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[工作范文]ESSAYS ON INTERNATIONAL FINANCIAL INTEGRATION OF EMERGING
ESSAYS ON INTERNATIONAL FINANCIAL INTEGRATION OF EMERGING
MARKET ECONOMIES
Patrizia Baudino
A DISSERTATION
PRESENTED TO THE FACULTY
OF PRINCETON UNIVERSITY
IN CANDIDACY FOR THE DEGREE
OF DOCTOR OF PHILOSOPHY
RECOMMENDED FOR ACCEPTANCE
BY THE DEPARTMENT OF
ECONOMICS
January 2005
UMI Number: 3156033
3156033
2005
Copyright 2005 by
Baudino, Patrizia
UMI Microform
Copyright
All rights reserved. This microform edition is protected against
unauthorized copying under Title 17, United States Code.
ProQuest Information and Learning Company
300 North Zeeb Road
P.O. Box 1346
Ann Arbor, MI 48106-1346
All rights reserved.
by ProQuest Information and Learning Company.
°c Copyright by Patrizia Baudino, 2005.
All Rights Reserved
Abstract
This collection of essays explores different ways in which fragile financial structures in
emerging market economies (EMEs) expose them to capital account crises. The common
thread among the three essays is the fact that weak financial markets can make crises more
costly, due to the multiplier effect of financial intermediation and the inherent fragility of
financial institutions.
In the first essay, a fragmented domestic banking sector in an EME induces local banks
to rely excessively on the domestic interbank market to finance their short-term liabilities.
As a result, the commitment of the central bank to the tight monetary policy consistent with
a fixed exchange rate is not credible and currency speculators can induce a devaluation by
short-selling the domestic currency. Hence, the weak domestic financial sector can force
the central bank to lose control of the supply of domestic currency.
In the second paper, the domestic financial sector is composed of several banks with
different, but indistinguishable, levels of profitability. In the event of a large demand for
external funds by the EME, this property of the banking sector can induce foreign investors
to lend to no domestic bank. In addition, for a dollarized economy, as is usually the case
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