| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9343 |
| 来源ID | Working Paper 9343 |
| Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis | |
| Sebastian Auguste; Kathryn M.E. Dominguez; Herman Kamil; Linda L. Tesar | |
| 发表日期 | 2002-11-18 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This paper examines the surprising performance of the Argentine stock market in the midst of the country's most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with associated ADRs for pesos in Argentina, convert them into ADRs, re-sell them in New York for dollars and deposit the dollar proceeds in U.S. bank accounts. In the paper we show that: (1) ADR discounts went as high as 60% (indicating that Argentine investors were willing to pay significant amounts in order to legally move their funds abroad), (2) the market anticipated (correctly) a 40% devaluation, (3) local market factors in Argentina became more important in pricing peso denominated stocks with associated ADRs, while the same stocks in New York were mainly priced based on global factors, (4) capital outflow using the ADR market was substantial (our estimate is between $835 million and $3.4 billion) |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w9343 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566959 |
| 推荐引用方式 GB/T 7714 | Sebastian Auguste,Kathryn M.E. Dominguez,Herman Kamil,et al. Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9343.pdf（411KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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