This paper examines how political business relations have shaped country vulnerability to financial crises during periods of international financial contagion. While close relations between political and business elites in island Southeast Asia deepened vulnerability during the Asian Financial...

Across the social sciences, lagged explanatory variables are a common strategy to confront challenges to causal identification using observational data. We show that "lag identification"--the use of lagged explanatory variables to solve endogeneity problems--is an illusion: lagging independent...

type="main" xml:id="ecpo12042-abs-0001" <p>This paper studies the effects of economic governance and political institutions on portfolio investment during the Global Economic Crisis of 2008–2009. Leveraging a unique cross-national dataset on portfolio flows immediately following the collapse of...</p>

The global spread of Islamic finance has transformed the financial systems of many Muslim countries, but analysts know little about the factors that shape individuals’ demand for Islamic finance. This paper examines the socioeconomic origins of consumer demand for Islamic financial products,...