In this work we study the impact of FX interventions on Credit growth in Peru. Using Panel data at the firm-bank level from the Peruvian Credit Registry we find that purchases of dollars by the Central Bank are associated with reductions on the stock of credit held by Medium, Big and Corporate...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

This paper explores the intricacies of Basel II and the effect its implementation may present upon emerging market economies around the world. It examines the regulations, makes practical legal recommendations and evaluates its impact

The investment choices of large asset owners such as pension funds, sovereign wealth funds and endowments, are, to a large extent ‘guided’ and pre-determined by the systematic use of old- fashioned indices or benchmarks designed by a small set of Anglo- American ‘index providers’ –...

Assuming that financial reforms continue to be implemented in emerging countries, forecasts and estimates are developed that show aggregate amounts of financial assets that can exist in the future. A scenario is presented in which world financial assets reach $700 trillion. This includes...

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...

Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial...

This paper analyzes if the so called home country bias exists in sovereign ratings: Home country bias could be due to the fact that a rating agency applies higher ratings to a country with which the country where the rating agency is located has stronger relations. For the analysis of a...

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

This study empirically investigates the low-frequency liquidity proxies that best measure liquidity in emerging markets. We carry out a comprehensive analysis using tick data that cover 1183 stocks from 21 emerging markets, while also comparing various low-frequency liquidity proxies with...