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Title: Sudden stops and liability dollarization : evidence from Asia's financial intermediaries
Authors: Chue, TK 
Cook, D
Keywords: Asian financial crisis
Financial intermediaries
International debt
Liability dollarization
Sudden stops
Issue Date: 2008
Publisher: North-Holland
Source: Pacific basin finance journal, 2008, v. 16, no. 4, p. 436-452 How to cite?
Journal: Pacific basin finance journal 
Abstract: Before the currency crisis of 1997-1998, East Asian financial intermediaries borrowed heavily in international markets. During the crisis, the intermediaries' stock market value declined sharply, and a sizable fraction of the institutions were closed or nationalized. We investigate how the short-term and the foreign-currency nature of the intermediaries' international borrowing contributed to these outcomes. From the impact of long-term international debt on the stock returns of surviving intermediaries, we observe the negative effects of the foreign-currency nature of international debt (liability dollarization). From the impact of short-term international debt on the likelihood of firm failure and on the size of surviving intermediaries' assets and liabilities, we observe the negative effects of the short-term nature of international debt (sudden stops).
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2007.06.003
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