Author(s): Laura Alfaro, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr Date: April 2020 Abstract: Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter mediated by tax havens financial centers (THFC) and by less regulated funds. These securities are risky and respond[…]
Author(s): Craig Doidge, G. Andrew Karolyi, and René M. Stulz Date: April 2020 Abstract: For the last two decades, non-US firms have lower valuations than similar US firms. We study the evolution of this valuation gap to assess whether financial markets are less integrated after the 2008 global financial crisis (GFC). The valuation gap for[…]
CfP Deadline Date:June 15, 2020 Conference Event:October 29-30, 2020 Event Location:Amsterdam, The Netherlands Organizer(s):De Nederlandsche Bank (DNB) In recent years the strong response of Central Banks to the weak economic conditions has pushed Monetary Policy to explore uncharted territories. As the phase of low inflation and low natural rates extend over time, major Central Banks[…]