An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in...

Intro -- Contents -- I. INTRODUCTION -- II. THE FINANCIAL CRISES OF THE 1990S WERE DIFFERENT FROM THOSE OF THE 1980S -- III. DEBT CRISES OF THE 1990S: A TAXONOMY -- IV. CONFIDENCE CRISIS AND CRISIS OF THE FUNDAMENTALS: A THEORETICAL BENCHMARK -- V. OUR POLICY IMPLICATIONS: COLLECTIVE ACTION...

This paper discusses the key sources of vulnerabilities for pension plans and insurance companies in light of the global financial crisis of 2008. It also discusses how these institutional investors transit shocks to the rest of the financial sector and economy. The crisis has re-ignited the...

Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or...

Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic risks associated with infrastructure booms, and a case study of four emerging...

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government...

We develop a simple information-based model of FDI flows. On the one hand, the abundance of "intangible" capital in specialized industries in the source countries, which presumably generates expertise in screening investment projects in the host countries, enhances FDI flows. On the other hand,...

Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this...

We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...

Intro -- Contents -- I. INTRODUCTION -- II. THEORIES OF CORPORATE FINANCE -- III. CORPORATE FINANCING PATTERNS AROUND THE WORLD -- IV. THE STOCK MARKET IN GHANA -- V. METHODOLOGY -- VI. EMPIRICAL RESULTS -- VII. THE RESULTS IN COMPARATIVE PERSPECTIVE -- VIII. SUMMARY AND CONCLUSIONS -- APPENDIX...