.4
  • 80
    • 0037317230 scopus 로고    scopus 로고
    • Income inequality: The aftermath of stock market liberalization in emerging markets
    • Das, M., Mohapatra, S., 2003. Income inequality: the aftermath of stock market liberalization in emerging markets. Journal of Empirical Finance 10, 219-250.
    • (2003) Journal of Empirical Finance , vol.10 , pp. 219-250
    • Das, M.1    Mohapatra, S.2
  • 81
    • 0043049199 scopus 로고    scopus 로고
    • Systemic risk and international portfolio choice
    • Working paper, London Business School
    • Das, S., Uppal, R., 2001. Systemic risk and international portfolio choice. Working paper, London Business School.
    • (2001)
    • Das, S.1    Uppal, R.2
  • 82
    • 0040424685 scopus 로고    scopus 로고
    • Systematic risk: A survey
    • Working paper, European Central Bank
    • De Bandt, O., Hartmann, P., 2000. Systematic risk: a survey. Working paper, European Central Bank.
    • (2000)
    • De Bandt, O.1    Hartmann, P.2
  • 83
    • 0035163652 scopus 로고    scopus 로고
    • Crisis transmission: Evidence from the debt, tequila, and Asian flu crises
    • De Gregorio, J., Valdeés, R.G., 2001. Crisis transmission: evidence from the debt, tequila, and Asian flu crises. World Bank Economic Review 15, 289-324.
    • (2001) World Bank Economic Review , vol.15 , pp. 289-324
    • De Gregorio, J.1    Valdeés, R.G.2
  • 84
    • 4243477189 scopus 로고    scopus 로고
    • Time-varying expected returns and emerging markets integration
    • Working paper, University of Amsterdam
    • De Jong, F., De Roon, F.A., 2002. Time-varying expected returns and emerging markets integration. Working paper, University of Amsterdam.
    • (2002)
    • De Jong, F.1    De Roon, F.A.2
  • 85
    • 0030456285 scopus 로고    scopus 로고
    • Stock market development and financial intermediaries: Stylized facts
    • Demirgüç-Kunt, A., Levine, R., 1996. Stock market development and financial intermediaries: stylized facts. World Bank Economic Review 10, 291-322.
    • (1996) World Bank Economic Review , vol.10 , pp. 291-322
    • Demirgüç-Kunt, A.1    Levine, R.2
  • 86
  • 88
    • 0000600038 scopus 로고    scopus 로고
    • Testing for mean-variance spanning with short sales constraints and transaction costs: The case of emerging markets
    • De Roon, F., Nijman, Th.E., Werker, B.J.M., 2001. Testing for mean-variance spanning with short sales constraints and transaction costs: the case of emerging markets. Journal of Finance 56, 723-744.
    • (2001) Journal of Finance , vol.56 , pp. 723-744
    • De Roon, F.1    Nijman, Th.E.2    Werker, B.J.M.3
  • 89
    • 0013111634 scopus 로고    scopus 로고
    • Microstructure changes and stock price behavior: Evidence from Casablanca Stock Exchange
    • NASDAQ - Notre Dame Microstructure Conference
    • Derrabi, M., de Bodt, E., Cobbaut, R., 2000. Microstructure changes and stock price behavior: evidence from Casablanca Stock Exchange. NASDAQ - Notre Dame Microstructure Conference.
    • (2000)
    • Derrabi, M.1    de Bodt, E.2    Cobbaut, R.3
  • 90
    • 0007130845 scopus 로고
    • Asset pricing and portfolio diversification: Evidence from emerging financial markets
    • World Bank Symposium on Portfolio Investment in Developing Countries, Washington, DC
    • De Santis, G., 1993. Asset pricing and portfolio diversification: evidence from emerging financial markets. World Bank Symposium on Portfolio Investment in Developing Countries, Washington, DC.
    • (1993)
    • De Santis, G.1
  • 91
    • 0038969184 scopus 로고    scopus 로고
    • International asset pricing and portfolio diversification with time-varying risk
    • De Santis, G., Gerard, B., 1997. International asset pricing and portfolio diversification with time-varying risk. Journal of Finance 52, 1881-1912.
    • (1997) Journal of Finance , vol.52 , pp. 1881-1912
    • De Santis, G.1    Gerard, B.2
  • 93
    • 0011287139 scopus 로고    scopus 로고
    • The asset allocation of emerging market mutual funds
    • Working paper, International Monetary Fund, Washington, DC
    • Disyatat, P., Gelos, R.G., 2001. The asset allocation of emerging market mutual funds. Working paper, International Monetary Fund, Washington, DC.
    • (2001)
    • Disyatat, P.1    Gelos, R.G.2
  • 95
    • 0003230390 scopus 로고
    • Diversification benefits of country funds
    • Howell, M. (Ed.), Euromoney/World Bank
    • Diwan, I., Errunza, V., Senbet, L., 1995. Diversification benefits of country funds. In: Howell, M. (Ed.), Investing in Emerging Markets. Euromoney/World Bank, pp. 199-218.
    • (1995) Investing in Emerging Markets , pp. 199-218
    • Diwan, I.1    Errunza, V.2    Senbet, L.3
  • 96
    • 0003592225 scopus 로고    scopus 로고
    • Why are foreign firms listed in the U.S. worth more?
    • Working paper, Ohio State University
    • Doidge, C., Karolyi, G.A., Stulz, R.M., 2002. Why are foreign firms listed in the U.S. worth more? Working paper, Ohio State University.
    • (2002)
    • Doidge, C.1    Karolyi, G.A.2    Stulz, R.M.3
  • 97
    • 0001453918 scopus 로고    scopus 로고
    • Market segmentation and stock prices: Evidence from an emerging market
    • Domowitz, I., Glen, J., Madhavan, A., 1997. Market segmentation and stock prices: evidence from an emerging market. Journal of Finance 52, 1059-1085.
    • (1997) Journal of Finance , vol.52 , pp. 1059-1085
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 98
    • 0040428176 scopus 로고    scopus 로고
    • International cross listing and order flow migration: Evidence from an emerging market
    • Domowitz, I., Glen, J., Madhavan, A., 1998. International cross listing and order flow migration: evidence from an emerging market. Journal of Finance 53, 2001-2028.
    • (1998) Journal of Finance , vol.53 , pp. 2001-2028
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 99
    • 0003445907 scopus 로고    scopus 로고
    • Political contagion in currency crises
    • Working paper, University of Maryland
    • Drazen, A., 1998. Political contagion in currency crises. Working paper, University of Maryland.
    • (1998)
    • Drazen, A.1
  • 100
    • 0013065959 scopus 로고    scopus 로고
    • Modeling sovereign yield spreads: A case study of Russian Debt
    • (in press)
    • Duffie, D., Pedersen, L.H., Singleton, K.J., 2003. Modeling sovereign yield spreads: a case study of Russian Debt. Journal of Finance (in press).
    • (2003) Journal of Finance
    • Duffie, D.1    Pedersen, L.H.2    Singleton, K.J.3
  • 101
    • 22544458945 scopus 로고    scopus 로고
    • Contagion across financial markets: An empirical assessment
    • Working paper, Australian National University
    • Dungey, M., Martin, V.L., 2001. Contagion across financial markets: an empirical assessment. Working paper, Australian National University.
