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|z 9781451844658
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|a 1018-5941
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|a Becker, Torbjorn.
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|a Devaluation Expectations and the Stock Market :
|b The Case of Mexico in 1994/95 /
|c Torbjorn Becker, Anthony Richards, R. Gelos.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2000.
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|a 1 online resource (42 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using company-level data, this paper examines the relative stock-market performance of firms with different foreign-exchange exposures around the time of the 1994/95 Mexican crisis. Contrary to what one might have expected given the alleged peso overvaluation, exporting firms outperformed the market beginning in late 1993. Although interest rates fail to show a clear confidence loss in the exchange rate regime, the relative performance of net exporters suggests that expectations of devaluation increased continuously. The methodology presented is relevant beyond the Mexican case: sectoral differences in stock market performance may constitute valuable leading indicators of exchange rate changes in emerging markets.
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|a Mode of access: Internet
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|a Gelos, R.
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|a Richards, Anthony.
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|a IMF Working Papers; Working Paper ;
|v No. 2000/028
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2000/028/001.2000.issue-028-en.xml
|z IMF e-Library
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