In this paper we investigate whether better information about the macroeconomic environment of an economy has a positive impact on its capital inflows, namely portfolio and foreign direct investment (FDI). The purpose of our study is to explicitly quantify information asymmetries by compliance...

We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the...

This paper assesses the role of bank and nonbank financial institutions' balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously unexplored dataset on domestic and cross border balance sheet positions of...

This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the...

How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the durability of housing structures, the decline in housing prices associated with...

This paper analyzes the nonfinancial corporation (NFC) sector's financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP-a frequently used indicator in the context of corporate balance sheet adjustments-has remained...