We examine the impact of foreign underwriting activity using issue-level data in the Japanese quot;Samuraiquot; and euro-yen bond markets. We find that firms in these markets choosing Japanese underwriters over their foreign counterparts tend to be Japanese, riskier, smaller, seasoned, and...

We examine the evidence in equity markets concerning bank regulatory policies in Japan from 1995 to 1999. Our results support the presence of information-based contagion in Japanese equity markets. When the failure of a bank of certain regulatory status was announced, it adversely affected...

We examine the effect of negative nominal interest rates on bank profitability and behavior using a cross-country panel of over 5,100 banks in 27 countries. Our data set includes annual observations for Japanese and European banks between 2010 and 2016, which covers all advanced economies that...

This paper generalizes the Nelson–Phelps catch-up model of technology diffusion. We allow for the possibility that the pattern of technology diffusion can be exponential, which would predict that nations would exhibit positive catch-up with the leader nation, or logistic, in which a country...

How reliable are China's GDP and other data? We address this question by using trading partner exports to China as an independent measure of its economic activity from 2000–2014. We find that the information content of Chinese GDP improves markedly after 2008.We also consider a number of...

We document empirical evidence that surges in capital inflows (outflows) raise (reduce) income inequality. We then introduce a small open economy model that explains these observed links between capital flows and income distribution. Our model features heterogeneous agents and financial...

We investigate the implications of government indebtedness for the efficacy of expansionary government spending in encouraging commercial bank lending growth during the COVID-19 pandemic. Our sample is a large cross-section of over 3000 banks from 71 countries. To address the likely endogeneity...