Research on microeconomic fundamentals of international financial Risk transmission : based on company data Angle
Abstract
The Global spread of financial integration and financial turmoil is a prominent feature of international financial markets today . This , through corporate data research aims to uncover microeconomic fundamentals of linkage and contagion . specifically , This article is built _ Sample of macro-microeconomic characteristics of typical listed companies in China , subprime crisis in America machine and subsequent euro debt crisis for typical events , Study and reveal the contagion of international financial market to China's capital market Channel and its heterogeneity impact . results show : companies with export competition in crisis countries , Direct trade with crisis state easy to exchange company , And companies that are more reliant on short-term debt are performing worse during the crisis . Research conclusion Validate product competitiveness , revenue effects and credit crunch are the main channels for contagion. , and illiquid assets Combination adjustment pressure does not appear on our market .References
Shin H S. The second phase of global liquidity and its impact on emerging economies [M]. London:palgrava Macmillan, 2014.
Turner P. The global long-term interest rate, financial risks and policy choices in Emes [Z]. BIS Working Paper No. 441, 2014.
Powell A. Global recovery and monetary normalization I escaping a chronicle foretold Kl. Washington I Latin American and Caribbean macroeconomic, 2014
rodrigues-bastos F, Kamil H, Sutton B. Corporate Financing trends and balance sheet in L Atin America[Z]. IMF Working Paper No. 15110, 2015.
McCauley R N, McGuire P, Sushko v. Global dollar credit:links to US monetary policy and lever Age Z]. BIS Working Paper No. 483, 2015.
Avdjiev S, Chui M, Shin H. Non-inancial corporations from emerging market and caps Ital flows[J]. BIS Quarterly Review, 2014,24 (11): 242-290.
Shin H S, Zhao L firms as surrogate intermediaries : Evidence from emerging economies [Z]. Princeton University Working Paper, 2013.
Copyright (c) 2018 hongquan Li
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
