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2. Market segmentation, liquidity spillover, and closed-end country fund discounts. (2008). Xia, Yihong ; Jain, Ravi ; Chan, Justin S. P., .
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3. The Asian crisis: what did local stock markets expect?. (2008). Tesei, Andrea ; Gyntelberg, Jacob ; Garcia Herrero, Alicia.
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4. Understanding Asian equity flows, market returns and exchange rates. (2008). Ho, Corrinne ; Chai-anant, Chayawadee .
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5. Internal ratings, the business cycle and capital requirements: some evidence from an emerging market economy. (2002). Lowe, Philip ; Segoviano, Miguel A..
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6. Changes in market functioning and central bank policy: an overview of the issues. (2002). Wooldridge, Philip ; Remolona, Eli ; Barth, Marvin J..
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7. Internal ratings, the business cycle and capital requirements: some evidence from an emerging market economy. (2002). Lowe, Philip ; Segoviano, Miguel A..
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1. As I see it, this finding is actually confirmed by trends in US capital flow data and is very stimulating in understanding the market dynamics during the crisis. According to capital movement statistics by the US Treasury Department as shown in Chart 1, US investors seemed to purchase Asian stocks at low prices even during the Asian crisis and sold them at higher prices to take profits in the latter half of 1999.
   Paper not yet in RePEc: Add citation now
   

2. Bekaert, Geert and Campbell Harvey, 1998, Foreign speculators and emerging equity markets, Working Paper, Duke University.

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5. BIS Papers No 2 43 Graph 1a. Components of net portfolio investment (US$M.): Korea -25000 -20000 -15000 -10000 -5000 0 5000 10000 1995 1996 1997 1998 1999 Net portfolio investment Change in bank claims Net securities issuance Graph 1b. Components of net portfolio investment (US$M.): Thailand -15000 -10000 -5000 0 5000 10000 15000 1995 1996 1997 1998 1999 Net portfolio investment Change in bank claims Net securities issuance BIS Papers No 2 Graph 1c. Components of net portfolio investment (US$M): Philippines -3000 -2000 -1000 0 1000 2000 3000 4000 1995 1996 1997 1998 1999 Net portfolio investment Change in bank claims Net securities issuance Source (all graphs): IMF, BIS.
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6. BIS Papers No 2 59 Table 5 Local stock markets: capitalisation data and indices used in daily regressions Market capitalisation (US$bn)Country End-1994 End-1999 Index Number of index members Korea 192 309 KOSPI 200 Index 200 Taiwan 247 376 TWSE Weighted Index 452 Thailand 131 58 Bangkok SET Index 394 Indonesia 47 64 Jakarta LQ-45 Index 45 Malaysia 199 145 KL Composite Index 100 Philippines 56 48 Philippines Composite Index 33 Source: IFC; Bloomberg.
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7. BIS Papers No 2 Errunza, V, L W Senbet, and K Hogan, 1998, The Pricing of Country Funds from Emerging Markets: Theory and Evidence, International Journal of Theoretical and Applied Finance 1, 111-43.

8. BIS Papers No 2 Table 2 Asian closed-end country funds Fund Date of inception Market capitalisation ($M.) Average premium 1995-99 Premium at 31 December 1999 Korea Fund 08/29/84 825 + 0.03 â 0.31 Korean Investment Fund 02/01/92 71 â 0.04 â 0.31 Taiwan Equity Fund 07/01/94 NA â 0.15 â 0.11 Taiwan Fund 12/01/86 NA â 0.09 â 0.14 Thai Fund 02/01/88 97 + 0.27 + 0.31 Thai Capital Fund 05/01/90 NA + 0.18 + 0.30 Jakarta Growth Fund 04/01/90 16 + 0.10 + 0.03 Indonesia Fund 03/09/90 24 + 0.24 + 0.19 Malaysia Fund 05/01/87 70 + 0.12 + 0.28 First Philippine Fund 11/01/89 56 â 0.16 â 0.20 Average 166 + 0.05 + 0.00 Source: Bloomberg; authorâs calculations. Market capitalisations are as of year-end 1999 and are not reported by the Taiwan Fund, Taiwan Equity Fund and Thai Capital Fund. The premium, measured weekly, is defined as the natural logarithm of the ratio of price to net asset value.
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9. Brown, S J, W N Goetzmann, and J M Park, 1998, Hedge Funds and the Asian Crisis of 1997, Working Paper, Yale School of Management.

