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Forbes, Kristin - National Bureau of Economic Research (NBER) - 2012

This paper surveys and assesses the academic literature on defining, measuring, and identifying financial contagion and the various channels by which it can occur. It also includes new empirical analysis of recent trends and causes of contagion, highlighting contagion risks in the euro area. The...

Persistent link: https://www.econbiz.de/10010950725

Financial Globalization: A Reappraisal

Kose, Ayhan; Prasad, Eswar; Rogoff, Kenneth S; Wei, … - National Bureau of Economic Research (NBER) - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...

Persistent link: https://www.econbiz.de/10005089081

The Microeconomic Evidence on Capital Controls: No Free Lunch

Forbes, Kristin - National Bureau of Economic Research (NBER) - 2005

Macroeconomic analyses of capital controls face a number of imposing challenges and have yielded mixed results to date. This paper takes a different approach and surveys an emerging literature that evaluates various microeconomic effects of capital controls and capital account liberalization....

Persistent link: https://www.econbiz.de/10005085411

Why do Foreigners Invest in the United States?

Forbes, Kristin - National Bureau of Economic Research (NBER) - 2008

Why are foreigners willing to invest almost $2 trillion per year in the United States? The answer affects if the existing pattern of global imbalances can persist and if the United States can continue to finance its current account deficit without a major change in asset prices and returns. This...

Persistent link: https://www.econbiz.de/10005829149

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012

particularly effective to address risk-premium shocks that affect the interest rate differential foreign investors require in a …. We show that capital controls may be optimal even if the exchange rate is not fixed in response to risk premium shocks or …

Persistent link: https://www.econbiz.de/10010951293

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

Wei, Shang-Jin; Bai, Jennie - National Bureau of Economic Research (NBER) - 2012

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one … reason for why international investment in private companies has to take into account the sovereign risk. But the likelihood … of a transfer from the sovereign risk to corporate default risks may be mitigated by legal institutions that provide …

Persistent link: https://www.econbiz.de/10010821968

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?

Kim, Woochan; Wei, Shang-Jin; Sung, Taeyoon - National Bureau of Economic Research (NBER) - 2008

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …

Persistent link: https://www.econbiz.de/10005830032

The Evolving Importance of Banks and Securities Markets

Demirguc-Kunt, Asli; Levine, Ross; Feyen, Erik - National Bureau of Economic Research (NBER) - 2012

This paper examines the evolving importance of banks and securities markets during the process of economic development. We find that as countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an...

Persistent link: https://www.econbiz.de/10011227950

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

Raddatz, Claudio E.; Schmukler, Sergio - National Bureau of Economic Research (NBER) - 2011

This paper uses micro-level data on mutual funds from different financial centers investing in equity and bonds to study how investors and managers behave and transmit shocks across countries. The paper finds that the volatility of mutual fund investments is driven quantitatively by both the...

Persistent link: https://www.econbiz.de/10009277244

Theft and Taxes

Dyck, Isaac John Alexander; Desai, Mihir A.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2004

This paper analyzes the interaction between corporate taxes and corporate governance. We show that the characteristics of a taxation system affect the extraction of private benefits by company insiders. A higher tax rate increases the amount of income insiders divert and thus worsens governance...

Persistent link: https://www.econbiz.de/10005037707