Series: IMF Working Papers
Author(s): Hui Tong , and Shang-Jin Wei
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 August 2009
Keywords: Financial globalization, spillover, liquidity constraints, stock price, working capital, financial dependence, Financial Institutions And Services, Corporate Finance And Governance,
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...