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The Emergence of the Euro as an International Currency

Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Persistent link: https://www.econbiz.de/10005662175

The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises

Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2011

In the context of the global market for syndicated bank loans, we provide evidence that the collapse of international markets during financial crises can in part be explained by a flight home effect. We show that the home bias of lenders’ loan origination increases by approximately 20 percent...

Persistent link: https://www.econbiz.de/10009003373

Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans

Giannetti, Mariassunta; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2008

We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that lead banks offer smaller loans at a higher interest rate to more culturally distant borrowers. Furthermore, lead...

Persistent link: https://www.econbiz.de/10005792327

The Determinants of Cross-Border Equity Flows

Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1999

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

Persistent link: https://www.econbiz.de/10005067617

Public Debate and Stock Prices: Evidence from the Voting Premium

Braggion, Fabio; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2013

An intense debate on the use of limited-voting shares developed in the UK during the 1950s. Using a unique hand-collected dataset, we show that negative news coverage of limited-voting shares is associated with an increase in the relative price of voting and limited-voting shares (the voting...

Persistent link: https://www.econbiz.de/10011084453

Favouritism or Markets in Capital Allocation?

Giannetti, Mariassunta; Yu, Xiaoyun - C.E.P.R. Discussion Papers - 2007

Casual observation suggests that capital allocation is often driven by favouritism and connections rather than by market mechanisms and information on future expected returns. We investigate when favouritism or markets emerge as an equilibrium outcome in the allocation of capital. We show that...

Persistent link: https://www.econbiz.de/10005666824

Sovereign CDS and Bond Pricing Dynamics in the Euro-area

Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

Persistent link: https://www.econbiz.de/10009365646

Finance, Trade and Development: Issues in Transatlantic Cooperation

Portes, Richard - C.E.P.R. Discussion Papers - 1986

Despite current economic problems and conflicts - or perhaps as their cause - the concordance of policies among the major industrial countries in the first half of the 1980s in dealing with finance, trade and development is at a peak. This has been the result not so much of cooperation or...

Persistent link: https://www.econbiz.de/10005666448

The European Contribution to International Financial Stability

Portes, Richard - C.E.P.R. Discussion Papers - 2001

This Paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency. …

Persistent link: https://www.econbiz.de/10005114310

Global Financial Markets and Financial Stability: Europe's Role

Portes, Richard - C.E.P.R. Discussion Papers - 1999

interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in …

Persistent link: https://www.econbiz.de/10005666555