In the latest 30 years, Costa Rica's real GDP per capita has more than doubled, driven by increasing labour utilisation. Labour productivity has instead stagnated at around 30% of the more advanced OECD countries. Productivity growth has been lacklustre despite the opening up of markets to...

I present a novel approach to the study of the trade-off between stability and moral hazard induced by deposit insurance. Specifically, I use the FDI Reform Act of 2005 as an exogenous shock to the existing insurance scheme in the US and study its impact on bank risk. This reform raised the...

The authors employ panel Vector Error Correction Models (VECM) and cointegration framework to identify the existence and direction of the causal association between foreign direct investment (FDI) in financial services and financial development for 26 emerging economies for the period 2003-2015....

This empirical study shows that an increasing credit distribution to State-Owned Enterprises (SOEs), to the detriment of private firms, slows the increase in inward FDI in emerging economies. The first approach is global and dynamic; it relies on GMM and Bayesian techniques, utilizing a sample of...

Firms with different environmental, social, and governance (ESG) scores can have different costs of capital, either because ESG scores help forecast future cash flows – the fundamental channel – or because investors have non-pecuniary preferences for high-ESG-score assets – the preference...

This study investigates the implications of cross-country differences in banking regulation and supervision for the international subsidiary locations and risk of U.S. bank holding companies (BHCs). We find that U.S. BHCs are more likely to operate subsidiaries in countries with weaker...

Despite the huge number of studies in relation to the FDI, studies on the nexus between FDI and stock market development in GCC are still limited. This paper investigates the impact of FDI on stock market development in Gulf Cooperation Council countries that have become an important economic...