We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...

This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and...

This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and...

This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and...

The financial crisis that erupted in late 2007 has resurfaced debates about the role of accounting and external financial reporting by financial institutions in helping detect or mask systemic risks and in exacerbating or mitigating such risks. The debate has largely focused on the role of fair...

Over the last two decades, the degree of international financial integration has increased substantially, becoming an important area of research for many financial economists. This paper explores the determinants of the asymmetries in the international integration of banking systems. We consider...

The aim of this article is to develop new international financial integration indicators together with their determinants: financial openness and regularity (balance) of the bilateral financial flows. The study's contribution is based on the definition of the Standard of Perfect Financial...

The aim of this article is to develop new international banking integration indicators together with their components: openness and regularity (balance) of the bilateral bank flows. We define the Standard of Perfect Banking Integration (SPBI), which characterizes the scenario attainable when...

The integration of different states in a already existing union or in a new one represents a long-lasting process involving harmonisations on various fields – political, economic, legislative, social, cultural, technological, informational, etc. Besides the integration of the states and of the...