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Handle with Care : Regulatory Easing in Times of COVID-19
Valencia, Fabián; Varghese, Richard; Yao, Weija; … - 2021
The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock...
Persistent link: https://www.econbiz.de/10013226445
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Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic
Sever, Can; Goel, Rohit; Drakopoulos, Dimitrios; … - 2021
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...
Persistent link: https://www.econbiz.de/10013250070
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We are All in the Same Boat : Cross-Border Spillovers of Climate Risk Through International Trade and Supply Chain
Feng, Alan; Li, Haishi - 2021
Are assets in a landlocked country subject to sea-level rise risk? In this paper, we study the cross-border spillovers of physical climate risks through international trade and supply chain linkages. As we base our findings on historical data between 1970 and 2018, we observe that globalization...
Persistent link: https://www.econbiz.de/10013243070
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Scarcity Effects of Quantitative Easing on Market Liquidity : Evidence from the Japanese Government Bond Market
Han, Fei - 2018
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank's holdings of certain securities leads to a...
Persistent link: https://www.econbiz.de/10012913879
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Spillovers to Emerging Markets from US Economic News and Monetary Policy
Engler, Philipp; Piazza, Roberto; Sher, Galen - 2023
When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and...
Persistent link: https://www.econbiz.de/10014350292
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Green Bond Pricing and Greenwashing Under Asymmetric Information
Schmittmann, Jochen; Gao, Yun - 2023
We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon...
Persistent link: https://www.econbiz.de/10014258404
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The Present Value of Corporate Profits : A Forecasters' Survey Perspective
Andrle, Michal - 2019
-tax corporate earnings and long-term Treasury note yields, sourced from the Blue Chip Economic Indicators survey. The appraised … value of corporate earnings can point in real time at periods where market prices are deviating from valuations implied by … expected earnings and interest rates. Market participants' forecasts seem to interpret most of the earnings fluctuations as …
Persistent link: https://www.econbiz.de/10012892904
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Sovereign Spreads and Contagion Risks in Asia
Caceres, Carlos - 2011
This paper explores how much of the movements in the sovereign spreads of Asian economies over the course of the global financial crisis has reflected shifts in (i) global risk aversion; (ii) country-specific risks, directly from worsening fundamentals, and indirectly from spillovers originating...
Persistent link: https://www.econbiz.de/10013124056
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The Evolution of Asian Financial Linkages : Key Determinants and the Role of Policy
Elekdag, Selim Ali - 2012
This paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to uncover their key determinants, which include trade and financial linkages, as...
Persistent link: https://www.econbiz.de/10013097284
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Latin America : Vulnerabilities Under Construction?
Cubeddu, Luis - 2012
This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is...
Persistent link: https://www.econbiz.de/10013098616