Investor reaction to IMF actions in the indonesian financial crisis
Many observers have criticized recent IMF actions and program announcements during the Asian crisis by arguing that the IMF's declaration that Asia needed drastic reforms with respect to institutional issues such as transparency, corporate governance and corruption has led investors to panic and withdraw from the region. We examine the reaction of investors in the Indonesian stock market to IMF news. Evidence indicates that IMF actions and program announcements are associated with a decline in market uncertainty. Hence, our finding does not appear to support the panic view. Policy implications of the findings are also discussed.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 6 (2003)
Issue (Month): 3 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/GPRE19|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/GPRE19|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Graciela L. Kaminsky & Sergio L. Schmukler, 1999.
"What triggers market jitters: a chronicle of the Asian crisis,"
International Finance Discussion Papers
634, Board of Governors of the Federal Reserve System (U.S.).
- Kaminsky, Graciela L. & Schmukler, Sergio L., 1999. "What triggers market jitters?: A chronicle of the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 537-560, August.
- Kaminsky, Graciela L. & Schmukler, Sergio L., 1999. "What triggers market jitters? A chronicle of the Asian crisis," Policy Research Working Paper Series 2094, The World Bank.
- Hal Hill, 1999.
"Indonesia : The Strange and Sudden Death of a Tiger Economy,"
UP School of Economics Discussion Papers
199913, University of the Philippines School of Economics.
- Hal Hill, 2000. "Indonesia: The Strange and Sudden Death of a Tiger Economy," Oxford Development Studies, Taylor & Francis Journals, vol. 28(2), pages 117-139.
- Kho, Bong-Chan & Stulz, Rene M., 2000.
"Banks, the IMF, and the Asian crisis,"
Pacific-Basin Finance Journal,
Elsevier, vol. 8(2), pages 177-216, May.
- Bollerslev, Tim & Chou, Ray Y. & Kroner, Kenneth F., 1992. "ARCH modeling in finance : A review of the theory and empirical evidence," Journal of Econometrics, Elsevier, vol. 52(1-2), pages 5-59.
- Bernd Hayo & Doh Chull Shin, 2002.
"Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis,"
Journal of Economic Policy Reform,
Taylor & Francis Journals, vol. 5(2), pages 89-100.
- Hayo, Bernd & Shin, Doh Chull, 2002. "Popular reaction to the intervention by the IMF in the Korean economic crisis," IBES Diskussionsbeiträge 121, University of Duisburg-Essen, Institute of Business and Economic Studie (IBES).
- Bernd Hayo & Doh Chull Shin, 2002. "Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis," Development and Comp Systems 0204001, EconWPA.
- Michelle Clark Neely, 1999. "Paper tigers? How the Asian economies lost their bite," The Regional Economist, Federal Reserve Bank of St. Louis, issue Jan, pages 4-9.
- Andrew Berg, 1999. "The Asia Crisis; Causes, Policy Responses, and Outcomes," IMF Working Papers 99/138, International Monetary Fund.
- Jeffrey D. Sachs, 1999. "Creditor Panics: Causes and Remedies," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 377-390, Winter.
When requesting a correction, please mention this item's handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:181-190. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.