    • (2001)
    • Dungey, M.1    Martin, V.L.2
  • 102
    • 0004254810 scopus 로고    scopus 로고
    • Private benefits of control: An international comparison
    • Working paper, National Bureau of Economic Research, Cambridge, MA
    • Dyck, A., Zingales, L., 2002a. Private benefits of control: an international comparison. Working paper, National Bureau of Economic Research, Cambridge, MA.
    • (2002)
    • Dyck, A.1    Zingales, L.2
  • 103
    • 0003946719 scopus 로고    scopus 로고
    • The corporate governance role of the media
    • Working paper, National Bureau of Economic Research, Cambridge, MA
    • Dyck, A., Zingales, L., 2002b. The corporate governance role of the media. Working paper, National Bureau of Economic Research, Cambridge, MA.
    • (2002)
    • Dyck, A.1    Zingales, L.2
  • 104
    • 84959777265 scopus 로고
    • Debt with potential repudiation: Theoretical and empirical analysis
    • Eaton, J., Gersovitz, M., 1981. Debt with potential repudiation: theoretical and empirical analysis. Review of Economic Studies 48, 288-309.
    • (1981) Review of Economic Studies , vol.48 , pp. 288-309
    • Eaton, J.1    Gersovitz, M.2
  • 105
    • 0000274402 scopus 로고    scopus 로고
    • Aggregate price effects of institutional trading: A study of mutual fund flow and market returns
    • Edelen, R.M., Warner, J.B., 2001. Aggregate price effects of institutional trading: a study of mutual fund flow and market returns. Journal of Financial Economics 59, 195-220.
    • (2001) Journal of Financial Economics , vol.59 , pp. 195-220
    • Edelen, R.M.1    Warner, J.B.2
  • 106
    • 0004293431 scopus 로고    scopus 로고
    • Cross-border listings, capital controls, and equity flows to emerging markets
    • International Finance Discussion Paper. Board of Governors of the Federal Reserve System, Washington, DC
    • Edison, H., Warnock, F., 2001. Cross-border listings, capital controls, and equity flows to emerging markets. International Finance Discussion Paper. Board of Governors of the Federal Reserve System, Washington, DC.
    • (2001)
    • Edison, H.1    Warnock, F.2
  • 107
    • 0037317053 scopus 로고    scopus 로고
    • A simple measure of the intensity of capital controls
    • Edison, H.,Warnock, F., 2003. A simple measure of the intensity of capital controls. Journal of Empirical Finance 10, 83-105.
    • (2003) Journal of Empirical Finance , vol.10 , pp. 83-105
    • Edison, H.1    Warnock, F.2
  • 108
    • 84928456932 scopus 로고
    • Sequencing of economic liberalization in developing countries
    • Edwards, S., 1987. Sequencing of economic liberalization in developing countries. Finance and Development 24, 26-29.
    • (1987) Finance and Development , vol.24 , pp. 26-29
    • Edwards, S.1
  • 109
    • 0031778347 scopus 로고    scopus 로고
    • Openness, productivity, and growth: What do we really know?
    • Edwards, S., 1998. Openness, productivity, and growth: what do we really know? Economic Journal 108, 383-398.
    • (1998) Economic Journal , vol.108 , pp. 383-398
    • Edwards, S.1
  • 110
    • 0004106136 scopus 로고    scopus 로고
    • Capital mobility and economic performance: Are emerging economies different?
    • Working paper, University of California at Los Angeles
    • Edwards, S., 2001. Capital mobility and economic performance: are emerging economies different? Working paper, University of California at Los Angeles.
    • (2001)
    • Edwards, S.1
  • 111
    • 0035699209 scopus 로고    scopus 로고
    • Capital account liberalization: What do the cross-country studies tell us?
    • Eichengreen, B., 2001. Capital account liberalization: what do the cross-country studies tell us? World Bank Economic Review 15, 341-365.
    • (2001) World Bank Economic Review , vol.15 , pp. 341-365
    • Eichengreen, B.1
  • 112
    • 0013157976 scopus 로고    scopus 로고
    • What explains the changing spreads on emerging market debt?
    • Edwards, S. (Ed.), National Bureau of Economic Research and University of Chicago Press, Chicago, IL
    • Eichengreen, B., Mody, A., 2000. What explains the changing spreads on emerging market debt? In: Edwards, S. (Ed.), The Economics of International Capital Flows. National Bureau of Economic Research and University of Chicago Press, Chicago, IL, pp. 107-134.
    • (2000) The Economics of International Capital Flows , pp. 107-134
    • Eichengreen, B.1    Mody, A.2
  • 113
    • 0000424685 scopus 로고
    • Exchange market mayhem: The antecedents and aftermaths of speculative attacks
    • Eichengreen, B., Rose, A.K., Wyplosz, C., 1995. Exchange market mayhem: the antecedents and aftermaths of speculative attacks. Economic Policy 21, 251-312.
    • (1995) Economic Policy , vol.21 , pp. 251-312
    • Eichengreen, B.1    Rose, A.K.2    Wyplosz, C.3
  • 114
    • 0004098916 scopus 로고    scopus 로고
    • Contagious currency crises
    • Working paper 5681, National Bureau of Economic Research, Cambridge, MA
    • Eichengreen, B., Rose, A.K., Wyplosz, C., 1996. Contagious currency crises. Working paper 5681, National Bureau of Economic Research, Cambridge, MA.
    • (1996)
    • Eichengreen, B.1    Rose, A.K.2    Wyplosz, C.3
  • 119
    • 0003859485 scopus 로고    scopus 로고
    • Country risk in global financial management
    • AIMR monograph
    • Erb, C.B., Harvey, C.R., Viskanta, T.E., 1997. Country risk in global financial management. AIMR monograph.
    • (1997)
    • Erb, C.B.1    Harvey, C.R.2    Viskanta, T.E.3
  • 121
    • 0001783574 scopus 로고
    • Gains from portfolio diversification into less developed countries' securities
    • Errunza, V., 1977. Gains from portfolio diversification into less developed countries' securities. Journal of International Business, 83-99.
    • (1977) Journal of International Business , pp. 83-99
    • Errunza, V.1
  • 122
    • 0035204581 scopus 로고    scopus 로고
    • Foreign portfolio equity investments, financial liberalization and economic development
    • Special Issue of Review of International Economics, International Financial Liberalization, Capital Flows and Exchange Rate Regimes: Essays in Honor of Robert A. Mundell 9
    • Errunza, V., 2001. Foreign portfolio equity investments, financial liberalization and economic development. Special Issue of Review of International Economics, International Financial Liberalization, Capital Flows and Exchange Rate Regimes: Essays in Honor of Robert A. Mundell 9.
    • (2001)
    • Errunza, V.1
  • 123
    • 84944837552 scopus 로고
    • International asset pricing under mild segmentation: Theory and test
    • Errunza, V.R., Losq, E., 1985. International asset pricing under mild segmentation: theory and test. Journal of Finance 40, 105-124.
    • (1985) Journal of Finance , vol.40 , pp. 105-124
    • Errunza, V.R.1    Losq, E.2
  • 124
    • 0034549667 scopus 로고    scopus 로고
    • Market segmentation and the cost of capital in international equity markets
    • Errunza, V., Miller, D., 2000. Market segmentation and the cost of capital in international equity markets. Journal of Financial and Quantitative Analysis 35, 577-600.
