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Determinants of Financial Market Spillovers : The Role of Portfolio Diversification, Trade, Home Bias, and Concentration
Shinagawa, Yoko - 2014
bias, and country concentration. The paper finds that, if a country has a large amount of bilateral portfolio exposure in … financial spillovers; if a country has a stronger home bias, the country could have less spillovers from foreign financial …
Persistent link: https://www.econbiz.de/10013043720
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Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?
Barrett, Philip - 2018
Most countries hold large gross asset positions, lending in domestic currency and borrowingin foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue thatwhen asset markets are incomplete, nominal exchange rate exposure allows countries topartially insure against...
Persistent link: https://www.econbiz.de/10012929919
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The Role of Risk and Information for International Capital Flows : New Evidence from the SDDS
Hashimoto, Yuko - 2012
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...
Persistent link: https://www.econbiz.de/10013098566
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Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets
Ananchotikul, Nasha - 2014
In recent years, portfolio flows to emerging markets have become increasingly large and volatile. Using weekly portfolio fund flows data, the paper finds that their short-run dynamics are driven mostly by global “push” factors. To what extent do these cross-border flows and global risk...
Persistent link: https://www.econbiz.de/10013047615
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Global Financial Shocks and Foreign Asset Repatriation : Do Local Investors Play a Stabilizing Role?
Adler, Gustavo - 2014
We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of...
Persistent link: https://www.econbiz.de/10013053960
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The Political Economy of Fiscal Transparency and Independent Fiscal Councils
Beetsma, Roel M. W. J. - 2018
IFC as the debt bias would shrink. However, when other considerations eclipse competence and give the incumbent a strong … electoral advantage or disadvantage, setting up an IFC may be counterproductive as the debt bias would increase. If the … bias if voters care sufficiently about policymakers' competence; (ii) not all political environments are conducive to the …
Persistent link: https://www.econbiz.de/10012924261
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Effects of Culture on Firm Risk-Taking : A Cross-Country and Cross-Industry Analysis
Mihet, Roxana - 2012
This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical...
Persistent link: https://www.econbiz.de/10013098599
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A Behavioral Approach to Financial Supervision, Regulation, and Central Banking
Khan, Ashraf - 2018
This paper describes how behavioral elements are relevant to financial supervision,regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal,and market); (2) behavior of others (internalization, identification, and compliance); and(3) psychological biases. It...
Persistent link: https://www.econbiz.de/10012912488
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Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Monnet, Eric - 2019
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
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Sovereign ESG Bond Issuance : A Guidance Note for Sovereign Debt Managers
Lindner, Peter; Chung, Kay - 2023
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance...
Persistent link: https://www.econbiz.de/10014350469