We investigate the effect of a stock market liberalization on industry growth in emerging markets. Consistent with the view that liberalization reduces financing constraints, we find that industries that are more externally dependent and face better growth opportunities grew faster following...

This paper outlines a methodology to build monthly financial conditions indicators (FCIs) for developing countries, including a Small Island Developing State (SIDS), least developed countries, and transitions economies as defined by the United Nations' classification. The proposed composite...

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing...

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing...

This paper studies a novel approach for managing macroeconomic volatility in commodity exporting countries. As part of this study, we develop a sovereign risk management model in the context of an Asset-Liability Management (ALM) framework. Our first contribution is an extension of the...

This paper investigates the effects of macroprudential policies on bank risk through a large panel of banks operating in 61 advanced and emerging market economies. There are three main findings. First, there is evidence suggesting that macroprudential tools have a significant impact on bank...

This paper explores how the value of foreignness is affected by institutional change over the life of private equity (PE) deals in emerging economies. I find that strengthening formal contracting institutions actually lower returns for deals managed by internationally experienced PE firms from...

The financial crises together with the globalization have reinforced the role of international financial standard-setters especially in the rule-making process. The standards and principles issued by these organizations are essentially soft law which is not legally binding, but is implemented...

This study discusses the role of institutional investors in financing infrastructure in emerging markets and developing economies (EMDEs). It analyzes the present level of involvement as well as the future investment potential of new financing sources such as public and private pension funds,...

This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...