Franklin

Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? [electronic resource] Claessens, Stijn..

Author/Creator:
Claessens, Stijn.
Publication:
Washington, D.C. : International Monetary Fund, 2011.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 11/227.
IMF Working Papers; Working Paper No. 11/227.
Format/Description:
Government document
Book
1 online resource (40 p.)
Local subjects:
Access to international capital.
Bank claims.
Bank credit.
Bank data.
Bank exposure.
Bank lending.
Bank of international settlements.
Bank of international settlements (bis).
Banking.
Banking sector.
Banking system.
Banking systems.
Banks balance sheets.
Bond.
Bond market.
Bond spreads.
Bond yield.
Bonds.
Cash flow.
Cash flow from operations.
Corporate sector.
Corporate valuation.
Corporate valuations.
Currency risk.
Equity market.
Equity markets.
Financial corporations.
Financial dependence.
Financial markets.
Financial sector.
Financial stability.
Firm valuations.
Government bond.
Government bonds.
International capital.
International capital markets.
International finance.
Sovereign bond.
Sovereign debt.
Sovereign risk.
Spillovers.
Stock indexes.
Stock market.
Stock market indexes.
Stock markets.
Stock price.
Stock price index.
Stock price performance.
Stock prices.
Stock returns.
Working capital.
Greece.
Ireland.
Portugal.
Summary:
This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in external financing and trade conditions and examines how bank and trade linkages propagated effects across borders. It finds that policy measures announced impacted financially-constrained firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries. Trade linkages with peripheral countries also played a role, with euro exchange rate movements causing differential effects.
Notes:
Description based on print version record.
Contributor:
Claessens, Stijn.
Tong, Hui.
Zuccardi, Igor.
Other format:
Print Version:
ISBN:
1463904959:
9781463904951
ISSN:
1018-5941
Publisher Number:
10.5089/9781463904951.001
Access Restriction:
Restricted for use by site license.
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