10. Choe, Hyuk, Bong-Chan Kho, and Rene Stulz, 1999, Do Foreign Investors Destabilize Stock Markets: The Korean Experience in 1997, Journal of Financial Economics 54, 227-264.

11. Clark, John and Elizabeth Berko, 1996, Foreign investment fluctuations and emerging stock returns: The case of Mexico, Federal Reserve Bank of New York.
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12. Corsetti, G., P. Pesenti and N. Roubini, 1998, What Caused the Asian Currency and Financial Crisis? NBER Working Papers # 6833 (Part I) and 6834 (Part II).

13. Downes, John, and Jordan Elliot Goodman, 1991, Dictionary of Finance and Investment Terms (NY: Barronâs).
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14. Engle, R F, T Ito, and W-L Lin, 1990, Meteor Showers or Heat Waves? Heteroskedastic Intra-daily Volatility in the Foreign Exchange Market, Econometrica 58, 525-542.

15. Frankel, J and S Schmukler, 1996, Country Fund Discounts and the Mexican Crisis of December 1994: Did Local Residents Turn Pessimistic before International Investors? Open Economies Review 7, Supplement 1, 511-34.

16. Froot, Kenneth A, Paul G J OâConnell, and Mark Seasholes, 1998, The Portfolio Flows of International Investors I, NBER Working Paper 6687.

17. Glosten, L R, R Jagannathan, and D E Runkle, 1993, On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks, Journal of Finance 48, 1779-1801.

18. Hardouvelis, G, R La Porta, and T Wizman, 1994, What Moves the Discount on Country Equity Funds? In J Frankel (Ed.), The Internationalization of Equity Markets, Chicago and London: University of Chicago Press, 345-97.

19. In contrast, Japanese investors exhibited different investment behaviour, as shown in Chart 2. It was not until 1999 that net equity investment from Japan to Asian countries turned to a positive figure.
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20. Klibanoff, P, O Lamont, and T Wizman, 1998, Investor Reaction to Salient News in Closed-End Country Funds, Journal of Finance 53, 673-99.

21. Kramer, Charles and Richard Todd Smith, 1995, Recent Turmoil in Emerging Markets and the Behavior of Country Fund Discounts: Renewing the Puzzle of the Pricing of Closed End Mutual Funds, IMF Working Paper.

22. Krugman, P, 1998, What Happened to Asia? Working Paper, MIT, Downloanable at: web.mit.edu/krugman/www.
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23. Krugman, P, 1999, Balance Sheets, the Transfer Problem, and Finanancial Crises, working paper Lee, C M, A Shleifer, and R H Thaler, 1991, Investor Sentiment and the Closed-End Fund Puzzle, Journal of Finance 46, 75-109.

24. Levy-Yeyati, Eduardo and Angel Ubide, 1998, Crisis, Contagion, and the Closed-End Fund Puzzle, IMF Working Paper, 1998.
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25. Lin, W-L, R F Engle, and T Ito, 1994, Do Bulls and Bears Move across Borders? International Transmission of Stock Returns and Volatility, Review of Financial Studies 7, 507-38.

26. McKinnon, R and H Pill, 1998, Overborrowing: A Decomposition of Credit and Currency Risks, World Development.
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27. Moreno, R, G Pasadilla, and E Remolona, 1998, Asiaâs Financial Crisis: Lessons and Policy Responses, In Asia: Responding to Crisis, Tokyo: Asian Development Bank Institute.
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28. Tesar, Linda and Ligrid Werner, 1995, Home Bias and High Turnover, Journal of International Money and Finance 14, 467-492.

29. Wermers, R, 1998, Mutual fund herding and the impact on stock prices, Journal of Finance, forthcoming.
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30. Wolf, M, 1998, Flows and Blows, Financial Times, 3 March 1998.
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1. Subcontracting in International Asset Management: New Evidence on Market Integration. (2015). Massa, Massimo ; Schumacher, David.
   In: CEPR Discussion Papers.
   RePEc:cpr:ceprdp:10465.

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2. Are Capital Controls in the Foreign Exchange Market Effective?. (2008). Wolff, Christian ; Versteeg, Roald ; Straetmans, Stefan.
   In: CEPR Discussion Papers.
   RePEc:cpr:ceprdp:6727.

