In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of correlation matrices for four asset classes: equities,...

As financial intermediaries, microfinance institutions (MFIs) contribute to integrate remittances into the formal financial system. Using a database including 225 MFIs from Latin America and the Caribbean, this paper investigates the institutional factors that influence the MFI decision-making...