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Kose, M. Ayhan; Sugawara, Naotaka; Terrones, Marco E. - 2020

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global gross domestic product contracted, and this contraction was accompanied by weakening of other key indicators of global...

Persistent link: https://www.econbiz.de/10012230745

The rise of domestic capital markets for corporate financing

Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L. - 2019

During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By...

Persistent link: https://www.econbiz.de/10012022363

Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2020

We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on … staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by … document that subsidiaries in jurisdictions with more reform progress shift to riskier portfolios. Alleviating endogeneity …

Persistent link: https://www.econbiz.de/10012179682

Taking stock of the financial sector policy response to COVID-19 around the world

Feyen, Erik; Gispert, Tatiana Alonso; Kliatskova, Tatsiana - 2020

This paper introduces a new global database and a policy classification framework that records the financial sector policy response to the COVID-19 pandemic across 154 jurisdictions. It documents that authorities around the world have taken a diverse array of measures to mitigate financial...

Persistent link: https://www.econbiz.de/10012434630

Financial conglomerate affiliated hedge funds : risk taking behavior and liquidity transformation

Franzoni, Francesco; Giannetti, Mariassunta - 2016

This paper explores how affiliation to financial conglomerates affects asset managers' access to capital, trading behavior, and performance. Focusing on a sample of hedge funds, we find that financial-conglomerate-affiliated hedge funds (FCAHFs) have lower flow-performance sensitivity than other...

Persistent link: https://www.econbiz.de/10011514140