Rethinking emerging market equities
Rethinking emerging market equities
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重新思考新兴市场股票
DOI：
10.1007/978-1-4615-6197-2_6
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
I. Walter
中科院分区：
文献类型：
--
作者：
Roy C. Smith;I. Walter
1994年底和1995年初的墨西哥金融危机导致几乎所有发展中国家的股票市场价值连带崩溃，而不论其经济政策或业绩如何。传染效应是清楚的，并有很多评论，如果不能完全解释的理论或过去的经验。其他拉美股市接近于零点，在不到一个月的时间里普遍下跌了15-30%，亚洲市场也是如此，香港、新加坡、台北、首尔和曼谷的股指在几天内下跌了10-15%。波兰、匈牙利和捷克共和国的市场下跌幅度相似（见图1）。总的来说，国际金融公司的IFCI拉丁美洲指数在1995日历年期间下跌了19%; IFCI亚洲指数下跌了7%，而IFCI EMEA指数（东欧、中东和非洲）上涨了20%，但这几乎完全是由于权重很大的南非股票指数的上涨（Littler和Malouf，1996）。与此同时，美国标准普尔500指数上涨超过30%。
The Mexican financial crisis of late 1994 and early 1995 resulted in a linked collapse of stock market values in almost all developing countries, regardless of economic policies or performance. The contagion effect was clear, and much commented on, if not fully explainable by either theory or past experience. Other Latin American equity markets, being close to ground zero, universally declined by 15–30% in less than a month, as did markets in Asia, where equity indexes in Hong Kong, Singapore, Taipei, Seoul and Bangkok dropped 10–15% in a matter of days. Markets in Poland, Hungary and the Czech Republic fell by similar amounts see (Figure 1). Overall, the International Finance Corporation’s IFCI Latin America Index lost 19% during the calendar year 1995; IFCI Asia index lost 7% while the IFCI EMEA Index (Eastern Europe, Middle East and Africa) gained 20%, but this was due almost entirely to gains by the heavily-weigh ted South African equity index (Littler and Malouf, 1996). Meantime, the U.S. S&P 500 index had risen over 30%.