November 2018: FSB released Evaluation of the effects of financial regulatory reforms on infrastructure finance

November 20, 2018 The evaluation is among the first under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms, and forms part of a broader FSB examination of the effects of reforms on financial intermediation. It focuses on infrastructure finance that is provided in the form of corporate[…]

IMF Working Paper – The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Authors: Meghana Ayyagari, Thorsten Beck and Maria Soledad Martinez Peria Date: December 2018 Abstract: Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium[…]

December 2018: New VoxEU Column – The micro impact of macroprudential policies: Firm-level evidence

Meghana Ayyagari, Thorsten Beck, Maria Soledad Martinez Peria 11 December 2018 Macroprudential tools have been implemented widely following the Global Crisis. Using data from 900,000 firms in 49 countries, this column finds that such policies are associated with lower credit growth during the period 2003-2011. The effects are especially significant for micro, small and medium-sized[…]

The First Dolomites Winter Finance Conference

CfP Deadline Date: December 9, 2018 Conference Event: February 13-15, 2019 Event Location: Brunico-Bruneck, Alto Adige, Italy Keynote Speaker(s): Luigi Zingales (University of Chicago Booth School of Business) Organizer(s): Free University of Bolzano-Bozen AIM & SCOPE: The Free University of Bolzano-Bozen, Faculty of Economics and Management, Research Cluster in Financial Markets and Regulation, is pleased[…]

IMF Working Paper: Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending

Authors: Daniel Gurara, Andrea Presbitero and Miguel Sarmiento Date: December 2018 Abstract: Cross-border bank lending is a growing source of external finance in developing countries and could play a key role for infrastructure financing. This paper looks at the role of multilateral development banks (MDBs) on the terms of syndicated loan deals, focusing on loan[…]

IMF Working Paper: China’s Bond Market and Global Financial Markets

Authors: Eugenio M Cerutti and Maurice Obstfeld Date: December 2018 Abstract: A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market[…]

BIS Working Paper: Gross capital flows by banks, corporates and sovereigns

Authors: Stefan Avdjiev, Bryan Hardy, Sebnem Kalemli-Ozcan and Luis Servén Date: December 2018 Abstract: We construct a new data set of quarterly international capital flows by sector, with an emphasis on debt flows. Using our new data set, we establish four facts. First, the co-movement of capital inflows and outflows is driven by inflows and[…]

BIS Working Paper: Foreign currency borrowing, balance sheet shocks and real outcomes

Authors: Bryan Hardy Date: November 2018 Abstract: Emerging market firms frequently borrow in foreign currency (FX), but their assets are often denominated in domestic currency. This behavior leads to an FX mismatch on firms balance sheets, which can harm their net worth in the event of a depreciation. I use a large, unanticipated, and exogenous[…]