This paper analyzes links between institutional harmonization and bilateral portfolio debt and equity holdings at the sectoral level. Motivated by the action plan for the European Capital Markets Union, we examine the potential for legal harmonization and convergence in institutional quality to...

Integrated capital markets could smooth a large share of country-specific consumption and income fluctuations. Equity capital play an important role in the process. Insolvency regulations are a key factor for stronger equity market integration. Uniform European insolvency regulations are...

Länderspezifische Konsum- und Einkommensschwankungen können zu einem Großteil über integrierte Kapitalmärkte ausgeglichen werden. Dabei kommt Eigenkapital eine wichtige Rolle zu. Insolvenzregeln sind ein wichtiger Faktor für eine stärkere Integration des Eigenkapitalmarktes. Europäisch...

Nachdem die europäische Bankenunion auf den Weg gebracht wurde, soll nun zusätzlich eine Kapitalmarktunion die Stabilität des europäischen Finanzsystems stärken. Ein Kernziel ist dabei, die Aktien- und Anleihemärkte der europäischen Länder besser zu integrieren, indem rechtliche Regeln...

This paper analyzes links between institutional harmonization and bilateral portfolio debt and equity holdings at the sectoral level. Motivated by the action plan for the European Capital Markets Union, we examine the potential for legal harmonization and convergence in institutional quality to...

The Capital Markets Union (CMU) – an initiative of the European Commission – aims to unify and deepen capital markets across EU Member States by removing existing barriers to cross-border investment and, in particular, harmonizing financial and business regulations. However, harmonizing...

Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to currency mismatches on the balance sheets of...

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...

In 2009, the G-20 in London recommended that accounting standard setters, strengthen accounting recognition of loan-loss provisions by incorporating a broader range of credit information (G20 2009). In response, the International Accounting Standards Board (IASB) issued International Financial...