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Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading
Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, … - C.E.P.R. Discussion Papers - 2015
We provide new empirical evidence concerning the contentious debate over the use of historical cost (HCA) versus mark-to-market (MTM) accounting in regulating financial institutions. These accounting rules, through their interactions with capital regulations, alter financial institutions’...
Persistent link: https://www.econbiz.de/10011186617
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Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-making and Performance
Buiter, Willem H.; Lago, Ricardo; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
The paper analyses the theoretical arguments and empirical evidence linking enterprise performance in transition economies to the macroeconomic environment. Macroeconomic instability is traced to the unsustainability of the fiscal-financial and monetary programmes of the state and to regulatory...
Persistent link: https://www.econbiz.de/10005136652
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Does Regulatory Harmonization Increase Bilateral Asset Holdings?
Vlachos, Jonas - C.E.P.R. Discussion Papers - 2004
By combining new data on bilateral asset holdings with data on securities regulation in an empirical gravity model, it … is found that bilateral differences in securities regulation lead to decreased portfolio holdings. Hence, regulatory … the exogenous component of asset holdings to be associated with larger differences in securities regulation. This might …
Persistent link: https://www.econbiz.de/10005124356
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Financial Restraints and Liberalization in Postwar Europe
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999
In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually impossible ex ante. Having been slow to liberalize, postwar Europe offers a possible testing ground. Looking at the experience in Belgium, France and Italy, a number of...
Persistent link: https://www.econbiz.de/10005067433
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Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001
Quinn, Dennis; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2008
Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Based on a new, long-run dataset on capital account regulations in a group of 16 countries over the period 1890-2001, we show that correlations increase as financial...
Persistent link: https://www.econbiz.de/10005656257
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Global Liquidity and Drivers of Cross-Border Bank Flows
Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014
tools, and bank regulation. …
Persistent link: https://www.econbiz.de/10011145399
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Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors
Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2003
The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. This Paper studies determinants of the size and currency composition of government bond markets for a panel of...
Persistent link: https://www.econbiz.de/10005114199
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Capital Flows, Push versus Pull Factors and the Global Financial Crisis
Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011
The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks--key crisis events as well as...
Persistent link: https://www.econbiz.de/10009207523
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Relative Factor Endowments and International Portfolio Choice
Cuñat, Alejandro; Fons-Rosen, Christian - C.E.P.R. Discussion Papers - 2008
This paper presents a model of international portfolio choice based on the pattern of comparative advantage in goods trade. Countries have varying degrees of similarity in their factor endowment ratios, and are subject to aggregate productivity shocks. Risk averse consumers can insure against...
Persistent link: https://www.econbiz.de/10005792180
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The Euro and International Capital Markets
Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000
This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for international financing as well as for international...
Persistent link: https://www.econbiz.de/10005123910