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , pp. 577-600
    • Errunza, V.1    Miller, D.2
  • 126
    • 0013068420 scopus 로고    scopus 로고
    • Can the gains from international diversification be achieved without trading abroad?
    • Errunza, V.R., Hogan, K., Hung, M.-W., 1999. Can the gains from international diversification be achieved without trading abroad? Journal of Finance 54, 2075-2107.
    • (1999) Journal of Finance , vol.54 , pp. 2075-2107
    • Errunza, V.R.1    Hogan, K.2    Hung, M.-W.3
  • 127
    • 0013157572 scopus 로고    scopus 로고
    • Determinants of currency crises
    • Esquivel, G., Larrain, F., 2000. Determinants of currency crises. Trimestre Economico 67, 191-237.
    • (2000) Trimestre Economico , vol.67 , pp. 191-237
    • Esquivel, G.1    Larrain, F.2
  • 128
    • 84944838909 scopus 로고
    • A model of international asset pricing with a constraint on the foreign equity ownership
    • Eun, C.S., Janakiramanan, S., 1986. A model of international asset pricing with a constraint on the foreign equity ownership. Journal of Finance 41, 897-914.
    • (1986) Journal of Finance , vol.41 , pp. 897-914
    • Eun, C.S.1    Janakiramanan, S.2
  • 129
    • 11544342489 scopus 로고    scopus 로고
    • Value versus growth: International evidence
    • Fama, E.F., French, K.R., 1998. Value versus growth: international evidence. Journal of Finance 53, 1975-2000.
    • (1998) Journal of Finance , vol.53 , pp. 1975-2000
    • Fama, E.F.1    French, K.R.2
  • 130
    • 0030473262 scopus 로고    scopus 로고
    • The new wave of private capital inflows: Push or pull?
    • Fernandez-Arias, E., 1996. The new wave of private capital inflows: push or pull? Journal of Development Economics 48, 389-418.
    • (1996) Journal of Development Economics , vol.48 , pp. 389-418
    • Fernandez-Arias, E.1
  • 131
    • 33745571161 scopus 로고
    • Collapsing exchange rate regimes, some linear examples
    • Flood, R., Garber, P., 1984. Collapsing exchange rate regimes, some linear examples. Journal of International Economics 17, 1-13.
    • (1984) Journal of International Economics , vol.17 , pp. 1-13
    • Flood, R.1    Garber, P.2
  • 132
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the U.S
    • Foerster, S., Karolyi, G.A., 1999. The effects of market segmentation and investor recognition on asset prices: evidence from foreign stocks listing in the U.S. Journal of Finance 54, 981-1014.
    • (1999) Journal of Finance , vol.54 , pp. 981-1014
    • Foerster, S.1    Karolyi, G.A.2
  • 133
    • 0003928726 scopus 로고    scopus 로고
    • The Asian flu and Russian virus: Firm-level evidence on how crises are transmitted internationally
    • Working paper, National Bureau of Economic Research
    • Forbes, K., 2000. The Asian flu and Russian virus: firm-level evidence on how crises are transmitted internationally. Working paper, National Bureau of Economic Research.
    • (2000)
    • Forbes, K.1
  • 134
    • 0013115761 scopus 로고    scopus 로고
    • One cost of the Chilean capital controls: Increased financial constraints for small firms
    • Working paper, MIT
    • Forbes, K., 2002. One cost of the Chilean capital controls: increased financial constraints for small firms. Working paper, MIT.
    • (2002)
    • Forbes, K.1
  • 135
    • 0003350474 scopus 로고    scopus 로고
    • No contagion, only interdependence: Measuring stock market co-movements
    • Forbes, K., Rigobon, R., 2002. No contagion, only interdependence: measuring stock market co-movements. Journal of Finance 57, 2223-2261.
    • (2002) Journal of Finance , vol.57 , pp. 2223-2261
    • Forbes, K.1    Rigobon, R.2
  • 138
    • 0003689047 scopus 로고    scopus 로고
    • Does financial liberalization improve the allocation of investment
    • Working paper, Boston College
    • Galindo, A., Schiantarelli, F., Weiss, A., 2001. Does financial liberalization improve the allocation of investment. Working paper, Boston College.
    • (2001)
    • Galindo, A.1    Schiantarelli, F.2    Weiss, A.3
  • 140
    • 0036132503 scopus 로고    scopus 로고
    • Financial liberalization, credit constraints, and collateral: Investment in Mexican manufacturing sector
    • Gelos, R.G., Werner, A.M., 2001. Financial liberalization, credit constraints, and collateral: investment in Mexican manufacturing sector. Journal of Development Economics 67, 1-27.
    • (2001) Journal of Development Economics , vol.67 , pp. 1-27
    • Gelos, R.G.1    Werner, A.M.2
  • 142
    • 0037315048 scopus 로고    scopus 로고
    • Emerging markets and trading costs: Lessons from Casablanca
    • Ghysels, E., Cherkaoui, M., 2003. Emerging markets and trading costs: lessons from Casablanca. Journal of Empirical Finance 10, 171-200.
    • (2003) Journal of Empirical Finance , vol.10 , pp. 171-200
    • Ghysels, E.1    Cherkaoui, M.2
  • 143
    • 0004186274 scopus 로고    scopus 로고
    • Is corporate governance ineffective in emerging markets?
    • Working paper, Board of Governors of the Federal Reserve System
    • Gibson, M.S., 2000. Is corporate governance ineffective in emerging markets? Working paper, Board of Governors of the Federal Reserve System.
    • (2000)
    • Gibson, M.S.1
  • 144
    • 4243539661 scopus 로고    scopus 로고
    • Sovereign borrowing and yield spreads
    • Working paper, University of Zurich
    • Gibson, R., Sundaresan, S.M., 2001. Sovereign borrowing and yield spreads. Working paper, University of Zurich.
    • (2001)
    • Gibson, R.1    Sundaresan, S.M.2
  • 145
    • 4243539659 scopus 로고    scopus 로고
    • An introduction to the microstructure of emerging markets
    • Working paper, International Finance Corporation
    • Glen, J., 2000. An introduction to the microstructure of emerging markets. Working paper, International Finance Corporation.
    • (2000)
    • Glen, J.1
  • 146
    • 4243663625 scopus 로고    scopus 로고
    • Devaluations and emerging stock market returns
    • Working paper, International Finance
    • Glen, J., 2002. Devaluations and emerging stock market returns. Working paper, International Finance.
    • (2002)
    • Glen, J.1
  • 148
    • 0004121965 scopus 로고    scopus 로고
    • Are currency crises predictable?
    • Staff Papers. International Monetary Fund, Washington, DC
    • Goldfajn, I., Valdes, R.O., 1997. Are currency crises predictable? Staff Papers. International Monetary Fund, Washington, DC.
    • (1997)
    • Goldfajn, I.1    Valdes, R.O.2
  • 149
    • 0003816832 scopus 로고    scopus 로고
    • Daily cross-border equity flows: Pushed or pulled?
    • Working paper, The Ohio State University
    • Griffin, J.M., Nardari, F., Stulz, R.M., 2002. Daily cross-border equity flows: Pushed or pulled? Working paper, The Ohio State University.
