Emerging Market Finance : New Challenges and Opportunities.

Intro -- Half Title Page -- Series Editor -- Title Page -- Copyright Page -- Contents -- List of Contributors -- PART I: AN OVERVIEW -- Chapter 1: Emerging Market Finance: New Challenges and Opportunities -- 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 -- 1. Introduction -- 2. Data and Methodology -- 2.1. Sample -- 2.2. Descriptive Statistics and Control Variables -- 2.3. Methodology -- 3. Results -- 3.1. What Factors Lure Foreign Bank Branches? -- 3.2. Do Foreign Bank Branches Change the Lending Activity in the Host Country? -- 3.2.1. Modes of Foreign Bank Ownerships -- 3.2.2. Banking Crises -- 4. Conclusions -- References -- Chapter 3: Nonperforming Loans in Asia: Determinants and Macrofinancial Linkages -- I. Introduction -- II. Literature Review -- III. Determinants of NPLs -- A. Data -- B. Model -- C. Results and Discussion -- Pre- and Post-Global Financial Crisis Analysis -- IV. Feedback Effects from NPLs to the Real Economy and the Financial Sector -- A. Data -- B. Methodology -- C. Results and Discussion -- V. Concluding Remarks -- References -- Chapter 4: Corporate Default Risk and Loan Pricing Behavior in China -- 1. Introduction -- 2. Related Literature -- 3. Research Framework and Data -- 3.1. Empirical Framework -- 3.2. Data -- 4. Empirical Results -- 4.1. Benchmark Regressions -- 4.2. Firm Ownership, Business Cycle, and Loan Pricing -- 4.3. Big Four Banks Versus Other Banks -- 4.4. Loan Pricing across Industries -- 4.4.1. Loan Pricing for the Real Estate Sector -- 4.4.2. Loan Pricing for Government-supported Industries -- 5. Conclusion -- References -- Chapter 5: Chinese Banks in Russia: Market Expansion Strategies and New Opportunities -- 1. Introduction -- 2. The Banking System in China.

3. Chinese Banks' Activity in Russia -- 3.1. Bank of China -- 3.2. ICBC -- 3.3. China Construction Bank -- 3.4. Agricultural Bank of China -- 3.5. China Development Bank and Eximbank of China -- 4. Chinese Banking in Russia: Business Types, Clientele, Business Strategies, Regulations, and Interaction with Russian Banks -- 5. Conclusion -- References -- Chapter 6: Global Shock and Foreign Bank Lending: Choice of Home and Local Currency Loans in Indonesia -- 1. Introduction -- 2. Literature Review and the Theoretical Model -- 2.1 Literature Review -- 2.2 The Theoretical Base Model: Two-country International Lending Model -- 3. Data and Descriptive Statistics -- 3.1 Data Source -- 3.2 The Indonesian Banking Sector and Descriptive Statistics -- 4. Methodology and Results -- 4.1 Empirical Base Models -- 4.2 Impacts of Crisis -- 5. Conclusion -- References -- Appendix 1: Statistics for Individual Banks. -- Chapter 7: Spillover Effects of Global MonetaRy Shocks on Foreign Banks: Evidence from an Emerging Economy -- 1. Introduction -- 2. Lending Activity by Foreign Banks in Korea -- 3. The Model -- 3.1. The Econometric Model for the Aggregate Level Analysis -- 3.2. The Econometric Model for the Bank-level Analysis -- 4. Data -- 4.1. The Interest Rate Differential -- 4.2. Quantitative Easing -- 4.3. VIXQ -- 4.4. Interoffice Transactions -- 4.5. Real Effective Foreign Exchange Rates -- 4.6. Real GDP Growth Rates of Korea -- 5. The Empirical Results -- 5.1. Macroeconomic and Banking Data Analyses -- 5.1.a. International Spillover of Monetary Policy Shocks From the United Statesto Korea -- 5.1.b. International Spillover of Monetary Policy Shocks from the Euro Area to Korea -- 5.2. The Bank-level Data Analysis -- 6. Conclusion -- References -- PART III: STOCK MARKET BEHAVIOR IN EMERGING ECONOMIES.

