IMF programs, financial and real sector performance, and the Asian crisis
This paper has three objectives. First, using a richer and more comprehensive set of IMF-related news than previous studies, we examine the impact of IMF-related news on both financial and real stock sector returns in Indonesia during the Asian crisis. Second, we draw lessons about financial and rea...
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| Veröffentlicht in: | Journal of banking & finance 2012-01, Vol.36 (1), p.164-182 |
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| container_title | Journal of banking & finance |
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| creator | Kutan, Ali M. Muradoglu, Gulnur Sudjana, Brasukra G. |
| description | This paper has three objectives. First, using a richer and more comprehensive set of IMF-related news than previous studies, we examine the impact of IMF-related news on both financial and real stock sector returns in Indonesia during the Asian crisis. Second, we draw lessons about financial and real sectoral patterns of adjustment in crisis countries, including whether and how IMF programs facilitate this adjustment. Third, we explore the interplay between IMF actions in crisis countries and the actions and responses of local authorities. To do so, not only do we account for the impact of news regarding IMF policy actions but also the government's reaction to them and willingness to implement such policies, and the public sentiment about the implemented IMF programs and government policies. We discuss the policy implications of the findings. [PUBLICATION ABSTRACT] |
| doi_str_mv | 10.1016/j.jbankfin.2011.06.015 |
| format | Article |
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First, using a richer and more comprehensive set of IMF-related news than previous studies, we examine the impact of IMF-related news on both financial and real stock sector returns in Indonesia during the Asian crisis. Second, we draw lessons about financial and real sectoral patterns of adjustment in crisis countries, including whether and how IMF programs facilitate this adjustment. Third, we explore the interplay between IMF actions in crisis countries and the actions and responses of local authorities. To do so, not only do we account for the impact of news regarding IMF policy actions but also the government's reaction to them and willingness to implement such policies, and the public sentiment about the implemented IMF programs and government policies. We discuss the policy implications of the findings. 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| ispartof | Journal of banking & finance, 2012-01, Vol.36 (1), p.164-182 |
| issn | 0378-4266 1872-6372 |
| language | eng |
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| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Economic crisis Economic performance Economic policy Financial crisis Government policy Indonesia International Monetary Fund International monetary policy News Rates of return Securities markets Studies |
| title | IMF programs, financial and real sector performance, and the Asian crisis |
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