    • (2002)
    • Griffin, J.M.1    Nardari, F.2    Stulz, R.M.3
  • 150
    • 0001698432 scopus 로고
    • Correlations in price changes and volatility across international stock markets
    • Hamao, Y., Masulis, R.W., Ng, V., 1990. Correlations in price changes and volatility across international stock markets. Review of Financial Studies 3, 281-307.
    • (1990) Review of Financial Studies , vol.3 , pp. 281-307
    • Hamao, Y.1    Masulis, R.W.2    Ng, V.3
  • 151
    • 25844509696 scopus 로고    scopus 로고
    • The EMU and European stock market integration
    • Working paper, Norwegian School of Management, Oslo
    • Hardouvelis, G., Malliaropoulos, D., Priestley, R., 2000. The EMU and European stock market integration. Working paper, Norwegian School of Management, Oslo.
    • (2000)
    • Hardouvelis, G.1    Malliaropoulos, D.2    Priestley, R.3
  • 152
    • 0013068244 scopus 로고    scopus 로고
    • Asset market linkages in crisis periods
    • Working paper, European Central Bank
    • Hartmann, P., Straetmans, S., de Vries, C.G., 2001. Asset market linkages in crisis periods. Working paper, European Central Bank.
    • (2001)
    • Hartmann, P.1    Straetmans, S.2    de Vries, C.G.3
  • 153
    • 84977722638 scopus 로고
    • The world price of covariance risk
    • Harvey, C.R., 1991. The world price of covariance risk. Journal of Finance 46, 111-157.
    • (1991) Journal of Finance , vol.46 , pp. 111-157
    • Harvey, C.R.1
  • 154
    • 21844487168 scopus 로고
    • Predictable risk and returns in emerging markets
    • Harvey, C.R., 1995. Predictable risk and returns in emerging markets. Review of Financial Studies 8, 773-816.
    • (1995) Review of Financial Studies , vol.8 , pp. 773-816
    • Harvey, C.R.1
  • 155
    • 0001967002 scopus 로고    scopus 로고
    • The Asian bet
    • Harwood, A., Litan, R.E., Pomerleano, M. (Eds.), Brookings Institution Press, Washington, DC
    • Harvey, C.R., Roper, A.H., 1999. The Asian bet. In: Harwood, A., Litan, R.E., Pomerleano, M. (Eds.), The Crisis in Emerging Financial Markets. Brookings Institution Press, Washington, DC, pp. 29-115.
    • (1999) The Crisis in Emerging Financial Markets , pp. 29-115
    • Harvey, C.R.1    Roper, A.H.2
  • 156
    • 0003402113 scopus 로고    scopus 로고
    • The effect of capital structure when expected agency costs are extreme
    • Working paper, Duke University, Durham, NC
    • Harvey, C.R., Lins, K.V., Roper, A.H., 2002. The effect of capital structure when expected agency costs are extreme. Working paper, Duke University, Durham, NC.
    • (2002)
    • Harvey, C.R.1    Lins, K.V.2    Roper, A.H.3
  • 157
    • 0008919779 scopus 로고    scopus 로고
    • Stock market liberalization, economic reform, and emerging market equity prices
    • Henry, P.B., 2000a. Stock market liberalization, economic reform, and emerging market equity prices. Journal of Finance 55, 529-564.
    • (2000) Journal of Finance , vol.55 , pp. 529-564
    • Henry, P.B.1
  • 158
    • 0000323668 scopus 로고    scopus 로고
    • Do stock market liberalizations cause investment booms?
    • Henry, P.B., 2000b. Do stock market liberalizations cause investment booms? Journal of Financial Economics 58, 301-334.
    • (2000) Journal of Financial Economics , vol.58 , pp. 301-334
    • Henry, P.B.1
  • 159
    • 0003407868 scopus 로고    scopus 로고
    • Investor protection, ownership, and the cost of capital
    • Working paper, Columbia University
    • Himmelberg, C.P., Hubbard, R.G., Love, I., 2002. Investor protection, ownership, and the cost of capital. Working paper, Columbia University.
    • (2002)
    • Himmelberg, C.P.1    Hubbard, R.G.2    Love, I.3
  • 160
    • 25544455418 scopus 로고    scopus 로고
    • The impact of stock market liberalization on the efficiency of emerging stock markets
    • Working paper, Columbia University
    • Jain-Chandra, S., 2002. The impact of stock market liberalization on the efficiency of emerging stock markets. Working paper, Columbia University.
    • (2002)
    • Jain-Chandra, S.1
  • 161
    • 0037292733 scopus 로고    scopus 로고
    • Cronyism and capital controls: Evidence from Malaysia
    • (in press)
    • Johnson, S., Mitton, T., 2003. Cronyism and capital controls: evidence from Malaysia. Journal of Financial Economics (in press).
    • (2003) Journal of Financial Economics
    • Johnson, S.1    Mitton, T.2
  • 164
    • 0003450039 scopus 로고    scopus 로고
    • A century of stock market liquidity and trading costs
    • Working paper, Columbia University
    • Jones, C.M., 2001. A century of stock market liquidity and trading costs. Working paper, Columbia University.
    • (2001)
    • Jones, C.M.1
  • 165
    • 0039624712 scopus 로고    scopus 로고
    • The twin crises: The causes of banking and balance of payments problems
    • Kaminsky, G.L., Reinhart, C.M., 1999. The twin crises: the causes of banking and balance of payments problems. American Economic Review 89, 473-500.
    • (1999) American Economic Review , vol.89 , pp. 473-500
    • Kaminsky, G.L.1    Reinhart, C.M.2
  • 168
    • 0035163653 scopus 로고    scopus 로고
    • Mutual fund investment in emerging markets - An overview
    • Kaminsky, G., Lyons, R., Schmukler, S., 2001. Mutual fund investment in emerging markets - an overview. World Bank Economic Review 15 (2), 315-340.
    • (2001) World Bank Economic Review , vol.15 , Issue.2 , pp. 315-340
    • Kaminsky, G.1    Lyons, R.2    Schmukler, S.3
  • 169
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • Kang, J.-K., Stulz, R.M., 1997. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics 46, 3-28.
    • (1997) Journal of Financial Economics , vol.46 , pp. 3-28
    • Kang, J.-K.1    Stulz, R.M.2
  • 170
    • 0003677976 scopus 로고    scopus 로고
    • Did the Malaysian capital controls work?
    • Working paper, National Bureau of Economic Research, Cambridge, MA
    • Kaplan, E., Rodrik, D., 2002. Did the Malaysian capital controls work? Working paper, National Bureau of Economic Research, Cambridge, MA.
    • (2002)
    • Kaplan, E.1    Rodrik, D.2
  • 171
    • 0003365819 scopus 로고    scopus 로고
    • Why do companies list their shares abroad? (A survey of the evidence and its managerial implications)
    • Salomon Brothers Monograph Series, New York University, NY
    • Karolyi, G.A., 1998. Why do companies list their shares abroad? (A survey of the evidence and its managerial implications). Salomon Brothers Monograph Series, vol. 7:1. New York University, NY.
    • (1998) , vol.7 , pp. 1
    • Karolyi, G.A.1
  • 172
    • 0010798257 scopus 로고    scopus 로고
    • Why do markets move together? An investigation of U.S.-Japan stock return comovements using ADRs
    • Karolyi, G.A., Stulz, R.M., 1996. Why do markets move together? An investigation of U.S.-Japan stock return comovements using ADRs. Journal of Finance, 951-986.
