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We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect...
Persistent link: https://www.econbiz.de/10005465146
En este documento se realiza una caracterización del mercado de derivados cambiarios colombiano. En primer lugar, se realiza una comparación del tamaño de este mercado frente a países desarrollados y de América Latina. Posteriormente, se analiza la evolución de este mercado en términos de...
Persistent link: https://www.econbiz.de/10011106024
of openness to the world economy a developing country should seek; b) what should the government do, or not do, in order … countries around the globe, the World Bank has been a major participant in this debate. …
Persistent link: https://www.econbiz.de/10011107481
markets in the world, namely, New York, the influence of speculation (in the above sense, i.e. `the activity of forecasting …
Persistent link: https://www.econbiz.de/10011111376
Abstract This paper addresses the following main issues: (1) What is the nature of corporate financing patterns (i.e. how corporations finance their investments and growth) in emerging markets, and how have these evolved during the 1980s and 1990s? (2) Are there significant differences in...
Persistent link: https://www.econbiz.de/10011111864
We develop a method to estimate which side will win a civil war. The key insight we deliver is that, for typical sovereign debt contracts, the probability of debt repayment will equal the probability of victory in a civil war. We test our predictor for standard outcomes in civil wars, including...
Persistent link: https://www.econbiz.de/10011083912
Abstract: Theoretical and empirical research has shown that a sound and effective financial system is critical for economic development and growth. The financial system, however, is also subject to boom and bust cycles and fragility, with negative repercussions for the real economy. Further, the...
Persistent link: https://www.econbiz.de/10011092153
markets in the world, namely, New York, the influence of speculation (in the above sense, i.e. `the activity of forecasting …
Persistent link: https://www.econbiz.de/10011113506
En este documento, se realiza una caracterización del mercado de deuda corporativa colombiano, entendido como el mercado de bonos. En primer lugar, se realiza una comparación del tamaño de este mercado frente a otros países de la región y frente al mercado de deuda pública local,...
Persistent link: https://www.econbiz.de/10010828186
Emerging market economies (EMEs) are making important strides in developing long-term finance capital market vehicles to support investment in strategic areas such as infrastructure. However, since last year, EMEs have suffered from big shifts in terms of market sentiment. While EMEs’...
Persistent link: https://www.econbiz.de/10010797443