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When faced with a financial crisis, debtor countries rarely choose to default on their international financial obligations. Instead, they typically choose to renegotiate their debt service obligations. According to a number of economists, the main motivating factor behind borrowers' and creditors' willingness to restructure is the benefit associated with preserving international trade ties. This raises an interesting question: is the benefit associated with maintaining international trade ties shared equally between the borrower and creditor banks? Or is the outcome dependent on a so-called ‘bargaining game’ between the borrower and creditor banks, and if so, can we identify these variables? According to our analysis, as a borrower's trade ties with developed countries strengthen, the borrower's (and/or creditor's) bargaining power diminishes (strengthens) and it thereafter agrees to restructure at less favourable terms. However, even after controlling for trade ties, we found that major borrowers were able to extract more concessions from the lenders.

Emerging financial markets have largely proven resilient to the consequences of the Global Financial Crisis. While this owes much to the bitter experience and economic strategies developed and implemented following the Asian Financial Crisis of 1997–1998, providence also played a hand in that relatively few of its financial institutions were exposed to the complex structured products that underpinned the demise of many financial intermediaries in the United States and Europe. The objective of this volume is to investigate and assess the impact and response to the crisis in emerging markets from a number of perspectives. These include asset pricing, contagion, financial intermediation, market structure and regulation. Our hope is that the assembled chapters offer clear insights into the complex financial arrangements that now link emerging and developed financial markets in the current economic environment. The volume spans four dimensions: first, a series of background studies offer explanations of the causes and impacts of the crisis on emerging markets more generally; then, implications are considered. The third and final sections provide insights from regional and country-specific perspectives.

This chapter uncovers the destabilizing and transformative dimensions of a legal process commonly described as assimilation. Lawyers working on behalf of a marginalized group often argue that the group merits inclusion in dominant institutions, and they do so by casting the group as like the majority. Scholars have criticized claims of this kind for affirming the status quo and muting significant differences of the excluded group. Yet, this chapter shows how these claims may also disrupt the status quo, transform dominant institutions, and convert distinctive features of the excluded group into more widely shared legal norms. This dynamic is observed in the context of lesbian, gay, bisexual, and transgender (LGBT) rights, and specifically through attention to three phases of LGBT advocacy: (1) claims to parental recognition of unmarried same-sex parents, (2) claims to marriage, and (3) claims regarding the consequences of marriage for same-sex parents. The analysis shows how claims that appeared assimilationist – demanding inclusion in marriage and parenthood by arguing that same-sex couples are similarly situated to their different-sex counterparts – subtly challenged and reshaped legal norms governing parenthood, including marital parenthood. While this chapter focuses on LGBT claims, it uncovers a dynamic that may exist in other settings.

This chapter examines the relationship between constitutional guarantees of sex equality, understood as prohibiting unequal treatment between men and women, and the constitutional protections of maternity. Textual guarantees of sex equality are nearly universal in constitutions around the world, and many constitutions in Europe, Latin America, and Asia also include provisions guaranteeing mothers the special protection of the state. In the United States, by contrast, the special treatment of mothers has long been contested as a threat to gender equality, and the efforts to add a sex equality amendment to the U.S. constitution have failed over the past century because of conflicts about the status of motherhood. This study traces the origins and jurisprudential development of maternity clauses in European constitutions to shed light on the possibility of synthesizing maternity protection with a constitutional commitment to gender equality.

The authors examine the factors that impact the growth of exchange traded funds (ETFs) from 1990 to 2020. The authors show the first-mover and winner-takes-all effects from top ETF issuers. Besides the longer history and larger asset under management (AUM), the ETFs being managed by top issuers have exhibited lower risks and higher trading volume. Delisted ETFs on the contrary has a shorter history, lower AUM, higher risks, and lower trading volume. For zombie ETFs, the authors find longer history, lower risks but lower AUM and trading volume, controlled for total expense ratio, return, volatility, Amihud (2002) illiquidity, bid-ask spread, turnover ratio, as well as year, issuer, asset class and region fixed effects. The authors further study the ETFs’ AUM and trading activities over the 2008 Global Financial Crisis (GFC) and COVID-19 pandemic crisis, and find that the GFC has a significant negative impact while the COVID-19 has a positive impact on the ETFs’ popularity. The significant increase in AUM of ETF relative to common stocks during the COVID-19 is associated with retail investors’ holdings, as the authors document a significant reduction of institutional holdings at the aggregate level.

There are few studies of take over effects in emerging stock markets and of whether such events result in value-increasing or value-decreasing effects for the successful targets and bidders. This study analyses the impact of successful takeovers on the Stock Exchange of Thailand (SET). Both target and bidding firms’ performances during a period of 12 months before and after the takeover are investigated. Abnormal returns are measured using an event study approach; applying two models and three parametric test statistics. The results suggest that Thai takeover effects are wealth-creating for both offeree and offeror shareholders.

This study attempts to introduce South Korea's unique experiences of civic operations made in Iraq and Lebanon. Koreans approached it with extreme caution since they are seeing through two different lenses: “paying back syndrome” from the Korean War experiences is colliding with the “Vietnam syndrome” from the experiences of Vietnam War. Expanding its regional role through revitalizing PKOs is not an easy job for the ROK government despite the fact that President Lee has committed himself to increase its efforts since his campaign days. South Korea recently decided to send its KDX-II type destroyer to Somalia for joining the maritime peacekeeping while people in Korea strongly suspect that the Obama administration would soon request to send its troops to Afghanistan as a part of International Security Assistance Force (ISAF). As the Korean society is getting democratized, progressive NGOs have been opposing the government decision to send forces to assist the U.S. war efforts in Iraq and Afghanistan. It remains to be seen how President Lee persuades people to bear the burden and endure sacrifices. At least, four problems need to be addressed for Korea to become a major troop-contributing country (TCC): first, Korea needs to enact laws to deal with South Korea's participation in the UN PKOs. Second, Korea needs to find a way to include civilian experts in future activities of UN PKOs. Third, it needs to increase the budget and size of standby forces. Lastly, it needs to educate people to understand why Korea has to contribute further to make a safer world. It remains to be seen whether South Korea will continue to focus on its stabilization and reconstruction efforts without sending its combat troops.