    • (1996) Journal of Finance , pp. 951-986
    • Karolyi, G.A.1    Stulz, R.M.2
  • 173
    • 84993009800 scopus 로고    scopus 로고
    • An empirical examination of financial liberalization and efficiency of emerging market stock prices
    • Kawakatsu, H., Morey, M.R., 1999. An empirical examination of financial liberalization and efficiency of emerging market stock prices. Journal of Financial Research 22 (4), 385-411.
    • (1999) Journal of Financial Research , vol.22 , Issue.4 , pp. 385-411
    • Kawakatsu, H.1    Morey, M.R.2
  • 174
    • 0041029369 scopus 로고    scopus 로고
    • Opening up of stock markets: Lessons from emerging economies
    • Kim, E.H., Singal, V., 2000. Opening up of stock markets: lessons from emerging economies. Journal of Business 73, 25-66.
    • (2000) Journal of Business , vol.73 , pp. 25-66
    • Kim, E.H.1    Singal, V.2
  • 175
    • 0036131943 scopus 로고    scopus 로고
    • Foreign portfolio investors before and during a crisis
    • Kim, W., Wei, S.-J., 2002a. Foreign portfolio investors before and during a crisis. Journal of International Economic 56, 77-96.
    • (2002) Journal of International Economic , vol.56 , pp. 77-96
    • Kim, W.1    Wei, S.-J.2
  • 176
    • 0036305664 scopus 로고    scopus 로고
    • Offshore investment funds: Monsters in emerging markets?
    • Kim, W., Wei, S.-J., 2002b. Offshore investment funds: monsters in emerging markets? Journal of Development Economics 68, 205-224.
    • (2002) Journal of Development Economics , vol.68 , pp. 205-224
    • Kim, W.1    Wei, S.-J.2
  • 178
    • 0003151378 scopus 로고
    • Transmission of volatility between stock markets
    • King, M., Wadhwani, S., 1990. Transmission of volatility between stock markets. Review of Financial Studies 3, 5-33.
    • (1990) Review of Financial Studies , vol.3 , pp. 5-33
    • King, M.1    Wadhwani, S.2
  • 179
    • 84992529786 scopus 로고
    • Volatility and links between national stock markets
    • King, M., Sentana, E., Wadhwani, S., 1994. Volatility and links between national stock markets. Econometrica 62, 901-933.
    • (1994) Econometrica , vol.62 , pp. 901-933
    • King, M.1    Sentana, E.2    Wadhwani, S.3
  • 180
    • 0003752890 scopus 로고    scopus 로고
    • Corporate governance, investor protection and performance in emerging markets
    • Working paper, World Bank, Washington, DC
    • Klapper, L., Love, I., 2002. Corporate governance, investor protection and performance in emerging markets. Working paper, World Bank, Washington, DC.
    • (2002)
    • Klapper, L.1    Love, I.2
  • 182
    • 0013067956 scopus 로고    scopus 로고
    • A rational expectations model of financial contagion
    • Kodres, L., Pritsker, M., 2002. A rational expectations model of financial contagion. Journal of Finance 52, 769-799.
    • (2002) Journal of Finance , vol.52 , pp. 769-799
    • Kodres, L.1    Pritsker, M.2
  • 184
    • 0013120171 scopus 로고    scopus 로고
    • Crisis: The next generation
    • Paper Presented at Conference Honoring Assaf Razin, Tel Aviv
    • Krugman, P., 2001. Crisis: the next generation. Paper Presented at Conference Honoring Assaf Razin, Tel Aviv.
    • (2001)
    • Krugman, P.1
  • 186
    • 0011366180 scopus 로고    scopus 로고
    • Contagion as a wealth effect
    • Kyle, A.S., Xiong, W., 2001. Contagion as a wealth effect. Journal of Finance 56, 1401-1440.
    • (2001) Journal of Finance , vol.56 , pp. 1401-1440
    • Kyle, A.S.1    Xiong, W.2
  • 187
    • 0003643277 scopus 로고    scopus 로고
    • Financial liberalization and financing constraints: Evidence from panel data on emerging economies
    • Working paper, World Bank, Washington, DC
    • Laeven, L., 2001. Financial liberalization and financing constraints: evidence from panel data on emerging economies. Working paper, World Bank, Washington, DC.
    • (2001)
    • Laeven, L.1
  • 188
    • 0003538279 scopus 로고    scopus 로고
    • Confidence building in emerging stock markets
    • Working paper 3055, Centre for Economic Policy Research, London
    • Laeven, L., Perotti, E.C., 2001. Confidence building in emerging stock markets. Working paper 3055, Centre for Economic Policy Research, London.
    • (2001)
    • Laeven, L.1    Perotti, E.C.2
  • 189
    • 0013067432 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross listing in the U.S. improve a firm's information environment and increase market value?
    • Working paper, University of Utah
    • Lang, M.H., Lins, K.V., Miller, D.P., 2002a. ADRs, analysts, and accuracy: Does cross listing in the U.S. improve a firm's information environment and increase market value? Working paper, University of Utah.
    • (2002)
    • Lang, M.H.1    Lins, K.V.2    Miller, D.P.3
  • 190
    • 0013067957 scopus 로고    scopus 로고
    • Do analysts matter most when investors are protected least? International evidence
    • Working paper, University of Utah
    • Lang, M.H., Lins, K.V., Miller, D.P., 2002b. Do analysts matter most when investors are protected least? International evidence. Working paper, University of Utah.
    • (2002)
    • Lang, M.H.1    Lins, K.V.2    Miller, D.P.3
  • 193
    • 0003195790 scopus 로고    scopus 로고
    • Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis
    • (in press)
    • Lemmon, M.L., Lins, K.V., 2003. Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis. Journal of Finance (in press).
    • (2003) Journal of Finance
    • Lemmon, M.L.1    Lins, K.V.2
  • 194
    • 0004173596 scopus 로고    scopus 로고
    • The costs of equity trading in emerging markets
    • Working paper, Tulane University, New Orleans, LA
    • Lesmond, D.A., 2002. The costs of equity trading in emerging markets. Working paper, Tulane University, New Orleans, LA.
    • (2002)
    • Lesmond, D.A.1
  • 196
    • 84977735375 scopus 로고
    • Stock markets, growth, and tax policy
    • Levine, R., 1991. Stock markets, growth, and tax policy. Journal of Finance 46, 1445-1465.
    • (1991) Journal of Finance , vol.46 , pp. 1445-1465
    • Levine, R.1
  • 197
    • 0030485586 scopus 로고    scopus 로고
    • Stock market development and economic growth
    • Levine, R., Zervos, S., 1996. Stock market development and economic growth. World Bank Economic Review 10, 323-340.
    • (1996) World Bank Economic Review , vol.10 , pp. 323-340
    • Levine, R.1    Zervos, S.2
  • 198
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and economic growth
    • Levine, R., Zervos, S., 1998a. Stock markets, banks, and economic growth. American Economic Review 88 (3), 537-558.
    • (1998) American Economic Review , vol.88 , Issue.3 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 199
    • 0032122394 scopus 로고    scopus 로고
    • Capital control liberalization and stock market development
    • Levine, R., Zervos, S., 1998b. Capital control liberalization and stock market development. World Development, 1169-1183.
