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Financial Globalization in Emerging Countries : Diversification vs. Offshoring

Ceballos, Francisco; Didier, Tatiana; Schmukler, Sergio L. - 2012

Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and … growing importance. But financial globalization has taken shape via different forms over time. This paper examines two … important, concurrent dimensions of financial globalization: diversification and offshoring. The diversification dimension …

Persistent link: https://www.econbiz.de/10012554536

Monitoring Financial Stability in Developing and Emerging Economies

Dijkman, Miquel - 2015

In the aftermath of the global financial crisis, interest in systemic risk has surged among academics and policy makers. The mitigation of systemic risk is now widely accepted as the fundamental underlying concept for the design of the post-crisis regulatory agenda. Effective mitigation requires...

Persistent link: https://www.econbiz.de/10012564546

Think globally, act globally : opportunities to mitigate greenhouse gas emissions in low- and middle-income countries

Glennerster, Rachel; Jayachandran, Seema - 2023

Persistent link: https://www.econbiz.de/10014314659

On corporate borrowing, credit spreads and economic activity in emerging economies : an empirical investigation

Caballero, Julián; Fernández, Andrés; Park, Jongho - 2016

This paper studies the influence of external financial factors on economic activity in emerging economies (EMEs) motivated by a considerable increase in foreign financing by the corporate sector in EMEs since the early 2000s, mainly in the form of bond issuance. A quarterly external financial...

Persistent link: https://www.econbiz.de/10011519092

Bond finance, bank credit, and aggregate fluctuations in an open economy

Chang, Roberto; Fernández, Andrés; Gulan, Adam - 2016

Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, this paper develops a dynamic open economy model...

Persistent link: https://www.econbiz.de/10011521207

The second wave of global liquidity : why are firms acting like financial intermediaries?

Caballero, Julián; Panizza, Ugo; Powell, Andrew - 2016

Recent work suggests non-financial firms have acted like financial intermediaries particularly in emerging economies. This paper corroborates these findings but then asks "why?". The results indicate evidence for carry-trade activities, but they are focused on countries with higher levels of...

Persistent link: https://www.econbiz.de/10011521280

Crises, Capital Controls, and Financial Integration

Yeyati, Eduardo Levy; Schmukler, Sergio L.; Van Horen, … - 2012

This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The cross-market premium (the ratio between the domestic and international market price of...

Persistent link: https://www.econbiz.de/10012552205

Market Discipline Under Systemic Risk : Evidence from Bank Runs in Emerging Economies

Levy-Yeyati, Eduardo; Martinez Peria, Maria Soledad; … - 2013

The authors show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions...

Persistent link: https://www.econbiz.de/10012559876

Developing India's offshore local currency bond market : lessons from emerging countries

Kohli, Renu; Sahoo, Pravakar; Shuheb Khan, M. - 2017

After the 2008 financial crisis, macroeconomic positions and growth prospects weakened in the advanced economies; emerging market economies (EMEs) improved however. Offshore, local-currency bonds of EMEs became popular as result, with many EMEs exploiting the opportunity. India also launched its...

Persistent link: https://www.econbiz.de/10011708308

Inelastic demand meets optimal supply of risky sovereign bonds

Moretti, Matías; Pandolfi, Lorenzo; Schmukler, Sergio L.; … - 2024

Persistent link: https://www.econbiz.de/10014631678