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Growth of Global Corporate Debt : Main Facts and Policy Challenges

Abraham, Facundo - 2020

This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging...

Persistent link: https://www.econbiz.de/10012823367

International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global?

Claessens, Stijn; Schmukler, Sergio L. - 2012

equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the …

Persistent link: https://www.econbiz.de/10012552596

Internationalization and the Evolution of Corporate Valuation

Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L. - 2012

By documenting the evolution of Tobin's q before, during, and after firms internationalize, the authors provide 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, they find that...

Persistent link: https://www.econbiz.de/10012553757

Stock Market Development under Globalization : Whither the Gains from Reforms?

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, … - 2012

Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform...

Persistent link: https://www.econbiz.de/10012552635

Financial Globalization : A Glass Half Empty?

Abraham, Facundo - 2017

Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have … significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from … financial globalization (such as additional funding, broad diversification, and deeper financial systems), the positive effects …

Persistent link: https://www.econbiz.de/10012947853

Global Corporate Debt During Crises : Implications of Switching Borrowing Across Markets

Cortina Lorente, Juan Jose - 2020

This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted...

Persistent link: https://www.econbiz.de/10012842157

Toward Successful Development Policies : Insights from Research in Development Economics

Artuc, Erhan - 2020

What major insights have emerged from development economics in the past decade, and how do they matter for the World … Bank? This challenging question was recently posed by World Bank Group President David Malpass to the staff of the …

Persistent link: https://www.econbiz.de/10012842639

Financial Development in Asia : Beyond Aggregate Indicators

Didier, Tatiana - 2017

This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. Financial systems in Asia remain less developed than in advanced...

Persistent link: https://www.econbiz.de/10012973555

Financial Globalization in Emerging Countries : Diversification vs. Offshoring

Ceballos, Francisco - 2017

transactions take place. The authors find that globalization via the diversification channel expanded throughout the world during …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 …

Persistent link: https://www.econbiz.de/10012975170

On the International Transmission of Shocks : Micro-Evidence from Mutual Fund Portfolios

Raddatz, Claudio E. - 2017

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors...

Persistent link: https://www.econbiz.de/10012975229