This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital decreases because of globalization for two important reasons. First, the expected return that investors require to invest in equity to compensate them for the risk they bear...

This paper presents the “Ukraine Support Tracker”, which lists and quantifies military, financial and humanitarian aid to Ukraine in the context of the Russia-Ukraine war. This third version covers government commitments between January 24 and May 10, 2022. We now track support by 37...

This paper introduces the “Ukraine Support Tracker”, which lists and quantifies military, financial and humanitarian aid to Ukraine since Russia’s invasion on February 24, 2022. We measure support from Western governments, namely by G7 and European Union member countries. Due to our focus...

This paper presents the “Ukraine Support Tracker”, which lists and quantifies military, financial and humanitarian aid to Ukraine in the context of the Russia-Ukraine war. This fourth version covers government commitments made between January 24 and June 7, 2022 and has a new detailed...

This paper presents the “Ukraine Support Tracker”, which lists and quantifies military, financial and humanitarian aid to Ukraine in the context of the Russia-Ukraine war. This second version covers the period January 24 until April 23, 2022. We measure support from Western governments,...

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...