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3. Financial Globalization: A Reappraisal. (2006). Wei, Shang-Jin ; Rogoff, Kenneth ; Prasad, Eswar ; Kose, Ayhan.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:12484.

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4. Global Growth Opportunities and Market Integration. (2004). Siegel, Stephan ; Lundblad, Christian ; Harvey, Campbell ; Bekaert, Geert.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10990.

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5. Growth Volatility and Financial Liberalization. (2004). Lundblad, Christian ; Harvey, Campbell ; Bekaert, Geert.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10560.

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6. Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises. (2004). Forbes, Kristin ; Desai, Mihir A. ; Foley, Fritz C..
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10545.

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7. Capital Controls, Liberalizations, and Foreign Direct Investement. (2004). Hines, James ; Desai, Mihir A. ; Foley, Fritz C..
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10337.

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8. Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations. (2004). Henry, Peter ; Chari, Anusha.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10318.

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9. Capital Controls: Mud in the Wheels of Market Discipline. (2004). Forbes, Kristin.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:10284.

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10. Privatisation Methods and Economic Growth in Transition Economies. (2004). Urga, Giovanni ; Bennett, John ; Estrin, Saul ; Maw, James.
    In: Working Papers.
    RePEc:fem:femwpa:2004.105.

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11. The Growth of Global Equity Markets: A Closer Look. (2004). Li, Kai.
    In: Econometric Society 2004 North American Winter Meetings.
    RePEc:ecm:nawm04:54.

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12. International Diversification Benefits in ASEAN Stock Markets: a Revisit. (2003). Liew, Venus ; Lim, Kian-Ping ; Lee, Hock-Ann.
    In: Finance.
    RePEc:wpa:wuwpfi:0308003.

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13. Financial Dependence, Stock Market Liberalizations, and Growth. (2003). Yuan, Kathy ; Gupta, Nandini.
    In: William Davidson Institute Working Papers Series.
    RePEc:wdi:papers:2003-562.

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14. World market integration through the lens of foreign direct investors. (2003). Servén, Luis ; Loayza, Norman ; Albuquerque, Rui.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:3060.

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15. Migration, spillovers, and trade diversion : the impact of internationalization on stock market liquidity. (2003). Schmukler, Sergio ; Levine, Ross.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:3046.

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16. Keeping up with the Joneses: An international asset pricing model. (2003). Priestly, Richard ; Gomez, Juan-Pedro ; Zapatero, Fernando.
    In: Economics Working Papers.
    RePEc:upf:upfgen:694.

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17. Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run. (2003). Fischer, Andreas ; Demarmels, Ricarda.
    In: Working Papers.
    RePEc:szg:worpap:0303.

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18. Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization. (2003). Schmukler, Sergio ; Kaminsky, Graciela.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9787.

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19. Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity. (2003). Schmukler, Sergio ; Levine, Ross.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9614.

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20. Market Integration and Contagion. (2003). Harvey, Campbell ; Bekaert, Geert.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9510.

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21. Capital Account Liberalization, The Cost of Capital, and Economic Growth. (2003). Henry, Peter.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9488.

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22. Equity market liberalizations as country IPOs. (2003). Stulz, René ; Martell, Rodolfo .
    In: NBER Working Papers.
    RePEc:nbr:nberwo:9481.

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23. Trade Liberalization and Growth: New Evidence. (2003). Wacziarg, Romain ; Welch, Karen Horn .
    In: NBER Working Papers.
    RePEc:nbr:nberwo:10152.

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24. Convertibility, currency controls and the cost of capital in Western Europe, 1950-1999. (2003). Voth, Hans-Joachim.
    In: International Journal of Finance & Economics.
    RePEc:ijf:ijfiec:v:8:y:2003:i:3:p:255-276.

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25. Symposium on capital controls. (2003). Voth, Hans-Joachim ; Eichengreen, Barry.
    In: International Journal of Finance & Economics.
    RePEc:ijf:ijfiec:v:8:y:2003:i:3:p:185-187.

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26. International Financial Integration*. (2003). Milesi-Ferretti, Gian Maria ; Lane, Philip.
    In: The Institute for International Integration Studies Discussion Paper Series.
    RePEc:iis:dispap:iiisdp03.

