Search Results - subject_exact:"Internationaler Finanzmarkt"

Economic growth, international financial integration, and geopolitical uncertainty : a PVAR approach across developed and developing countries

Tarchoun, Monaem - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015617059

Dollarisation waves: new evidence from a comprehensive international bond database

Pradhan, Swapan-Kumar; Prasad, Eswar S.; Takáts, Előd; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609559

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2026

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612336

Show one more version 1

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2025

Book / Working Paper

Dollar funding and housing markets : the role of non-US global banks

Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2026 - This version: January 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015613799

Show one more version 1

Dollar funding and housing markets : the role of non-US global banks

Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2025 - This version: October 2025

Edition: This version: October 2025

Book / Working Paper

Heterogeneous effects of monetary policy surprises on bond fund flows

Blanco, Sébastien; Koomen, Miriam; Yeşin, Pınar - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615519

Short selling around news in international stock markets

Gorbenko, Arseny - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616369

The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592007

Show one more version 1

The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

Book / Working Paper

Private money and public debt. U.S. Stablecoins and the global safe asset channel

Ferrari, Massimo Minesso; Siena, Daniele - 2026

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592687

Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015593005

Show one more version 1

Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2025

Book / Working Paper

What explains international interest rate co-movement?

Camehl, Annika; Schweinitz, Gregor von - 2026 - This version: January 28, 2026

The international co-movement of interest rates reflects correlated business-cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates - inflation and the output gap - and does not respond to foreign policy shocks. We derive this result...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015590245

Show one more version 1

What explains international interest rate co-movement?

Camehl, Annika; Schweinitz, Gregor von - 2023 - This version: September 4, 2023

Edition: This version: September 4, 2023

Book / Working Paper

Pyrrhic diversification : foreign institutional ownership and stock return sensitivity to the global financial cycle

Ambrocio, Gene; Bui, Dien Giau; Hasan, Iftekhar; Lin, … - 2026

We demonstrate that foreign institutional ownership (FIO) is associated with stronger stock return sensitivity to the Global Financial Cycle (GFC), indicating greater global co-movement among stocks selected by FIOs compared to those not selected. We conjecture that this may be because (i) FIOs...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015580296

Financial globalization and corporate environmental, social, and governance (ESG) ratings

Almulhim, Abdulateif A.; Samour, Ahmed; Chaouachi, Maroua; … - 2026

Corporate environmental, social, and governance (ESG) ratings are receiving growing attention in the current literature. However, most empirical studies fail to examine whether corporate ESG ratings are influenced by financial globalization (FG). This study offers a novel perspective by...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015603749

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2026 - Original version: August 2023, this version: January 2026

We use a dynamic spatial general equilibrium model of international investment and production to investigate the real implications of the last five decades of financial globalization. We introduce a wedge accounting framework to estimate country- and time-varying measures of outward and inward...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605201

Show 4 more versions 4

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2025 - This version: August 2025

Edition: This version: August 2025

Book / Working Paper

Unbalanced Financial Globalization

Capelle, Damien; Pellegrino, Bruno - 2025

Book / Working Paper

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2023

Book / Working Paper

Unbalanced financial globalization

Capelle, Damien; Pellegrino, Bruno - 2025 - This version: June 2025

Edition: This version: June 2025

Book / Working Paper

Foreign bonds, territorial change and repudiation : the Silesian Bonds saga

Bindseil, Ulrich; Gulati, Mitu - 2026

Once a famous tale of conquest, law and foreign bond markets, the saga of the Silesian Bonds of 1734-37 is missing from the literature on sovereign debt. The Silesian Bonds were among the earliest foreign currency sovereign bonds issued. They go into the market 84 years prior to the 1818...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620325

How CCyBs travel : internal capital markets & domestic borrowing

Imbierowicz, Björn; Löffler, Axel; Ongena, Steven; … - 2026

We examine how foreign macroprudential tightening transmits through multinational firms' internal capital markets. Using subsidiary exposure to countercyclical capital buffer (CCyB) increases, we find that while bank credit to subsidiaries falls 10 percent, parents fully substitute this via...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625022

Show one more version 1

How CCyBs travel : internal capital markets & domestic borrowing

Imbierowicz, Björn; Löffler, Axel; Ongena, Steven; … - 2026

Book / Working Paper

Coordinating in the haircut, a model of sovereign debt restructuring in secondary markets

Cobas, Adriana - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625230

Global financial cycle, media coverage and currencies of emerging markets

Beckmann, Joscha; Agyapong, Joseph - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015627112

Global roadmaps for post-quantum era in finance : policies, timelines, and a pragmatic playbook for migration

Kuka, Colin; Muhyaddin, Sanar; Phoey Lee Teh; Davies, Leanne - 2026

Quantum computing threatens the security foundations of global financial systems, exposing long-lived data and signed digital assets to "harvest-now, decrypt-later" attacks. While the timeline for cryptographically relevant quantum computers remains uncertain, regulatory signals from the USA,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628580

