Author(s): M. Ayhan Kose, Franziska L. Ohnsorge, Carmen M. Reinhart and Kenneth S. Rogoff Date: September 2021 Abstract: Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of[…]
Author(s): Hans Degryse, Roman Goncharenko, Carola Theunisz, Tamas Vadasz Date: September 2021 Abstract: We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that firms are indeed rewarded[…]
Author(s): Elisabeth Kempf, Mancy Luo, Larissa Schaefer and Margarita Tsoutsoura Date: September 2021 Abstract: Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors. Moreover, we[…]
Author(s): J. Scott Davis and Eric van Wincoop Date: September 2021 Abstract: We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC). The multi-country model features global risk-aversion shocks and heterogeneity of investors both within and across countries.[…]
Author(s): Juan M. Londono, Stijn Claessens and Ricardo Correa Date: September 2021 Abstract: We investigate how central banks’ governance frameworks influence their financial stability communication strategies and assess the effectiveness of these strategies in preventing a worsening of financial cycle conditions. We develop a simple conceptual framework of how central banks communicate about financial stability[…]
CfP Deadline Date: November 19, 2021 Conference Event: February 19-20, 2022 Event Location: Florida, USA Organizer(s): Review of Corporate Finance Studies The Society for Financial Studies is hosting the fifth annual Review of Corporate Finance Studies Winter Conference on February 19 and 20, 2022. This will be a high–quality conference with a limited number of[…]
Author(s):Mircea Epure, Irina Mihai, Camelia Minoiu and José-Luis Peydró Date: September 2021 Abstract: We show that macroprudential policies dampen the impact of global financial conditions on local credit cycles. For identification, we exploit exogenous variation in the U.S. VIX and household and business credit registers in a small open economy, where banks depend on foreign[…]
Author(s): Annamaria de Crescenzio and Etienne Lepers Date: July 2021 Abstract: The COVID-19 pandemic triggered a sudden funding squeeze manifested in major disruptions in international capital flows, the most dramatic of the wave of extreme capital flow episodes since the global financial crisis (GFC). This paper contributes to efforts to better understand this extreme episode[…]
CfP Deadline Date: October 5, 2021 Conference Event: December 9-10, 2021 Event Location: Online Keynote Speaker(s): Matteo Benetton (Berkeley Haas, U.S.) Bob DeYoung (The University of Kansas, U.S.) Jennifer L. Dlugosz (Federal Reserve Board, U.S.) Mariassunta Giannetti (Stockholm School of Economics, Sweden) Vasso Ioannidou (City University of London, United Kindgdom) Anna Kovner (Federal Reserve Bank[…]
CfP Deadline Date:October 5, 2021 Conference Event:December 9-10, 2021 Event Location:Online Keynote Speaker(s): Matteo Benetton (Berkeley Haas, U.S.) Bob DeYoung (The University of Kansas, U.S.) Jennifer L. Dlugosz (Federal Reserve Board, U.S.) Mariassunta Giannetti (Stockholm School of Economics, Sweden) Vasso Ioannidou (City University of London, United Kindgdom) Anna Kovner (Federal Reserve Bank of New York,[…]