Financial and real sector returns, IMF-related news, and the Asian crisis

Ali Kutan and Yaz Muradoglu

Finance Research Letters, 2016, vol. 16, issue C, 28-37

Abstract: We investigate how investors trading in financial and real sectors of a stock market react to IMF announcements during abnormal times, such as a financial crisis. To do so, we examine the impact of IMF-program and negotiation news on financial and real stock sectors in Indonesia, Korea and Thailand during the Asian crisis using time-varying models. The results indicate that IMF actions affect sector returns differently suggesting different wealth effects of IMF programs on investor wealth.

Keywords: IMF policy; Bailouts; Asian crisis; Emerging markets; Investor behavior (search for similar items in EconPapers)
JEL-codes: F02 F36 G01 G15 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:16:y:2016:i:c:p:28-37

DOI: 10.1016/j.frl.2015.10.016

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