We study the relationship between corruption and borrowing costs for governments and firms in emerging markets. Combining data on bonds traded in the global market with survey data on corruption compiled by Transparency International, we show that countries that are perceived as more corrupt...

We study the relationship between corruption and borrowing costs for governments and firms in emerging markets. Combining data on bonds traded in the global market with survey data on corruption compiled by Transparency International, we show that countries that are perceived as more corrupt may...

This paper aims to explain why some consumers may rationally object to free trade. I describe a differentiated-goods economy in which agents differ in their preferences across categories of goods. Due to increasing returns in production the number of goods produced in a given category depends on...

This third COVID-19 Special Issue Brief explores the characteristics, including demographics, of mortgage borrowers in forbearance or delinquent during the COVID-19 pandemic. The report uses data from the National Mortgage Database (NMDB®), which is a random 1-in-20 sample of closed-end...

We investigate the role of quot;country riskquot; in determining the default risk of firms in emerging markets. In particular, we study the relationship between the secondary market spreads (over hard-currency government bond yields) of bonds issued by emerging market firms and bonds issued by...