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Financial deepening, terms of trade shocks, and growth volatility in low-income countries
Kpodar, Kangni; Le Goff, Maëlan; Singh, Raju Jan - 2019
-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased …
Persistent link: https://www.econbiz.de/10012009977
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Pricing protest : the response of financial markets to social unrest
Barrett, Philip; Bondar, Mariia; Chen, Sophia; … - 2021
Using a new daily index of social unrest, we provide systematic evidence on the negative impact of social unrest on stock market performance. An average social unrest episode in an typical country causes a 1.4 percentage point drop in cumulative abnormal returns over a two-week event window....
Persistent link: https://www.econbiz.de/10012518928
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Scenario analysis with the DD-PD mapping approach : stock market shocks and U.S. corporate default risk
Chan-Lau, Jorge A. - 2021
This paper introduces the quantile regression- based Distance-to-Default to Probability of Default (DD-PD) mapping, which links individual firms' DD to their real world PD. Since changes in the DD depend on a handful of parameters, the mapping easily accommodates shocks arising from quantitative...
Persistent link: https://www.econbiz.de/10012613371
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Reexamining the national savings-investment nexus across time and countries
David, Antonio C.; Gonçalves, Carlos Eduardo Soares; … - 2020
Domestic savings and investment are positively correlated across countries and through time, as Feldstein-Horioka (FH) unveiled 40 years ago. We argue that an interpretation of this correlation based on market failures is more consistent with data patterns than alternative hypotheses. Moreover,...
Persistent link: https://www.econbiz.de/10012299319
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State institutions and tax capacity : an empirical investigation of causality
Akanbi, Olusegun A. - 2019
. The bi-directional causality results suggest that developing tax capacity and building state institutions need to go hand …
Persistent link: https://www.econbiz.de/10012103602
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Stay competitive in the digital age : the future of banks
Liu, Estelle Xue - 2021
The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper … advancement in banks. The analysis shows that the traditionally leading role of banks in advancing financial technology has … concentrated banking industry, as smaller and less tech-savvy banks struggle to survive. Cross-country evidence has suggested that …
Persistent link: https://www.econbiz.de/10012518676
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No easy solution : a smorgasbord of factors drive remittance costs
Silva Filho, Tito Nícias Teixeira da - 2021
There has been a global push to decrease the cost of remittances since at least 2009, which has culminated with its inclusion in the Sustainable Development Goals in 2015. Despite this effort and the emergence of new business models, remittance costs have been decreasing very slowly, disproving...
Persistent link: https://www.econbiz.de/10012605535
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Government intervention and bank market power : lessons from the global financial crisis for the COVID-19 crisis
Tan, Brandon Joel; Igan, Deniz; Martínez Pería, … - 2020
government interventions in more than 800 banks across 27 countries between 2007 and 2017. For identification, we use a … multivariate matching method. We find that intervened banks experience a significant decline in market power with respect to … matched non-intervened banks. This effect is more pronounced for larger and longer interventions and is driven by a rise in …
Persistent link: https://www.econbiz.de/10012485992
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Optimal simple objectives for monetary policy when banks matter
Laureys, Lien; Meeks, Roland; Wanengkirtyo, Boromeus - 2020
We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting...
Persistent link: https://www.econbiz.de/10012392579
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From Basel I to Basel III : sequencing implementation in developing economies
Ferreira, Caio; Jenkinson, Nigel; Wilson, Christopher - 2019
provides guidance on how non-Basel Committee member countries could incorporate banks' capital and liquidity standards into …
Persistent link: https://www.econbiz.de/10012102040