Market liberalization may not result in global pricing or full market integration if implicit barriers are important. We use the conditional version of the Errunza and Losq (1985) model to estimate pricing of investable indices for 22 emerging markets and test this proposition. Our results show...

Traditionally, integration has been studied at the country level. With increasing economic integration, industrial reorganization, and blurring of national boundaries (e.g., EU), it is important to investigate global integration at the industry level. We argue that country-level integration...

This paper revisits the relationship between liberalization and systemic banking crisis in light of a more comprehensive measure of financial liberalization and its interaction with various measures of banking governance and institutional quality. We estimate the probability of systemic banking...

This paper examines the presence and the determinants of exchange risk premia in stock returns using firm level data from South Korea. We conduct empirical asset pricing tests based on cross-sectional data sorted by firm characteristics such as firm size, liquidity, foreign ownership, and...

This paper analyzes the size and nature of green fiscal stimulus policies in the G20 countries in response to the COVID-19 crisis. We exploit a new dataset, the Energy Policy Tracker (EPT), with detailed information on countries’ policies since the start of the pandemic. Between January 2020...

This paper revisits the relationship between liberalization and systemic banking crisis in light of a more comprehensive measure of financial liberalization and its interaction with various measures of banking governance and institutional quality. We estimate the probability of systemic banking...

This paper revisits the link between finance and growth and proposes a new comprehensive measure of financial development that captures the overall structure of the financial sector and its degree of institutional diversification (ID). We document a significant link between this new measure and...