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Quantitative Easing and Credit Rating Agencies
Abidi, Nordine; Falagiarda, Matteo; Miquel-Flores, Ixart - 2022
This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright...
Persistent link: https://www.econbiz.de/10013405784
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Assessing the Cost of Financial Regulation
Elliott, Douglas - 2012
This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United … higher taxes and fees. Overall, average lending rates in the base case would rise by 18 bps in Europe, 8 bps in Japan, and 28 …
Persistent link: https://www.econbiz.de/10013099136
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Unstash the Cash! Corporate Governance Reform in Japan
Aoyagi, Chie - 2014
Japan's high corporate savings might be holding back growth. We focus on the causes and consequences of the current … corporate behavior and suggest options for reform. In particular, Japan's weak corporate governance - as measured by available … comprehensive corporate governance reform should be a key component of Japan's growth strategy …
Persistent link: https://www.econbiz.de/10013048363
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Structural Changes in Japanese Firms : Business Dynamism in an Aging Society
Hong, Gee Hee; Ito, Arata; Saito, Yukiko Umeno; Nguyen, … - 2021
patterns have evolved between 2007 and 2017. Firm exit patterns have been heavily influenced by Japan's demographic trends, as …
Persistent link: https://www.econbiz.de/10013228164
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Deconstructing ESG Scores : How to Invest with Your Own Criteria?
Ehlers, Torsten; Elsenhuber, Ulrike; Jegarasasingam, … - 2023
Environmental, Social, and Governance (ESG) scores are a key tool for asset managers in designing and implementing ESG investment strategies. They, however, amalgamate a broad range of fundamentally different factors, creating ambiguity for investors as to the underlying drivers of higher or...
Persistent link: https://www.econbiz.de/10014351359
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Sub-Saharan Africa's Risk Perception Premium : In the Search of Missing Factors
Gbohoui, William; Ouedraogo, Rasmané; Some, Y. Modeste - 2023
Policymakers from the sub-Saharan Africa (SSA) region often flag a mispricing of their sovereign debt presumably originating from a perception risk by international investors that lead to "unjustifiably" high borrowing costs. Against this background, this paper explores the extent to which a...
Persistent link: https://www.econbiz.de/10014353726
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Can Short-Term Capital Controls Promote Capital Inflows?
Cordella, Tito - 2005
In an economy a la Diamond and Dybvig (1983), we present an example in which foreign lenders find it profitable to invest in an emerging market if, and only if, the emerging market government imposes taxes on short-term capital inflows. This implies that capital controls that are effective in...
Persistent link: https://www.econbiz.de/10012737725
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The Nonlinear Relationship between Public Debt and Sovereign Credit Ratings
Hadzi-Vaskov, Metodij - 2019
This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii)...
Persistent link: https://www.econbiz.de/10012864106
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How is the Likelihood of Fire Sales in a Crisis Affected by the Interaction of Various Bank Regulations?
Kirti, Divya - 2017
We present a model that describes how different types of bank regulation can interact to affect the likelihood of fire sales in a crisis. In our model, risk shifting motives drive how banks recapitalize following a negative shock, leading banks to concentrate their portfolios. Regulation affects...
Persistent link: https://www.econbiz.de/10012956306
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Islamic Finance, Consumer Protection, and Financial Stability
Lukonga, Inutu - 2015
Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and financial literacy can lead to financial instability. Though Shari'ah principles...
Persistent link: https://www.econbiz.de/10013021443