The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Capital Inflows and Liquidity Crunch During a Global Economic Crisis

The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis
We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of... READ MORE...

Publication date: August 2009
ISBN 9781451873115
$18.00

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