| Titre | Crises financières, stratégie d'investissement dans les pays à risque, comportement des investisseurs | |
|---|---|---|
| Auteur | Patrick Artus | |
 |
Revue | Economie et prévision |
| Numéro | no 140-141, 1999/4-5 Economie des marché financiers | |
| Rubrique / Thématique | Économie des marchés financiers |
|
| Page | 133-145 | |
| Résumé anglais |
Financial Crises, Investment Strategy in High-Risk Countries and Investor Behaviour
by Patrick Artus
We examine the dynamics of exchange-rate expectations, foreign exchange reserves and foreign investor assets in a country with a serious macroeconomic imbalance (excessive inflation) applying a fixed exchange-rate system. We use a model that generalises those used to study balance of payments crises.
We compare the development of foreign investor assets over time and especially the dynamics of withdrawal from this high-risk country by both individual risk-averse investors and investment funds competing for market shares in financial savings. We consider whether investment funds withdraw from high-risk countries later and more suddenly than individual investors, which would correspond to the observed facts (e.g. the Mexican crisis). Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1999_num_140_4_5980 |
