Korean Abstract: 최근 전 세계 여러 국가의 아프리카 진출이 점차 가속화되고 있다. 최근 10년간 상당수 아프리카국가의 경제는 빠른 속도로 성장했으며 전 세계 각국의 아프리카 진출도 이러한 맥락에서 과거 자선적 성격의...

This paper finds that short-maturity Treasury-bill yields have unique information about risk premiums that is not spanned by long-maturity Treasury-bond yields. I estimate two components of risk premiums: one is for long-term and the other is for short-term. The long-term component steepens the...

Some important puzzles in macro finance can be resolved in a model featuring systematically varying volatility of unpriced shocks to firms' earnings. In the data, the correlation between corporate debt and stock market valuations is low. The model accounts for this via the opposing effect of...

This paper presents a new approach to measure funding liquidity. The key idea is that, as borrowing constraints become more binding, speculators first withdraw from small stocks and then from large stocks since large stocks require lower margins. Given the speculators' role in liquidity...

Reform programs sometimes falter because they are politically infeasible. Policy change inevitably creates winners and losers, so those with vested interests strike bargains to determine how far and how quickly reform should advance. Understanding these micro political dynamics of reform can...

Reform programs sometimes falter because they are politically infeasible. Policy change inevitably creates winners and losers, so those with vested interests strike bargains to determine how far and how quickly reform should advance. Understanding these micro political dynamics of reform can...

Reform programs sometimes falter because they are politically infeasible. Policy change inevitably creates winners and losers, so those with vested interests strike bargains to determine how far and how quickly reform should advance. Understanding these micro political dynamics of reform can...

Reform programs sometimes falter because they are politically infeasible. Policy change inevitably creates winners and losers, so those with vested interests strike bargains to determine how far and how quickly reform should advance. Understanding these micro political dynamics of reform can...