This paper addresses the problem of estimating the aggregate international demand schedule for emerging market (EM) securities as an asset class. The standard ‘push-pull’ model of capital flows is modified by reference to recent work on portfolio choice in the context...

Information asymmetries constitute a significant obstacle to capital flows across international borders, and in particular to flows of foreign investment (FDI) to emerging markets.  Many governments aim to reduce information barriers by emerging in investment promotion activities.  Despite...

This paper examines how foreign ownership affects the investment decisions of subsidiary firms using a new dataset of listed-parent - listed-subsidiary pairs.  We find that improvements in the investment opportunities of parent firms have a negative effect on the investment of their...

We review evidence regarding the size and evolution of the "land rush" in the wake of the 2007-2008 boom in agricultural commodity prices and study determinants of foreign land acquisition for large-scale agricultural investment. Using data on bilateral investment relationships to estimate...

The spatial distribution of oil is determined by natural geography alone. However, we show that the distribution of oil exploration is affected by the quality of countries’ institutions. A global data set on the precise location of oil wells and national borders allows for a regression...

The debate on trade and growth increasingly focuses on the composition of exports.  Exports of more "sophisticated" products appear to be positively correlated with growth, and upgrading the quality of exports is high on the policy agenda of many countries.  This study presents evidence...

The paper is concerned with foreign investment in developing countries and the incentives offered to attract that investment in relation to the use of a possible future multilateral investment agreement as a commitment device over incentive levels. The existing literature has identified two...

This paper proposes that all new euro area sovereign borrowing be in the form of jointly guaranteed Eurobonds.  To avoid classic moral hazard problems and to insure the guarantors against default, each country would pay a risk premium conditional on economic fundamentals to a joint debt...

In this paper we analyse market co-movements during the global financial crisis.  Using high frequency data and accounting for market microstructure noise and non-synchronous trading, interdependencies between differing asset classes such as equity, FX, fixed income, commodity and energy...

This paper studies the consequences of a regulatory pay cap in proportion to assets onbank risk, bank value, and bank asset allocations. The cap is shown to lower banks' riskand raise banks' values by acting against a competitive externality in the labour market.The risk reduction is achieved...