This paper looks at the vulnerabilities stemming from banking sector linkages between countries and their macroeconomic effects. It finds that credit risks (from a banking system’s claims on other countries) and funding risks (from a banking system’s liabilities to another) have declined...

We propose an alternative way of using accounting multiples to predict future returns. We define excess multiple as the difference between an accounting multiple and the warranted multiple based on a firm's fundamental value drivers. Firms with low excess multiples have higher one-to-three years...

1. Introduction. 2. Case Studies. 3. Direct Effects and International Spillover Effects on the Macroeconomy: Dynamic Panel GMM Analysis. 4. Direct Effects and International Spillover Effects on Financial Markets: Event Study Approach