    • (1998) World Development , pp. 1169-1183
    • Levine, R.1    Zervos, S.2
  • 200
    • 0003093394 scopus 로고    scopus 로고
    • Financial intermediation and growth: Causality and causes
    • Levine, R., Loayza, N., Beck, T., 2000. Financial intermediation and growth: causality and causes. Journal of Monetary Economics 46, 31-77.
    • (2000) Journal of Monetary Economics , vol.46 , pp. 31-77
    • Levine, R.1    Loayza, N.2    Beck, T.3
  • 201
    • 3342947278 scopus 로고    scopus 로고
    • What can explain the apparent lack of international consumption risk sharing?
    • Lewis, K.K., 1996. What can explain the apparent lack of international consumption risk sharing? Journal of Political Economy 104, 267-297.
    • (1996) Journal of Political Economy , vol.104 , pp. 267-297
    • Lewis, K.K.1
  • 202
    • 0001582485 scopus 로고    scopus 로고
    • Trying to explain home bias in equities and consumption
    • Lewis, K.K., 1999. Trying to explain home bias in equities and consumption. Journal of Economic Literature 37, 571-608.
    • (1999) Journal of Economic Literature , vol.37 , pp. 571-608
    • Lewis, K.K.1
  • 203
    • 0033834158 scopus 로고    scopus 로고
    • Why do stocks and consumption imply such different gains from international risk sharing?
    • Lewis, K.K., 2000. Why do stocks and consumption imply such different gains from international risk sharing? Journal of International Economics 52, 1-35.
    • (2000) Journal of International Economics , vol.52 , pp. 1-35
    • Lewis, K.K.1
  • 204
    • 0037312729 scopus 로고    scopus 로고
    • Diversification benefits of emerging markets subject to portfolio constraints
    • Li, K., Sarker, A., Wang, Z., 2003. Diversification benefits of emerging markets subject to portfolio constraints. Journal of Empirical Finance 10, 59-82.
    • (2003) Journal of Empirical Finance , vol.10 , pp. 59-82
    • Li, K.1    Sarker, A.2    Wang, Z.3
  • 206
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • Lins, K.V., Servaes, H., 2002. Is corporate diversification beneficial in emerging markets? Financial Management 31, 5-31.
    • (2002) Financial Management , vol.31 , pp. 5-31
    • Lins, K.V.1    Servaes, H.2
  • 207
    • 0003748437 scopus 로고    scopus 로고
    • Do non-U.S. firms issue equity on U.S. exchanges to relax capital constraints?
    • Working paper, University of Utah
    • Lins, K.V., Strickland, D., Zenner, M., 2001. Do non-U.S. firms issue equity on U.S. exchanges to relax capital constraints? Working paper, University of Utah.
    • (2001)
    • Lins, K.V.1    Strickland, D.2    Zenner, M.3
  • 208
    • 0004171186 scopus 로고    scopus 로고
    • Legal determinants of the return on equity
    • Working paper, CEPR
    • Lombardo, D., Pagano, M., 2000. Legal determinants of the return on equity. Working paper, CEPR.
    • (2000)
    • Lombardo, D.1    Pagano, M.2
  • 209
    • 0002525307 scopus 로고
    • Is correlation in international equity returns constant: 1960-1990
    • Longin, F., Solnik, B., 1995. Is correlation in international equity returns constant: 1960-1990. Journal of International Money and Finance 14, 3-26.
    • (1995) Journal of International Money and Finance , vol.14 , pp. 3-26
    • Longin, F.1    Solnik, B.2
  • 210
    • 0009662024 scopus 로고    scopus 로고
    • Extreme correlation of international equity markets
    • Longin, F., Solnik, B., 2001. Extreme correlation of international equity markets. Journal of Finance 56, 649-676.
    • (2001) Journal of Finance , vol.56 , pp. 649-676
    • Longin, F.1    Solnik, B.2
  • 211
    • 0003433762 scopus 로고    scopus 로고
    • Evaluating "correlation breakdowns" during periods of market volatility
    • Federal Reserve Board, mimeo
    • Loretan, M., English, W.B., 2000. Evaluating "correlation breakdowns" during periods of market volatility. Federal Reserve Board, mimeo.
    • (2000)
    • Loretan, M.1    English, W.B.2
  • 212
    • 0013113697 scopus 로고    scopus 로고
    • Financial development and financing constraints: International evidence from the structural investment model
    • (in press)
    • Love, I., 2002. Financial development and financing constraints: international evidence from the structural investment model. Review of Financial Studies (in press).
    • (2002) Review of Financial Studies
    • Love, I.1
  • 213
    • 0033920004 scopus 로고    scopus 로고
    • Financial integration and asset returns
    • Martin, P., Rey, H., 2000. Financial integration and asset returns. European Economic Review 44, 1327-1350.
    • (2000) European Economic Review , vol.44 , pp. 1327-1350
    • Martin, P.1    Rey, H.2
  • 214
    • 0033175496 scopus 로고    scopus 로고
    • Contagion: Macroeconomic models with multiple equilibria
    • Masson, P., 1999. Contagion: macroeconomic models with multiple equilibria. Journal of International Money and Finance 18, 587-602.
    • (1999) Journal of International Money and Finance , vol.18 , pp. 587-602
    • Masson, P.1
  • 215
    • 0004264563 scopus 로고
    • Liberalization of the capital account: Experiences and issues
    • Staff papers. International Monetary Fund, Washington, DC
    • Mathieson, D., Rojaz-Suarez, L., 1992. Liberalization of the capital account: experiences and issues. Staff papers. International Monetary Fund, Washington, DC.
    • (1992)
    • Mathieson, D.1    Rojaz-Suarez, L.2
  • 216
    • 0001759920 scopus 로고    scopus 로고
    • From state to market: A survey of empirical studies on privatization
    • Megginson,W.L., Netter, J.M., 2001. From state to market: a survey of empirical studies on privatization. Journal of Economic Literature 39, 321-389.
    • (2001) Journal of Economic Literature , vol.39 , pp. 321-389
    • Megginson, W.L.1    Netter, J.M.2
  • 217
    • 0042042166 scopus 로고    scopus 로고
    • The impact of international market segmentation on securities prices: Evidence from Depositary Receipts
    • Miller, D.P., 1999. The impact of international market segmentation on securities prices: evidence from Depositary Receipts. Journal of Financial Economics 51, 103-123.
    • (1999) Journal of Financial Economics , vol.51 , pp. 103-123
    • Miller, D.P.1
  • 218
    • 0013116281 scopus 로고    scopus 로고
    • A new set of measures on capital account restrictions
    • Working paper, Johns Hopkins University
    • Miniane, J., 2000. A new set of measures on capital account restrictions. Working paper, Johns Hopkins University.
    • (2000)
    • Miniane, J.1
  • 219
    • 0001373089 scopus 로고    scopus 로고
    • The information content of stock markets: Why do emerging markets have synchronous stock price movements?
    • Morck, R., Yeung, B., Yu, W., 2000. The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics 58 (1), 215-260.
    • (2000) Journal of Financial Economics , vol.58 , Issue.1 , pp. 215-260
    • Morck, R.1    Yeung, B.2    Yu, W.3
  • 220
    • 0012533256 scopus 로고    scopus 로고
    • The value of corporate votes and control benefits: Cross-country analysis
    • (in press)
    • Nenova, T., 2003. The value of corporate votes and control benefits: cross-country analysis. Journal of Financial Economics (in press).
