This study has investigated to which extent rating events influence sovereign bond yield spreads and overall financial market volatility. While rating agencies are part and parcel of today's financial markets, the study succeeds in tracing some independent effect that ratings exert on financial...

Global governance refers to several pillars; one important pillar is the multilateral aid architecture. Its reform can be discussed under the perspectives of representativeness, inclusiveness, and efficiency (of aid delivery).A prerequisite for efficient aid delivery is to map the rising...

Global governance refers to several pillars; one important pillar is the multilateral aid architecture. Its reform can be discussed under the perspectives of representativeness, inclusiveness, and efficiency (of aid delivery). A prerequisite for efficient aid delivery is to map the rising...

Sovereign wealth funds have become important players in global financial markets. But their investments have repeatedly raised concerns, such as fear of industrial espionage or geopolitical threats. This paper argues that the principal motivation for setting up SWFs should put such concerns into...

In this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show...

In this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show...

Im vergangenen Jahr haben die BRICS-Staaten (Brasilien, Russland, Indien, China und Südafrika) die New Development Bank und asiatische Staaten die Asian Infrastructure Investment Bank (AIIB) gegründet. Beide Entwicklungsbanken werden umfangreich vom chinesischen Staat finanziert. Sie stehen in...

What will be the future impact of the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), two multilateral banks created in 2014 outside the established Bretton Woods system, on multilateral lending shares?

In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960–2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and...

The paper estimates i) the degree of currency undervaluation and its relationship with per capita income (convergence), as informed by the Harrod-Balassa-Samuelson (HBS) framework. ii) The role of the real effective exchange rate, both its level and its stability over time, for underpinning...