Using a sample of 277 firms from eight East Asian economies, the relationship between financial distress and firm performance during the Asian Financial Crisis of 1997-1998 was tested. The crisis provides an exogenous shock which reduces the endogeneity issues between firm performance and leverage. The results from this study reaffirm that firms with low financial leverage tend to perform bette...

This paper presents data on the financial crisis in East Asia that started in Thailand in July 1997 and then spread to other emerging Asian economies and the rest of the world, and the warning indicators that were used to predict that crisis. The causes of the current financial and economic crisis in Asia are then examined as well as the reason that the same indicators could not predict the cur...

This paper discusses the theoretical and policy debate on the Crisis in South East Asia. After contrasting competing interpretations of the crisis, the paper presents stylized facts about fundamental imbalances in the economies of the region before the currency collapse. Then, it reviews current theories of currency and financial instability, assessing them as interpretive schemes of the crisis...

the asia-pacific region generates over half of global economic activity (54.2%) and about 43.7% of global trade, and is the most dynamic region in the global economy. at the core of this is an increasingly dynamic, vibrant and entrepreneurial small-medium sized enterprise sector. advances in information and communications technology, market liberalisation and moves towards closer regional econo...

We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and captures the spillovers associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, these spillovers can potentially g...

The new actors, a new stage, new roles, and new threats in health care, it is time to define new roles for chief financial officers (CFOs) and financial executives more than a supporting player in the unfolding drama of our industry. A tsunami of cost containment has hit, and spending on performance improvement is key to survival. Survival of our current financial crisis will require great fina...

Online P2P lending marketplaces match individual lenders and borrowers for unsecured loans via real-time auction without financial institutions as an intermediary. This paper aims to build up a theoretical framework from the perspectives of informational social influence and herding behavior to explain how individual investors’ participation of online financial community influence their credit ...

this paper discusses whether european institutions should devote so much attention and funding to cross-border healthcare or they should instead prioritise guaranteeing universal health coverage (uhc), inequalities and tackling the effects of austerity measures. the paper argues through providing the evidence in both areas of research, that the priority at european level from a public health an...

The financial crisis of 2007–2008 revealed many inadequacies in the pre-crisis approach to financial stability regulation. In the United States, Congress responded by enacting the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act calls for government agencies to make numerous rules regulating activities that have the potential to harm financial stability, but there has been no ...

In this chapter, we analyze empirically the existence and extent of financial contagion in the East Asian crisis. We define financial contagion as a significant increase in correlation of financial variables after controlling fundamentals and common shocks, and we develop an autoregressive model to measure contagion. In particular, we attempt to exclude the common effects of the crisis in South...