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The Great Reversals : The Politics of Financial Development in the 20th Century

Rajan, Raghuram - 2000

We attempt to identify and explain the broad patterns of financial development in developed countries over the twentieth century. We find that, contrary to the predictions of most existing theories, indicators of financial development do not seem monotonic over time. In particular, we find that...

Persistent link: https://www.econbiz.de/10012446566

Financial re-regulation since the global crisis? : an index-based assessment

Denk, Oliver; Gomes, Gabriel - 2017

Domestic and international capital markets had been liberalised for decades until the mid-2000s. Then the global financial crisis struck. How has policy responded since the crisis: with re-regulation or continued liberalisation? This paper assembles a new dataset on financial policy from 2006 to...

Persistent link: https://www.econbiz.de/10011700416

Government as Venture Capitalists in AI

Beraja, Martin; Peng, Wenwei; Yang, David Y.; Yuchtman, Noam - National Bureau of Economic Research - 2024

and innovation community. China, in its pursuit of global leadership in AI innovation and technology, has set up … paper, we collect comprehensive data on China's government and private venture capital funds. We draw three important … funds' traditional role overcoming information frictions and China's unique institutional environment, which includes …

Persistent link: https://www.econbiz.de/10014635664

Market Response to Policy Initiatives during the Global Financial Crisis

Ait-Sahalia, Yacine; Tamirisa, Natalia; Andritzky, Jochen; … - National Bureau of Economic Research (NBER) - 2010

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

Persistent link: https://www.econbiz.de/10008631687

Market response to policy initiatives during the global financial crisis

Aït-Sahalia, Yacine; Andritzky, Jochen; Jobst, Andreas; … - In: Journal of International Economics 87 (2012) 1, pp. 162-177

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan on interbank credit and liquidity risk premia during the recent crisis. Overall, policy interventions were associated with a reduction in...

Persistent link: https://www.econbiz.de/10011056359

Credit Default Swaps and the Credit Crisis

Stulz, René M. - National Bureau of Economic Research (NBER) - 2009

Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they...

Persistent link: https://www.econbiz.de/10008634652

Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

Cream Skimming in Financial Markets

Bolton, Patrick; Scheinkman, Jose; Santos, Tano - National Bureau of Economic Research (NBER) - 2011

We propose an equilibrium occupational choice model, where agents can choose to work in the real sector (become entrepreneurs) or to become informed dealers in financial markets. Agents incur costs to become informed dealers and develop skills for valuing assets up for trade. The financial...

Persistent link: https://www.econbiz.de/10008839463

Financial Sector Reform in India: Time for a Second Wave?

Herd, Richard; Koen, Vincent; Patnaik, Ila; Shah, Ajay - Economics Department, Organisation de Coopération et … - 2011

The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business. The Indian equity market has become world-class. New private banks have emerged that are more customer-oriented than the...

Persistent link: https://www.econbiz.de/10009149951

Challenges in the Mexican Financial Sector

Bonturi, Marcos - 2002

The Mexican banking crisis of 1994/95 necessitated a major government rescue operation - estimated to have cost about 20 per cent of GDP. Since then, financial sector reforms have been implemented and the performance of the Mexican financial system has markedly improved, as shown by indicators...

Persistent link: https://www.econbiz.de/10012446004

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