Crises, Contagion, And The Closed-End Country Fund Puzzle
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| Originally published | September 1998 |
| Authors | Eduardo Levy Yeyati |
| Angel J. Ubide | |
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| ID | 2062847 |
About Crises, Contagion, And The Closed-End Country Fund Puzzle
This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the “closed-end country fund puzzle. ” . . .