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Global Asset Pricing
Lewis, Karen K. - 2011
Financial markets have become increasingly global in recent decades, yet the pricing of internationally traded assets continues to depend strongly upon local risk factors, leading to several observations that are difficult to explain with standard frameworks. Equity returns depend upon both...
Persistent link: https://www.econbiz.de/10013121990
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Global Macroeconomic and Financial Supervision : Where Next?
Goodhart, Charles - 2013
The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...
Persistent link: https://www.econbiz.de/10013091914
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Globalization of Equity Markets and the Cost of Capital
Stulz, René M. - 2014
This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital … decreases because of globalization for two important reasons. First, the expected return that investors require to invest in … prediction that globalization decreases the cost of capital, but the documented effects are lower than theory leads us to expect …
Persistent link: https://www.econbiz.de/10013069163
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Thresholds in the Process of International Financial Integration
Kose, M. Ayhan - 2009
The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications …
Persistent link: https://www.econbiz.de/10013160341
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2010
Two observations suggest that financial globalization played an important role in the recent financial crisis. First …
Persistent link: https://www.econbiz.de/10013150545
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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism
Durdu, Ceyhun Bora - 2007
Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign … saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk … Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible …
Persistent link: https://www.econbiz.de/10012776881
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Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
Kalemli-Ozcan, Sebnem - 2010
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on …
Persistent link: https://www.econbiz.de/10012757539
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Financial Globalization, Governance, and the Evolution of the Home Bias
Kho, Bong-Chan - 2009
Despite the disappearance of formal barriers to international investment across countries, we find that the average home bias of U.S. investors towards the 46 countries with the largest equity markets did not fall from 1994 to 2004 when countries are equally weighted but fell when countries are...
Persistent link: https://www.econbiz.de/10012767281
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela - 2021
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10013224423
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The Global Capital Market : Benefactor or Menace?
Obstfeld, Maurice - 2021
inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …
Persistent link: https://www.econbiz.de/10013224934