    • (2003) Journal of Financial Economics
    • Nenova, T.1
  • 221
    • 0034165316 scopus 로고    scopus 로고
    • Volatility spillover effects from Japan and the U.S. to the Pacific-Basin
    • Ng, A., 2000. Volatility spillover effects from Japan and the U.S. to the Pacific-Basin. Journal of International Money and Finance 19, 207-233.
    • (2000) Journal of International Money and Finance , vol.19 , pp. 207-233
    • Ng, A.1
  • 222
    • 0013117003 scopus 로고    scopus 로고
    • Investment barriers and international asset pricing: Evidence from closed-end country funds
    • Working paper, Tulane University, New Orleans, LA
    • Nishiotis, G.P., 2002. Investment barriers and international asset pricing: Evidence from closed-end country funds. Working paper, Tulane University, New Orleans, LA.
    • (2002)
    • Nishiotis, G.P.1
  • 223
    • 0002541610 scopus 로고
    • Rational and self-fulfilling balance of payments crises
    • Obstfeld, M., 1986. Rational and self-fulfilling balance of payments crises. American Economic Review 76, 72-81.
    • (1986) American Economic Review , vol.76 , pp. 72-81
    • Obstfeld, M.1
  • 225
    • 4243663624 scopus 로고    scopus 로고
    • Firm characteristics and the impact of emerging market liberalizations
    • Working paper, Rutgers University
    • Patro, D.K., Wald, J.K., 2002. Firm characteristics and the impact of emerging market liberalizations. Working paper, Rutgers University.
    • (2002)
    • Patro, D.K.1    Wald, J.K.2
  • 228
    • 0001256372 scopus 로고
    • The excess co-movement of commodity prices
    • Pindyck, R.S., Rotemberg, J.J., 1990. The excess co-movement of commodity prices. Economic Journal 100, 1173-1189.
    • (1990) Economic Journal , vol.100 , pp. 1173-1189
    • Pindyck, R.S.1    Rotemberg, J.J.2
  • 230
    • 0004218678 scopus 로고    scopus 로고
    • The determinants of cross border equity flows
    • Working paper 7336, National Bureau of Economic Research, Cambridge, MA
    • Portes, R., Rey, H., 2002. The determinants of cross border equity flows. Working paper 7336, National Bureau of Economic Research, Cambridge, MA.
    • (2002)
    • Portes, R.1    Rey, H.2
  • 231
    • 0031286425 scopus 로고    scopus 로고
    • The correlates of changes in international financial regulation
    • Quinn, D., 1997. The correlates of changes in international financial regulation. American Political Science Review 91, 531-551.
    • (1997) American Political Science Review , vol.91 , pp. 531-551
    • Quinn, D.1
  • 232
    • 0003664291 scopus 로고    scopus 로고
    • How and where capital account liberalization leads to growth
    • Working paper, Georgetown University
    • Quinn, D., Inclan, C., Toyoda, A.M., 2001. How and where capital account liberalization leads to growth. Working paper, Georgetown University.
    • (2001)
    • Quinn, D.1    Inclan, C.2    Toyoda, A.M.3
  • 234
    • 0004114608 scopus 로고    scopus 로고
    • The great reversals: The politics of financial development in the 20th century
    • Working paper, University of Chicago, Chicago, IL
    • Rajan, R.G., Zingales, L., 2001. The great reversals: The politics of financial development in the 20th century. Working paper, University of Chicago, Chicago, IL.
    • (2001)
    • Rajan, R.G.1    Zingales, L.2
  • 235
    • 0009410789 scopus 로고    scopus 로고
    • Volatility and predictability in national markets: How do emerging and mature markets differ?
    • Staff Papers. International Monetary Fund, Washington DC
    • Richards, A.J., 1996. Volatility and predictability in national markets: how do emerging and mature markets differ? Staff Papers. International Monetary Fund, Washington DC.
    • (1996)
    • Richards, A.J.1
  • 236
    • 0004082061 scopus 로고    scopus 로고
    • Big fish in small ponds: The momentum investing and price impact of foreign investors in Asian emerging equity markets
    • Working paper, Reserve Bank of Australia
    • Richards, A.J., 2002. Big fish in small ponds: The momentum investing and price impact of foreign investors in Asian emerging equity markets. Working paper, Reserve Bank of Australia.
    • (2002)
    • Richards, A.J.1
  • 237
    • 0037952557 scopus 로고    scopus 로고
    • Contagion: How to measure it?
    • Edwards, S., Frankel, J. (Eds.), National Bureau of Economic Research and University of Chicago Press, Chicago, IL. In press
    • Rigobon, R., 2001. Contagion: how to measure it? In: Edwards, S., Frankel, J. (Eds.), Currency Crises Prevention. National Bureau of Economic Research and University of Chicago Press, Chicago, IL. In press.
    • (2001) Currency Crises Prevention
    • Rigobon, R.1
  • 238
    • 0141486164 scopus 로고    scopus 로고
    • On the measurement of the international propagation of shocks: Is it stable?
    • (in press)
    • Rigobon, R., 2002a. On the measurement of the international propagation of shocks: is it stable? Journal of International Economics (in press).
    • (2002) Journal of International Economics
    • Rigobon, R.1
  • 239
    • 0036892415 scopus 로고    scopus 로고
    • The curse of non-investment grade countries
    • (in press)
    • Rigobon, R., 2002b. The curse of non-investment grade countries. Journal of Development Economics (in press).
    • (2002) Journal of Development Economics
    • Rigobon, R.1
  • 240
    • 0035584627 scopus 로고    scopus 로고
    • A time-varying parameter model to test for predictability and integration in the stock markets of transition economies
    • Rockinger, M., Urga, G., 2001. A time-varying parameter model to test for predictability and integration in the stock markets of transition economies. Journal of Business and Economic Statistics 19, 73-84.
    • (2001) Journal of Business and Economic Statistics , vol.19 , pp. 73-84
    • Rockinger, M.1    Urga, G.2
  • 241
    • 0003461491 scopus 로고    scopus 로고
    • Who needs capital account convertibility?
    • Working paper, Department of Economics, Harvard University, Cambridge, MA
    • Rodrik, D., 1998. Who needs capital account convertibility? Working paper, Department of Economics, Harvard University, Cambridge, MA.
    • (1998)
    • Rodrik, D.1
  • 242
    • 0003997752 scopus 로고    scopus 로고
    • Emerging financial markets and early U.S. growth
    • Working paper, New York University
    • Rousseau, P.L., Sylla, R., 1999. Emerging financial markets and early U.S. growth. Working paper, New York University.
    • (1999)
    • Rousseau, P.L.1    Sylla, R.2
  • 243
    • 0003459689 scopus 로고    scopus 로고
    • Financial systems, economic growth and globalization
    • Working paper 8323, National Bureau of Economic Research, Cambridge, MA
    • Rousseau, P.L., Sylla, R., 2001. Financial systems, economic growth and globalization. Working paper 8323, National Bureau of Economic Research, Cambridge, MA.
