Microfinance institutions, in their efforts to improve outreach and expand the range of financial services offered to the poor, have recurred to more and more sophisticated financing instruments, including securitization. The paper explores the advantages offered by this form of funding as well...

We investigate the value of stable ownership for a large sample of European firms from 2005 to 2010, using the global financial crisis as an exogenous shock and using pre-and post-crisis periods as benchmarks. Controlling for ownership concentration, we find that stable blockholder ownership...

The global financial crisis was a stark reminder of the importance of cross-country linkages in the global economy. We document growth synchronization across a diverse group of 185 countries covering 7 regions, and pay particular attention to the period around the global financial crisis. A...

It is widely recognized that the Global Financial Crisis (GFC) of 2008 began when sub prime borrowers defaulted on loans made by sellers. Complex dependencies among various players in the mortgage industry further exacerbated this problem. For example, derivative products like mortgage backed...

Post-crisis financial re-regulation in place or underway in Hong Kong and elsewhere includes restrictions on forms of contracting and new rules governing business and financial product conduct. Measures of this kind may dampen activity but do little to protect investors or other users, nor...

The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...

In this article, I review the role of the IMF in the global crisis and argue that the Fund has emerged as a powerful institutional force, providing analysis and recommendations that have served as the basis of official action on several fronts. By contrast, the Fund was barking up the wrong tree...

A number of previous studies have looked at the effect of financial crises on actual output several years beyond the crisis. The purpose of this paper is to examine whether the growth of potential output also is affected by recessions, whether or not they include financial crises. Trend per...

This paper deals with the Russian financial markets and financial institutions. The author focuses on post crisis recovery, Russian equity market. The issue of capital outflow and operating risks of the stock market were analyzed by the author

This paper proposes a framework for modelling financial contagion that is based on SIR (Susceptible-Infected-Recovered) transmission models from epidemic theory. This class of models addresses two important features of contagion modelling, which are a common shortcoming of most existing...