Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence on whether global diversification is valuable is inconclusive. This paper uses detailed FDI data for 251 UK multinational firms and 4,676 subsidiaries to show that multinational...

This paper investigates the effects of financial globalization on bank risk by highlighting the role of rollover risk. We extend the canonical rollover risk model by allowing an “active” bank manager to choose excessive risk-taking or systemic risk-shifting actions. Financial globalization...

Based on a review of international and regional responses to the global financial and economic crisis and its implications for finance in Asia, Douglas Arner and Lotte Schou-Zibell draw lessons for Asian financial systems with regard to the scope of regulation; financial standards; supervision,...

The paper provides the IMF staff views on policy options to mitigate the risks posed by institutions perceived as too-important-to-fail (“TITF"). These institutions have become bigger and more complex since the crisis, and risky practices have started to reappear. The paper emphasizes the need...

Il lavoro analizza le dinamiche di investimento dei fondi sovrani per paese e per settore nell'arco dell'ultimo ventennio. Il patrimonio gestito dai fondi sovrani è passato da 500 miliardi di dollari nel 1995 a 4,7 trilioni a fine 2011. Sulla base di un dataset specificamente creato, relativo a...