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Corporate governance reform in emerging markets: How much, why, and with what effects?

In: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR

  • Sudarat Ananchotikul
  • Barry Eichengreen

This paper extends previous measures of the quality of corporate governance for a cross section of emerging markets. We find that there have been significant improvements in a wide range of countries in the course of the last ten years. Improvements are most likely in countries with stable governments, where foreign investors lobby for reform, and where peer effects are present. We also document significant benefits in terms of the depth and liquidity of financial markets. J. Japanese Int. Economies 23 (2) (2009) 149-176.

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This chapter was published in:
  • Takeo Hoshi & Takatoshi Ito, 2009. "Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR," NBER Books, National Bureau of Economic Research, Inc, number hosh07-1, 07.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12018.
    Handle: RePEc:nbr:nberch:12018
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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    1. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    3. Doidge, Craig & Karolyi, G. Andrew & Stulz, Rene M., 2004. "Why Do Countries Matter So Much for Corporate Governance?," Working Paper Series 2004-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    4. Sudarat Ananchotikul & Barry Eichengreen, 2008. "Plumbing for Latin American capital markets," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 110-139 Bank for International Settlements.
    5. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
    6. Roe, Mark J., 2006. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, number 9780199205301, March.
    7. Glick, Reuven & Guo, Xueyan & Hutchison, Michael M., 2004. "Currency Crises, Capital Account Liberalization, and Selection Bias," Santa Cruz Department of Economics, Working Paper Series qt12t6x2ht, Department of Economics, UC Santa Cruz.
    8. Romain Ranciere & Aaron Tornell & Frank Westermann, 2006. "Decomposing the Effects of Financial Liberalization: Crises vs. Growth," NBER Working Papers 12806, National Bureau of Economic Research, Inc.
    9. Kenichi Ueda & Gianni De Nicoló & Luc Laeven, 2006. "Corporate Governance Quality; Trends and Real Effects," IMF Working Papers 06/293, International Monetary Fund.
    10. Haider A. Khan, 2003. "Corporate Governance of Family-Based Businesses in Asia: Which Road to Take?," CIRJE F-Series CIRJE-F-229, CIRJE, Faculty of Economics, University of Tokyo.
    11. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
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