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27. Commentary on Equity market liberalization in emerging markets. (2003). Henry, Peter.
    In: Review.
    RePEc:fip:fedlrv:y:2003:i:jul:p:75-80:n:v.85no.4.

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28. U.S. investors emerging market equity portfolios: a security-level analysis. (2003). Warnock, Francis ; Edison, Hali.
    In: International Finance Discussion Papers.
    RePEc:fip:fedgif:771.

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29. Foreign portfolio investment, foreign bank lending, and economic growth. (2003). Durham, J. Benson.
    In: International Finance Discussion Papers.
    RePEc:fip:fedgif:757.

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30. Firm-level access to international capital markets: evidence from Chilean equities. (2003). Warnock, Francis ; Holland, Sara B..
    In: International Finance Discussion Papers.
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31. Size Matters: The Impact of Capital Market Liberalization on Individual Firms. (2003). Errunza, Vihang ; Chung, Hyunchul .
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32. Short-run pain, long-run gain : the effects of financial liberalization. (2002). Schmukler, Sergio ; Kaminsky, Graciela.
    In: Policy Research Working Paper Series.
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33. The Cross-Sectional Determinants of Returns: Evidence from Emerging Markets Stocks. (2002). Serra, Ana Paula.
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34. Exchange Rate, Equity Prices and Capital Flows. (2002). Rey, Helene ; Hau, Harald.
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35. Financial Globalization and Emerging Markets: With or Without Crash?. (2002). Rey, Helene ; Martin, Philippe.
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36. Daily Cross-Border Equity Flows: Pushed or Pulled?. (2002). Stulz, René ; Griffin, John M. ; Nardari, Federico.
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37. Are Financial Assets Priced Locally or Globally?. (2002). Stulz, René ; Karolyi, G..
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38. Risk Sharing and Asset Prices: Evidence From a Natural Experiment. (2002). Henry, Peter ; Chari, Anusha.
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39. Capital Account Liberalization: Allocative Efficiency or Animal Spirits?. (2002). Henry, Peter ; Chari, Anusha.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:8908.

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40. Expropriation Risk and Return in Global Equity Markets. (2002). Bansal, Ravi ; Dahlquist, Magnus.
    In: SIFR Research Report Series.
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41. Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms. (2001). Guedhami, Omrance ; Boubakri, Narjess ; Cosset, Jean-Claude.
    In: William Davidson Institute Working Papers Series.
    RePEc:wdi:papers:2001-419.

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42. Globalization and Firms Financing Choices: Evidence from Emerging Economies. (2001). Schmukler, Sergio ; Vesperoni, Esteban.
    In: William Davidson Institute Working Papers Series.
    RePEc:wdi:papers:2001-388.

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43. Foreigners´ Trading and Price Effects Across Firms. (2001). Dahlquist, Magnus ; Robertsson, Goran .
    In: SIFR Research Report Series.
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44. The Impact of Foreign Board Membership on Firm Value. (2001). Oxelheim, Lars ; Randoy, Trond.
    In: Working Paper Series.
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45. A Simple Measure of the Intensity of Capital Controls. (2001). Warnock, Francis ; Edison, Hali.
    In: International Finance Discussion Papers.
    RePEc:fip:fedgif:708.

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46. Time-Series Econometrics of the Real and Financial Effects of Capital Flows: Selected Cases in Africa and Southern Asia. (). Durham, J. Benson.
    In: QEH Working Papers.
    RePEc:qeh:qehwps:qehwps56.

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47. Econometrics of the Effects of Stock Market Development on Growth and Private Investment in Lower Income Countries. (). Durham, J. Benson.
    In: QEH Working Papers.
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48. Econometrics of the Real Effects of Cross-Border Capital Flows in Emerging Markets. (). Durham, J. Benson.
    In: QEH Working Papers.
    RePEc:qeh:qehwps:qehwps52.

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49. Emerging Stock Market Liberalisation, Total Returns, and Real Effects: Some Sensitivity Analyses. (). Durham, J. Benson.
    In: QEH Working Papers.
    RePEc:qeh:qehwps:qehwps51.

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50. A Survey of the Econometric Literature on the Real Effects of International Capital Flows in Lower Income Countries. (). Durham, J. Benson.
    In: QEH Working Papers.
    RePEc:qeh:qehwps:qehwps50.

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