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The Quality Effect : Does Financial Liberalization Improve the Allocation of Capital?
Abiad, Abdul G.; Oomes, Nienke; Ueda, Kenichi - 2007
The study documents evidence of a quality effect of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation...
Persistent link: https://www.econbiz.de/10014067076
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Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?
Ong, Li - 2014
size and cross-border investment activity, the region's markets are reputed to be more “idiosyncratic” and less reliant on …
Persistent link: https://www.econbiz.de/10013056805
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Explaining ASEAN-3's Investment Puzzle a Tale of Two Sectors
Zhou, Yong Sarah - 2013
The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic … growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the …
Persistent link: https://www.econbiz.de/10013085985
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Determinants of U.S. Business Investment
Kopp, Emanuel - 2018
U.S. business investment has taken a serious toll during the global financial crisis and also in the recovery phase … investment did not pick up as expected. What is surprising is that the alleged investment slowdown happened at a time of record …, and strong labor markets-factors established in supporting business investment. Applying accelerator models and Bayesian …
Persistent link: https://www.econbiz.de/10012913931
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Monetary and Fiscal Policies and the Dynamics of the Yield Curve in Morocco
Ahokpossi, Calixte - 2016
We estimate the latent factors that underlie the dynamics of the sovereign bond yield curve inMorocco during 2004-14 based on the Dynamic Nelson-Siegel model. On this basis, weexplore the interaction between macroeconomic variables and the yield curve, which is ofdirect relevance to...
Persistent link: https://www.econbiz.de/10012977868
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Unconventional Monetary Policy and Long-Term Interest Rates
Wu, Tao - 2014
This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...
Persistent link: https://www.econbiz.de/10013043718
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International Sovereign Bonds by Emerging Markets and Developing Economies : Drivers of Issuance and Spreads
Presbitero, Andrea Filippo - 2016
What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at...
Persistent link: https://www.econbiz.de/10012998812
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Riding the Yield Curve : Risk Taking Behavior in a Low Interest Rate Environment
Chami, Ralph - 2020
Investors seek to hedge against interest rate risk by taking long or short positions on bonds ofdifferent maturities. We study changes in risk taking behavior in a low interest rateenvironment by estimating a market stochastic discount factor that is non-linear and thereforeconsistent with the...
Persistent link: https://www.econbiz.de/10012836549
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Financial Stability and Interest-Rate Policy : A Quantitative Assessment of Costs and Benefits
Pescatori, Andreas - 2016
Should monetary policy use its short-term policy rate to stabilize the growth in household credit and housing prices with the aim of promoting financial stability? We ask this question for the case of Canada. We find that to a first approximation, the answer is no- especially when the economy is...
Persistent link: https://www.econbiz.de/10012982429
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Financial Liberalization, Credit Constraints, and Collateral : Investment in the Mexican Manufacturing Sector
Gelos, Gaston; Werner, Alejandro M. - 2021
This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment …
Persistent link: https://www.econbiz.de/10013321422