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This paper investigates the causal impact of oil price fluctuations on financial markets since January 2014. Following a heteroscedasticity-based event study approach, the paper instruments changes in oil prices by exogenous shocks in oil supply. It finds that oil price declines raise...
Persistent link: https://www.econbiz.de/10012570592
Deteriorating public finances around the world raise doubts about countries' abilities to bail out their largest banks …
Persistent link: https://www.econbiz.de/10012551576
Between 1999 and 2008, world oil prices more than quadrupled in real terms. For oil importers, vulnerability to oil … domestic product. Oil intensity fell in more than half the countries in every income group and in every region of the world … pass-through to consumers of increases in world prices of gasoline, diesel, kerosene, and liquefied petroleum gas between …
Persistent link: https://www.econbiz.de/10012557110
A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts...
Persistent link: https://www.econbiz.de/10012560120
investigate the impact of the volatility of investment returns on replacement rates in the context of personal pension plans. They … annuities. The first three strategies lower the volatility of replacement rates, but at significant cost in terms of lower … lowering their level - because of the persistence of the equity premium and the fact that the volatility of equity returns is …
Persistent link: https://www.econbiz.de/10012572390
ratings after controlling for changes in the world weighted average rating. When relative ratings in 2012 are compared with … the first half of 2008, the world average rating is found to be weaker because of the financial crisis. The relative …
Persistent link: https://www.econbiz.de/10012560751
Credit rating agencies have drawn criticism for failing to anticipate and deter root causes of the 2008-2009 financial crisis in the United States. However, this paper presents evidence that credit rating agencies regularly anticipate and deter governments in emerging democracies from...
Persistent link: https://www.econbiz.de/10012558114
The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. Their sample includes private and public firms that vary in size from very small to large in 62 countries. Together, the institutional...
Persistent link: https://www.econbiz.de/10012554260
Using historical data on sovereign and individual borrowers, the authors assess the potential impact on non-high-income countries of linking capital asset requirements for banks to private sector ratings, as the Basel committee has proposed. They show that linking bank's capital asset...
Persistent link: https://www.econbiz.de/10012572775
Financial market instability has been the focus of attention of both academic and policy circles. Rating agencies have been under particular scrutiny lately as promoters of financial excesses, upgrading countries in good times and downgrading them in bad times. Using a panel of emerging...
Persistent link: https://www.econbiz.de/10012573051