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Full Description
Emerging economies have faced new challenges and opportunities in banking and finance in the post-crisis era under increasing uncertainty. This edited volume of International Finance Review contains original papers that examine rising challenges facing emerging financial markets and institutions. It covers issues such as global banking, risk and contagion, stock market behaviour, global financing for firms, and financial inclusion in the major emerging economies.
Particular emphasis on banking is given to the impact of foreign banks on lending by domestic banks, bank loan pricing behaviour with corporate default risk, determinants of nonperforming loans and their macrofinancial implications, foreign bank activities of emerging market entry, international financial shock transmission through the foreign bank lending channel via internal capital markets, and spillover effects of global monetary shocks from an advanced to an emerging economy. Additional emphasis on stock market behaviour and financing is given to emerging stock markets under policy uncertainty from advanced economies, extended multifactor models for emerging stock markets, asymmetric volatility and herd behaviour in geopolitical crises, trade financing as an important cause of the recent trade collapse, determinants of capital structure, and social and financial inclusion in the major emerging markets. This volume also provides significant insight and important policy implications for market participants, researchers, and policy makers in emerging market finance.
Contents
Part I. An OverviewChapter 1. Emerging Market Finance: New Challenges and Opportunities; Bang Nam Jeon and Ji Wu
Part II. Global Banking Activity, Risk and Contagion
Chapter 2. Do Foreign Bank Branches Affect Lending of Foreign and State-owned Banks? Empirical Evidence from CESEE Countries; Oskar Kowalewski
Chapter 3. Nonperforming Loans in Asia: Determinants and Macrofinancial Linkages; Junkyu Lee and Peter Rosenkranz
Chapter 4. Corporate Default Risk and Loan Pricing Behavior in China; Hongyi Chen, Jianghui Chen and Gaofeng Han
Chapter 5. Chinese Banks in Russia: Market Expansion Strategies and New Opportunities; Ekaterina Serbina
Chapter 6. Global Shock and Foreign Bank Lending: Choice of Home and Local Currency Loans in Indonesia; Yuki Masujima
Chapter 7. Spillover Effects of Global Monetary Shocks on Foreign Banks: Evidence from an Emerging Economy; Bang Nam Jeon, Hosung Lim and Ji Wu
Part III. Stock Market Behavior in Emerging Economies
Chapter 8. Global Stock Market Prices Response to Uncertainty Changes in U.S. Monetary and Fiscal Policies; Thomas Chiang
Chapter 9. The Asymmetry Effect and Volatility Persistence in Stock Market Returns: Evidence from Brazil, China, Mexico and Turkey; Ihsan Erdem Kayral, Hilal Merve Alagoz and Nisa Sansel Tandogan
Chapter 10. Tests of Multifactor Asset Pricing Models in Asian Stock Markets; Dazhi Zheng, Thomas C. Chiang and Edward Nelling
Chapter 11. Tunisian Revolution and Herd Behavior: Empirical Evidence from the Tunisia Stock Exchange; Ahmed Bouteska
Part IV. Global Financing for Firms and Financial Inclusion
Chapter 12. A Theory of Domestic and International Trade Finance; JaeBin Ahn
Chapter 13. The Impact of CEO and Firm-specific Characteristics on Capital Structure: Evidence from Romanian Firms; Stefan Cristian Gherghina, Georgeta Vintilă and Diana Alexandra Toader
Chapter 14. Optimal Financial Inclusion; Peterson K. Ozili
Chapter 15. Social Inclusion and Sustainable Economic Development: Evidence from EU Economies; Iustina Alina Boitan and Emilia Mioara Câmpeanu
