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Private information, human capital, and optimal 'home bias' in financial markets

Ehrlich, Isaac; Shin, Jong Kook; Yin, Yong - 2011

By allowing for imperfectly informed markets and the role of private information, we offer new insights about observed deviations of portfolio concentrations in domestic relative to foreign risky assets, or home bias, from what standard finance models predict. Our model ascribes the bias to...

Persistent link: https://www.econbiz.de/10010286893

Conceptualisations of poverty

Engberg-Pedersen, Lars; Munk Ravnborg, Helle - 2010

Poverty reduction initiatives should be comprehensive, relational and global in their outlook even though poverty itself is always concrete and experienced in the local context. This is the major idea underlying this DIIS Report. The Report provides a brief overview of contemporary work on...

Persistent link: https://www.econbiz.de/10010286993

Need, merit, and politics in multilateral aid allocation: A district-level analysis of World Bank projects in India

Nunnenkamp, Peter; Öhler, Hannes; Sosa Andrés, Maximiliano - 2012

empirical research on aid allocation by employing Poisson estimations on the determinants of the World Bank's choice of project … locations at the district level in India. The evidence of needs-based location choices is very weak, even though World Bank … or district level. However, the World Bank prefers districts where foreign direct investors may benefit from projects …

Persistent link: https://www.econbiz.de/10010287011

Global banks and international shock transmission: Evidence from the crisis

Cetorelli, Nicola; Goldberg, Linda S. - 2010

Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. We examine adverse liquidity shocks on main developedcountry banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply...

Persistent link: https://www.econbiz.de/10010287023

Commodity prices, commodity currencies, and global economic developments

Groen, Jan J. J.; Pesenti, Paolo A. - 2009

In this paper, we seek to produce forecasts of commodity price movements that can systematically improve on naïve statistical benchmarks. We revisit how well changes in commodity currencies perform as potential efficient predictors of commodity prices, a view emphasized in the recent...

Persistent link: https://www.econbiz.de/10010287027

Micro, macro, and strategic forces in international trade invoicing

Goldberg, Linda S.; Tille, Cédric - 2009

The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter's invoicing choice reflects structural aspects of its industry, such as market share and the...

Persistent link: https://www.econbiz.de/10010287063

Macro risk premium and intermediary balance sheet quantities

Adrian, Tobias; Moench, Emanuel; Shin, Hyun Song - 2010

The macro risk premium measures the threshold return for real activity that receives funding from savers. We base our argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries' balance sheets. The spare capacity of their balance sheets...

Persistent link: https://www.econbiz.de/10010287103

Liquidity management of US global banks: Internal capital markets in the great recession

Cetorelli, Nicola; Goldberg, Linda - 2011

The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is the liquidity management of these banks, specifically the regular flow of funds between parent banks and their affiliates in diverse foreign markets. We use the Great...

Persistent link: https://www.econbiz.de/10010287134

Financial amplification of foreign exchange risk premia

Adrian, Tobias; Etula, Erkko; Groen, Jan J. J. - 2010

Theories of systemic risk suggest that financial intermediaries' balance-sheet constraints amplify fundamental shocks. We provide supportive evidence for such theories by decomposing the U.S. dollar risk premium into components associated with macroeconomic fundamentals and a component...

Persistent link: https://www.econbiz.de/10010287155

Green havens and pollution havens

Poelhekke, Steven; van der Ploeg, Rick - 2012

We test for pollution haven effects in outward foreign direct investment (FDI) for different sectors using a comprehensive and exhaustive dataset for outward FDI from the Netherlands, one of the most environmentally stringent countries and a major source of global FDI. Our evidence suggests that...

Persistent link: https://www.econbiz.de/10010287196