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Hidden Debt Revelations
Horn, Sebastian; Mihalyi, David; Nickol, Philipp; Sosa … - National Bureau of Economic Research - 2024
debt by tracking ex post data revisions across a comprehensive new database of more than 50 vintages of World Bank debt …
Persistent link: https://www.econbiz.de/10015072889
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Internationalization and the evolution of corporate valuation
Levine, Ross - 2005
"By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that...
Persistent link: https://www.econbiz.de/10010522397
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On the Gains to International Trade in Risky Financial Assets
Davis, Steven J. - 2000
This paper develops and implements a framework for quantifying the gains to international trade in risky financial assets. The framework can handle may agents, many assets, incomplete markets and limited participation in asset markets. It delivers closed-form analytic solutions for consumption,...
Persistent link: https://www.econbiz.de/10012470954
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A Century of Global Stock Markets
Jorion, Philippe - 2000
Persistent link: https://www.econbiz.de/10012471210
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International Institutions for Reducing Global Financial Instability
Rogoff, Kenneth - 1999
This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an...
Persistent link: https://www.econbiz.de/10012471525
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Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
Bordo, Michael D. - 1999
for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10012471593
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Regional Contagion and the Globalization of Securities Markets
Calvo, Guillermo A. - 1999
This paper argues that the globalization of securities markets may promote contagion among investors by weakening incentives for gathering costly country-specific information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints,...
Persistent link: https://www.econbiz.de/10012471634
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Globalization of Equity Markets and the Cost of Capital
Stulz, Rene M. - 1999
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 equity to compensate them for the risk they bear...
Persistent link: https://www.econbiz.de/10012471779
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Global Banks and Systemic Debt Crises
Morelli, Juan M.; Ottonello, Pablo; Perez, Diego J. - National Bureau of Economic Research - 2021
We study the role of global financial intermediaries in international lending. We construct a model of the world … regular business cycles. The portfolio of financial intermediaries and the distribution of bond holdings in the world economy …
Persistent link: https://www.econbiz.de/10012585376
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The Flight to Safety and International Risk Sharing
Kekre, Rohan; Lenel, Moritz - National Bureau of Economic Research - 2021
bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety …
Persistent link: https://www.econbiz.de/10012629458