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1、ESSAYSONINTERNATIONALFINANCIALINTEGRATIONOFEMERGINGMARKETECONOMIESPatriziaBaudinoADISSERTATIONPRESENTEDTOTHEFACULTYOFPRINCETONUNIVERSITYINCANDIDACYFORTHEDEGREEOFDOCTOROFPHILOSOPHYRECOMMENDEDFORACCEPTANCEBYTHEDEPARTMENTOFECONOMICSJanuary2005UMINumber:3156033Copyright200
2、5byBaudino,PatriziaAllrightsreserved.UMIMicroform3156033Copyright2005byProQuestInformationandLearningCompany.Allrightsreserved.ThismicroformeditionisprotectedagainstunauthorizedcopyingunderTitle17,UnitedStatesCode.ProQuestInformationandLearningCompany300NorthZeebRoadP.
3、O.Box1346AnnArbor,MI48106-1346°cCopyrightbyPatriziaBaudino,2005.AllRightsReservedAbstractThiscollectionofessaysexploresdifferentwaysinwhichfragilefinancialstructuresinemergingmarketeconomies(EMEs)exposethemtocapitalaccountcrises.Thecommonthreadamongthethreeessaysisthefa
4、ctthatweakfinancialmarketscanmakecrisesmorecostly,duetothemultipliereffectoffinancialintermediationandtheinherentfragilityoffinancialinstitutions.Inthefirstessay,afragmenteddomesticbankingsectorinanEMEinduceslocalbankstorelyexcessivelyonthedomesticinterbankmarkettofinanceth
5、eirshort-termliabilities.Asaresult,thecommitmentofthecentralbanktothetightmonetarypolicyconsistentwithafixedexchangerateisnotcredibleandcurrencyspeculatorscaninduceadevaluationbyshort-sellingthedomesticcurrency.Hence,theweakdomesticfinancialsectorcanforcethecentralbankto
6、losecontrolofthesupplyofdomesticcurrency.Inthesecondpaper,thedomesticfinancialsectoriscomposedofseveralbankswithdifferent,butindistinguishable,levelsofprofitability.IntheeventofalargedemandforexternalfundsbytheEME,thispropertyofthebankingsectorcaninduceforeigninvestorsto
7、lendtonodomesticbank.Inaddition,foradollarizedeconomy,asisusuallythecaseforEMEs,theinternaldrainthatcausedthedemandforexternalfundsmaybeaccompaniedbyanexternaldrain.Infact,ifthecentralbankactsasalenderoflastresort,itlosescontroloftheexchangerateanditinducesacountry-wid
8、ebankingcrisis,giventhecurrencymismatchesinbanks’balancesheets.ThethirdessayevaluatesapolicychoiceforEMEsconcerningin