Determinants of the international use of currencies : implications for US dollar dominance

Itō, Hiro; Kawai, Masahiro - 2026

The US dollar (USD) has long been the dominant international currency. The euro (EUR), UK pound (GBP), Japanese yen (JPY), and other advanced economy (AE) currencies have played complementary roles to the USD as international currencies, while emerging market and developing economy (EMDE)...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628673

One market, one supervision : rethinking the supervisory landscape for a truly integrated capital market in Europe

Carmassi, Jacopo; Dumora Lemair, Olivier; Evrard, Johanne; … - 2026

This paper provides an evidence-based assessment of the EU supervisory landscape by combining a comprehensive mapping of supervisory models and authorities with an analysis of capital market players across key sectors, including market infrastructures, asset management, and crypto-asset service...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628826

Time-varying global financial stress contagion in a decade of trade wars and geopolitical fractures

Tabash, Mosab I.; Issa, Suzan Sameer; Alnahhal, Mohammed; … - 2026

The objective of this study is to explore the time-varying shock transmission mechanism between aggregated financial stress indices (FSIs) of developed economies (the U.S., the U.K., the European Union (EU) and Japan) and the emerging economy of China. We employ a novel Time-Varying Parameter...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639096

Volatile rates, fragile growth : global financial risk and productivity dynamics

Gornemann, Nils; Rojas, Eugenio; Saffie, Felipe - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639197

Show one more version 1

Volatile Rates, Fragile Growth : Global Financial Risk and Productivity Dynamics

Gornemann, Nils; Rojas, Eugenio; Saffie, Felipe - 2025

Book / Working Paper

Capturing value from investment opportunities under product-market competition : when do internal capital markets matter?

Costa, Afonso Almeida; Gimeno, Javier - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639519

Macro-financial blind spots in emerging markets : non-bank intermediation, funding liquidity, and the persistence of global shock transmission

Pessoa, Gustavo Henrique Rodrigues; Rochman, Ricardo R. - 2026

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643130

Reconceptualizing central bank transparency : a multidimensional index and its implications for international equity portfolio allocation

Bhiri, Sana; BenMabrouk, Houda - 2026

This paper examines the influence of Monetary Policy Transparency on Foreign Equity Portfolio Allocation by addressing the informational frictions that shape cross-border investment in Financial Markets. Building on recent developments in central bank communication, we construct a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643313

Global banking with a Latin American rhythm

Berger, Allen N.; Karlström, Peter; Karolyi, Stephen A.; … - 2026

How does global banking impact financial stability and the real economy, particularly in emerging market economies? This paper revisits this question through the lens of new data and recent empirical findings in the banking literature. Considering this evidence, we illustrate how global banks...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643931

Do warnings change behavior? : money-laundering, grey-listing by the FATF, and cross-border financial flows

LaGarda, Guillermo; Verastegui, Paulina - 2026

Does Financial Action Task Force (FATF) grey-listing disrupt cross-border financial flows? The answer is not obvious. Grey-listing imposes no formal transaction restrictions, yet it can trigger compliance responses by financial institutions facing heightened regulatory risk and the prospect of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644703

Eurobonds and the European debt trilemma

Panizza, Ugo - 2026

A well-designed European sovereign debt architecture should avoid debt mutualization, create a large safe asset, and reduce the risk of self-fulfilling crises. This note derives a European debt trilemma, showing that no feasible architecture can simultaneously achieve all three objectives. The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647184

The integration-contagion paradox : global linkages and crisis transmission in South Asian stock markets

Gajurel, Dinesh; Thapa, Bharat Singh - 2026

This study examines financial integration and contagion across South Asia's emerging and frontier markets during the 2001-2013 period, encompassing both the global financial and Eurozone crises. Employing a multi-factor asset pricing model within an EGARCH framework, we disentangle systematic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652114

The conduit, constraint, and containment : a framework for analyzing global stablecoin risk transmission and China's regulatory response

Meng, Tian; Yu, Gaojin; Lu, Minfeng - 2026

The rapid expansion of global stablecoins is generating new challenges for monetary sovereignty, financial stability, and cross-border regulatory governance. This paper develops an integrated analytical framework of "risk transmission-institutional constraints-compliance response-dynamic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653710

Corporate financial distress and equity market contagion : evidence from energy sector collapses in the U.S. stock market

Al Mustanyir, Salem - 2026

This study provides the first empirical analysis of how energy-sector corporate filing events transmit to financial markets, bridging a critical gap between corporate financial distress literature and commodity market dynamics. The analysis employs an event study methodology with Wilcoxon...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653758

Gold and the external wealth of nations

Bindseil, Ulrich; Daskalova, Svetla; Senner, Richard - 2026 - This version: 30 May 2026

