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Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?
Ong, Li - 2014
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more “idiosyncratic” and less reliant on economic and corporate fundamentals in their...
Persistent link: https://www.econbiz.de/10013056805
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The Regulatory Responses to the Global Financial Crisis : Some Uncomfortable Questions
Claessens, Stijn - 2014
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into...
Persistent link: https://www.econbiz.de/10013055666
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Local Currency Bond Markets Law Reform : A Methodology for Emerging Markets and Developing Economies
Bossu, Wouter; Hillier, Cory; Bergthaler, Wolfgang - 2021
Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...
Persistent link: https://www.econbiz.de/10013252018
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Hang in There : Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures
Chan-Lau, Jorge A.; Zhao, Yunhui - 2021
The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdrawal events, we use event study analysis and cross-country regressions to assess...
Persistent link: https://www.econbiz.de/10013250077
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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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The Impact of Political Uncertainty on Asset Prices : The Case of the United Kingdom's EU Membership Referendum
Hanna, Joseph; Hansen, Niels-Jakob; MacDonald, Margaux - 2021
How did expectations of the outcome of the United Kingdom's (UK) referendum on European Union (EU) membership in 2016 affect prices in financial markets? We study this using high frequency data from betting and financial markets. We find that a one percentage point increase in the probability of...
Persistent link: https://www.econbiz.de/10013243058
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Carbon Policy Surprises and Stock Returns : Signals from Financial Markets
Hengge, Martina; Panizza, Ugo; Varghese, Richard - 2023
Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon...
Persistent link: https://www.econbiz.de/10014257754
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Oil Prices and GCC Stock Markets : New Evidence from Smooth Transition Models
Ben Cheikh, Nidhaleddine - 2018
Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results reveal that GCC stock markets do not have similar sensitivities to oil price...
Persistent link: https://www.econbiz.de/10012913874
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Foreign Exchange Intervention and the Australian Dollar : Has it Mattered?
Edison, Hali; Cashin, Paul - 2021
(RBA) have had on the level and volatility of the Australian dollar exchange rate. First, using an event study we evaluate … Australian dollar. Second, we investigate the effects of RBA intervention policies on exchange rate volatility over the floating … volatility, which suggests that official intervention may have added to market uncertainty. Overall, the effects of RBA …
Persistent link: https://www.econbiz.de/10013211943
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Asset Bubbles : Re-Thinking Policy for the Age of Asset Management
Jones, Bradley - 2015
In distilling a vast literature spanning the rational — irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated...
Persistent link: https://www.econbiz.de/10013026923