Showing 1 - 10 of 630
The paper describes the evolution of the corporate stock and bond markets in Korea and the Government's role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...
Persistent link: https://www.econbiz.de/10012755583
This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global...
Persistent link: https://www.econbiz.de/10012927458
A cross-country comparative analysis shows that there is substantial room for further integration of China into global …, notably the foreign exchange market. Even though the increased integration of China into international capital markets would … increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China …
Persistent link: https://www.econbiz.de/10012895129
China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese …
Persistent link: https://www.econbiz.de/10014254478
credit default swap prices. An alternative credit risk measure is proposed here: the maximum recovery rate compatible with …
Persistent link: https://www.econbiz.de/10013212320
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012864107
This paper quantifies financial spillovers from global risk factors to banks' funding costs in Chile. It decomposes Chilean banks' bond and interbank spreads into domestic and external factors. The results suggest moderate spillovers. On average, global spillovers pushed up bank bond and...
Persistent link: https://www.econbiz.de/10013098274
This paper investigates to what extent low-income developing countries (LIDCs) characterized as frontier markets (FMs) have begun to be subject to capital flows dynamics typically associated with emerging markets (EMs). Using a sample of developing countries covering the period 2000-14, we show...
Persistent link: https://www.econbiz.de/10012977786
This paper defines financial market spillovers as the comovement between two countries' financial markets and analyzes financial market spillovers over the period 2001-12 through four channels: bilateral portfolio investment, bilateral trade, home bias, and country concentration. The paper finds...
Persistent link: https://www.econbiz.de/10013043720
Global financial conditions are poised to tighten further as the global recovery proceeds. While monetary policy normalization should be a healthy global development as growth continues to recover in advanced economies, financial spillovers seen during the taper episode-which started with the...
Persistent link: https://www.econbiz.de/10013013829