We analyse the portfolio-reallocation incentives faced by NIIP-surplus economies under cross-border seizure risk. Assets, such as gold, can be physically imported and held domestically in contrast to financial claims on other jurisdictions. Gold purchases not only reduce the NIIP but can also...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654167

Firm-to-firm financial linkages and dollar risk transmission

Hardy, Bryan; Saffie, Felipe; Simonovska, Ina - 2026

We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632187

Modeling national financial cycles with strong and weak cross-sectional dependence

Tian, Xin; Jacobs, Jan; Haan, Jakob de; Elhorst, J. Paul - 2026

Although financial market fluctuations that move together are often interpreted as evidence of a global financial cycle, driven by macroeconomic and financial shocks, they may also result from spillover effects generated by local financial linkages and interdependencies among countries. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635169

Risks for Europe of US dominance of global asset management

Schoenmaker, Dirk - 2026

Asset managers work on behalf of asset owners, such as pension funds and insurance companies, allocating their holdings of household or other savings. In Europe, the market share of United States asset managers is rising, while that of their European counterparts is declining. US asset managers...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636665

Neoclassical growth in an interdependent world

Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666280

Show 4 more versions 4

Neoclassical growth in an interdependent world

Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - 2023

Book / Working Paper

Neoclassical growth in an interdependent world

Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - 2023

Book / Working Paper

Neoclassical growth in an interdependent world

Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - 2023

Book / Working Paper

Neoclassical Growth in an Interdependent World

Kleinman, Benny; Liu, Ernest; Redding, Stephen; Yogo, … - 2023

Book / Working Paper

The impact of the global financial cycle on systemic risk and the role of macroprudential policies

Zhu, Mingzhu; Ma, Xuyang - 2026

In an increasingly complex international economic environment, preventing systemic risk requires attention to both domestic conditions and the spillover effects from global financial shocks. This study examines 42 economies to explore the global financial cycle's impact on systemic risk and its...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666459

Outlook and challenges for local currency transactions : an analysis of the trend toward dedollarization, centered on Asia

Tomizawa, Katsuyuki; Shimizu, Junko - 2026

Since the late 2010s, rising geopolitical tensions-particularly between the United States and the People's Republic of China (PRC)-have begun to affect currency choices in trade and investment across Asia. Although the US dollar remains the dominant international currency, emerging economies are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669071

Dynamic convergence in equity markets : evidence from an open-developing economy

An Thi Thuy Duong - 2026

This paper examines the speed and stability of stock market convergence in an open developing economy, using Vietnam as the case. The study applies a β-convergence framework to weekly FTSE equity-indices from 2013 to 2025, estimating both full-sample and time-varying models, including...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667711

The impact of stablecoins on the international monetary and financial system

Aldasoro, Iñaki; Frost, Jon; Itō, Hiro - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667775

Multi-market trading and overnight price discovery : evidence from American Depository Receipts

Hoang Lai Trung; Duc Hong Vo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667491

Global banking and geopolitics through time

Emter, Lorenz; Kuitunen, Laura; Mehl, Arnaud; McQuade, Peter - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668195

Stablecoin flows and spillovers to FX markets

Aldasoro, Iñaki; Beltran, Paula; Grinberg, Federico - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668201

Shifting forces behind RMB internationalization : evidence from the 2025 Triennial Survey

Robbert, Juliana; Sushko, Vladyslav; Westermann, Frank - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668251

The Trafalgar squeeze of global liquidity

Bignon, Vincent; Mojon, Benoît; Ortiz Serrano, Miguel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668263

Making global benefits pay : the World Bank reform to support global public goods

Schwab, Jakob - 2026

Global public goods (GPGs) are goods that are produced locally but have global effects. GPGs are essential for securing global development. The climate and biodiversity crises, pandemics, as well as fragility, conflict and violence are threatening livelihoods and well-being around the world, and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015585414

The impact of currency market shocks on global bond fund returns and volatility

Lü, Zheng; El Khoury, Rim; Jiang, Zhuhua; Ozcelebi, Oguzhan - 2026

This study employs advanced econometric models-TVP-SV-VAR, BEKK-MGARCH, DCC)-MGARCH, and WQR models-to analyse the exchange rate sensitivity of global bond ETFs. It examines four major funds (BNDX, TPINX, MGBIX, and FGBFX) with differing exposures to Samurai, Yankee, and Bulldog bonds. The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664879

Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system : papers in this volume were prepared for a meeting of emerging market economy Deputy Governors organised by the Bank for International Settlements on 12-13 March 2026

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667777

Wars, threats, and the sovereign bond market

Federle, Jonathan-Julian; Greenwood, Robin; Meyer, Josefin - 2026

We study how wars and military threats affect financial markets. Leveraging more than 300,000 monthly price observations since 1822, we create an external currency bond index for more than 90 countries - the EXBI. Using the EXBI, we document large effects of wars on returns and borrowing costs....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015670016

Global banking default cycles : cross-country exposure and business cycle implications

Shi, Rui - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672881