Chapter 8: Global Stock Market Prices Response to Uncertainty Changes in US Monetary and Fiscal Policies -- 1. Introduction -- 2. Economic Framework -- 3. Econometric Models -- 3.1. Econometric Specification -- 3.2. Testable Hypotheses -- 4. Data -- 5. Empirical Evidence -- 5.1 Correlation Analysis -- 5.2 Evidence of Monetary Policy Uncertainty Change -- 5.3 The Role of Fiscal Policy Uncertainty Change -- 6. Conclusions -- References -- Chapter 9: The Asymmetry Effect and Volatility Persistence in Stock Market Returns: Evidence from Brazil, China, Mexico and Turkey -- 1. Introduction -- 2. Literature Review -- 3. Data and Methodology -- 3.1. Data Collection -- 3.2. Methodology -- 3.2.1. Unit Root Tests -- 3.2.2. ARCH Effect -- 3.2.3. GARCH Model -- 3.2.4. Volatility Persistence and Half-life Volatility for GARCH (1,1) Model -- 3.2.5. Daily Volatility for GARCH (1,1) Model -- 3.2.6. EGARCH Model and the Leverage Effect -- 4. Results -- 4.1. Descriptive Analysis -- 4.2. Mean Equation and ARCH Effect -- 4.3. GARCH (1,1) Results, Daily Volatility, and Volatility Persistence -- 4.4. Half-life Volatility -- 4.5. EGARCH (1,1) Models and the Leverage Effect -- 5. Conclusion -- References -- Chapter 10: Tests of Multifactor Asset Pricing Models in Asian Stock Markets -- 1. Introduction -- 2. Estimation Models and Research Methodology -- 2.1 Models -- 2.2 Formation of Portfolios and Fundamental Factors -- 3. Data Description -- 4. Empirical Analysis -- 4.1. The Original Fama-French Three-factor Model -- 4.2. Profitability and Investment Factors -- 4.3. Alternative Factors: P/E and Dividend Yield -- 4.4. The Complete Eight-factor Model -- 4.5. International Fundamental Factors -- 4.6. Eight-factor Model Results Under Different Market Conditions -- 5. Conclusion -- References.

Chapter 11: Tunisian Revolution and Herd Behavior: Empirical Evidence from the Tunisia Stock Exchange -- 1. Introduction -- 2. Literature Review and Research Questions -- 2.1. Contextualizing the Nature of Herding Behavior in Tunisia -- 2.2. The Tunisian Revolution -- 2.3. The Adverse Herding -- 3. Data and Methodology -- 3.1. Data Description -- 3.2. Methodology -- 3.3. Jasmine Revolution Crisis Periods and Market Evolution -- 4. Empirical Results -- 4.1. Descriptive Statistics -- 4.2. Regression Results on Herding Behavior Within the Tunisia Stock Market -- 4.3. Regression Results on Herding Behavior Within the Extreme Market Conditions -- 4.4. Regression Results on Herding Behavior Within the Financial Distress During the Jasmine Revolution Period of 2011-2013 -- 5. Conclusion -- References -- PART IV: GLOBAL FINANCING FOR FIRMS AND FINANCIAL INCLUSION -- Chapter 12: A Theory of Domestic and International Trade Finance -- 1. Introduction -- 2. Baseline Model -- 2.1. Banks with Costly Screening Technology -- 3. Trade Finance Premium -- 3.1. Optimal Investment in Screening Tests -- 3.2 Counter-cyclical Trade Finance Premium -- 4. Extension: A Letter of Credit (L/C) -- 4.1 A Letter of Credit (L/C) -- 4.2. Optimal Payment System -- 4.3 Banking Crisis and A Letter of Credit -- 5. Conclusion -- References -- Chapter 13: The Impact of CEO and Firm-Specific Characteristics on Capital Structure: Evidence from Romanian Firms -- 1. Introduction -- 2. Related Literature and Hypotheses Development -- 3. Data and Methodology -- 3.1. Sample and Measures -- 3.2. Quantitative Methods -- 4. Empirical Findings -- 4.1. Univariate Analysis -- 4.2. Panel Regression Analysis -- 4.3. Robustness Tests -- 5. Concluding Remarks -- References -- Chapter 14: Optimal Financial Inclusion -- 1. Introduction -- 2. Financial Inclusion - An Overview -- 2.1. Early History.

2.2. Defining Financial Inclusion -- 2.3. Benefits of Financial Inclusion -- 3. Critical Perspectives on Financial Inclusion -- 4. The Conditions for Optimality in Financial Inclusion -- 5. Conclusion -- References -- Chapter 15: Social Inclusion and Sustainable Economic Development: Evidence from EU Economies -- 1. Introduction -- 2. Literature Review -- 3. EU Countries Classification in Terms of Social Inclusiveness - A Cluster Analysis Approach -- 4. Exploring the Relationship Between Sustainable Development Indicators and Social Inclusion -- 5. Conclusions -- References -- Index.

This edited volume of International Finance Reviewexamines the rising challenges facing emerging financial markets and institutions. It provides significant insight and policy implications on topics including global banking, risk and contagion, stock market behaviour, financial inclusion in the major emerging economies, and more.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.