    • (2001)
    • Rousseau, P.L.1    Sylla, R.2
  • 244
    • 0012584954 scopus 로고    scopus 로고
    • Local return factors and turnover in emerging stock markets
    • Rouwenhorst, K.G., 1999. Local return factors and turnover in emerging stock markets. Journal of Finance 54, 1439-1464.
    • (1999) Journal of Finance , vol.54 , pp. 1439-1464
    • Rouwenhorst, K.G.1
  • 246
    • 0000183976 scopus 로고
    • Do demand curves for stocks slope down?
    • Shleifer, A., 1986. Do demand curves for stocks slope down? Journal of Finance 41, 579-590.
    • (1986) Journal of Finance , vol.41 , pp. 579-590
    • Shleifer, A.1
  • 247
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A., Vishny, R.W., 1997. A survey of corporate governance. Journal of Finance 52, 737-783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 248
    • 0013152550 scopus 로고
    • Unpublished discussion of Karolyi and Stulz National Bureau of Economic Research Universities Conference on Risk Management, May
    • Stambaugh, R., 1995. Unpublished discussion of Karolyi and Stulz (1996). National Bureau of Economic Research Universities Conference on Risk Management, May.
    • (1995)
    • Stambaugh, R.1
  • 249
    • 0034109491 scopus 로고    scopus 로고
    • Capital market liberalization, economic growth and instability
    • Stiglitz, J.E., 2000. Capital market liberalization, economic growth and instability. World Development 25, 1075-1086.
    • (2000) World Development , vol.25 , pp. 1075-1086
    • Stiglitz, J.E.1
  • 250
    • 84977410476 scopus 로고
    • On the effects of barriers to international investment
    • Stulz, R.M., 1981. On the effects of barriers to international investment. Journal of Finance 36, 923-934.
    • (1981) Journal of Finance , vol.36 , pp. 923-934
    • Stulz, R.M.1
  • 251
    • 0002960368 scopus 로고    scopus 로고
    • International portfolio flows and security markets
    • Feldstein, M. (Ed.), National Bureau of Economic Research and University of Chicago Press
    • Stulz, R.M., 1999. International portfolio flows and security markets. In: Feldstein, M. (Ed.), International Capital Flows. National Bureau of Economic Research and University of Chicago Press, pp. 257-293.
    • (1999) International Capital Flows , pp. 257-293
    • Stulz, R.M.1
  • 252
    • 0035605776 scopus 로고    scopus 로고
    • Extreme observations and diversification in Latin American emerging equity markets
    • Susmel, R., 2001. Extreme observations and diversification in Latin American emerging equity markets. Journal of International Money and Finance 20, 971-986.
    • (2001) Journal of International Money and Finance , vol.20 , pp. 971-986
    • Susmel, R.1
  • 253
    • 0004282757 scopus 로고    scopus 로고
    • Contagion: An empirical test
    • Working paper, Duke University
    • Tang, J.W., 2002. Contagion: An empirical test. Working paper, Duke University.
    • (2002)
    • Tang, J.W.1
  • 254
    • 0031752850 scopus 로고    scopus 로고
    • Argentina and the world capital market: Saving, investment, and international capital mobility in the twentieth century
    • Taylor, A.M., 1998. Argentina and the world capital market: saving, investment, and international capital mobility in the twentieth century. Journal of Development Economics 57, 147-184.
    • (1998) Journal of Development Economics , vol.57 , pp. 147-184
    • Taylor, A.M.1
  • 255
    • 0028595785 scopus 로고
    • Capital flows to the new-world as an intergenerational transfer
    • Taylor, A.M., Williamson, J.G., 1994. Capital flows to the new-world as an intergenerational transfer. Journal of Political Economy 102, 348-371.
    • (1994) Journal of Political Economy , vol.102 , pp. 348-371
    • Taylor, A.M.1    Williamson, J.G.2
  • 256
    • 0028834583 scopus 로고
    • U.S. equity investment in emerging stock markets
    • Tesar, L., Werner, I., 1995. U.S. equity investment in emerging stock markets. World Bank Economic Review 9, 109-130.
    • (1995) World Bank Economic Review , vol.9 , pp. 109-130
    • Tesar, L.1    Werner, I.2
  • 257
    • 4243781926 scopus 로고    scopus 로고
    • International equity and bond portfolios
    • Working paper, Board of Governors of the Federal Reserve System
    • Thomas, C., Warnock, F.E., 2002. International equity and bond portfolios. Working paper, Board of Governors of the Federal Reserve System.
    • (2002)
    • Thomas, C.1    Warnock, F.E.2
  • 258
    • 0004112673 scopus 로고
    • The impact of security cross-listing on the cost of capital in emerging markets
    • Unpublished dissertation, Stanford University, Stanford CA
    • Urias, M., 1994. The impact of security cross-listing on the cost of capital in emerging markets. Unpublished dissertation, Stanford University, Stanford CA.
    • (1994)
    • Urias, M.1
  • 260
    • 0000510157 scopus 로고    scopus 로고
    • How big are potential welfare gains from international risk sharing?
    • Van Wincoop, E., 1999. How big are potential welfare gains from international risk sharing? Journal of International Economics 47, 109-235.
    • (1999) Journal of International Economics , vol.47 , pp. 109-235
    • Van Wincoop, E.1
  • 261
    • 0003969549 scopus 로고    scopus 로고
    • Financial centers and the geography of capital flows
    • Working paper, Board of Governors of the Federal Reserve System
    • Warnock, F.E., Cleaver, C., 2002. Financial centers and the geography of capital flows. Working paper, Board of Governors of the Federal Reserve System.
    • (2002)
    • Warnock, F.E.1    Cleaver, C.2
  • 262
    • 0001273817 scopus 로고
    • Aggregate mutual fund flows and security returns
    • Warther, V.A., 1995. Aggregate mutual fund flows and security returns. Journal of Financial Economics 39, 209-235.
    • (1995) Journal of Financial Economics , vol.39 , pp. 209-235
    • Warther, V.A.1
  • 263
    • 0030499682 scopus 로고    scopus 로고
    • Globalization, convergence, and history
    • Williamson, J.G., 1996. Globalization, convergence, and history. Journal of Economic History 56, 277-306.
    • (1996) Journal of Economic History , vol.56 , pp. 277-306
    • Williamson, J.G.1
  • 264
    • 0003710120 scopus 로고    scopus 로고
    • Private Capital Flows to Developing Countries. The Road to Financial Integration
    • World Bank, The World Bank and Oxford Univ. Press, Washington, DC
    • World Bank, 1997. Private Capital Flows to Developing Countries. The Road to Financial Integration. The World Bank and Oxford Univ. Press, Washington, DC.
    • (1997)
  • 265
    • 0000662187 scopus 로고    scopus 로고
    • Financial markets and the allocation of capital
    • Wurgler, J., 2000. Financial markets and the allocation of capital. Journal of Financial Economics 58, 187-214.
    • (2000) Journal of Financial Economics , vol.58 , pp. 187-214
    • Wurgler, J.1
  • 266
    • 0013111637 scopus 로고    scopus 로고
    • Asymmetric price movement and the borrowing constraint: A REE model of crises, contagion, and confusion
    • Working paper, University of Michigan
    • Yuan, Z.K., 2002. Asymmetric price movement and the borrowing constraint: A REE model of crises, contagion, and confusion. Working paper, University of Michigan.
    • (2002)
    • Yuan, Z.K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.