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Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies

Aslı Demirgüç-Kunt and Luis Servén.

in The World Bank Research Observer

February 2010; p ublished online February 2010 .

Journal Article. Subjects: Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Financial Regulation; Banking; Corporate Governance. 14710 words.

The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western...

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Beyond Aid: How Much Should African Countries Pay to Borrow?

Cheikh A. Gueye and Amadou N. R. Sy.

in Journal of African Economies

June 2015; p ublished online November 2014 .

Journal Article. Subjects: Investment Banking; International Finance. 6261 words.

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital...

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Hans B. Christensen, Luzi Hail and Christian Leuz.

in The Review of Financial Studies

November 2016; p ublished online July 2016 .

Journal Article. Subjects: International Finance; International Financial Markets; Financial Regulation; Corporate Governance; Law and Economics; Accounting. 20691 words.

We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for...

CATalytic insurance: the case of natural disasters

Tito Cordella and Eduardo Levy Yeyati.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: Environmental Economics; International Finance; Insurance. 9480 words.

Why should developing countries buy expensive catastrophe (CAT) insurance? Abstracting from risk aversion or hedging motives, we find that insurance may have a catalytic role on external...

The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Hui Tong and Shang-Jin Wei.

in The Review of Financial Studies

June 2011; p ublished online September 2010 .

Journal Article. Subjects: International Finance; Financial Institutions and Services; Corporate Governance. 12578 words.

This article studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007–2009 crisis. Using data on 3,823 firms in 24 emerging countries,...

The Conditional Effects of Market Power on Bank Risk—Cross-Country Evidence

Jens Forssbæck and Choudhry Tanveer Shehzad.

in Review of Finance

August 2015; p ublished online October 2014 .

Journal Article. Subjects: Financial Regulation; Banking; International Finance; Market Structure and Pricing. 13603 words.

We investigate the relationship between market power and risk for a large panel of banks worldwide. Loan and deposit market power are measured separately at bank-year level, and the risk...

Converting Tail-VaR to VaR: An Econometric Study

Christian Gourieroux, Wei Liu and Gourieroux Liu.

in Journal of Financial Econometrics

March 2012; p ublished online March 2012 .

Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Insurance; International Finance. 6942 words.

This paper studies the link between two popular measures of risk, that are the Value-at-Risk (VaR) and the Tail-VaR (TVaR). We study how the TVaR and VaR are related through their risk...

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Credit Constraints, Heterogeneous Firms, and International Trade

Kalina Manova.

in The Review of Economic Studies

April 2013; p ublished online November 2012 .

Journal Article. Subjects: International Trade; Financial Regulation; Financial Institutions and Services; Corporate Governance; International Finance. 16775 words.

Financial market imperfections severely restrict international trade flows because exporters require external capital. This article identifies and quantifies the three mechanisms through...

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Credit ratings and the pricing of sovereign debt during the euro crisis

Joshua Aizenman, Mahir Binici and Michael Hutchison.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Investment Banking; Economics; International Finance. 11295 words.

This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time-varying...

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops

Emmanuel Farhi and Jean Tirole.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: International Finance; Financial Regulation; National Budget, Deficit, and Debt. 22902 words.

Abstract

The recent unravelling of the Eurozone’s financial integration raised concerns about feedback loops between sovereign and banking insolvency. This...

Domestic Bond Market Development: The Arirang Bond Experience in Korea

Jonathan A. Batten and Peter G. Szilagyi.

in The World Bank Research Observer

January 2007; p ublished online September 2007 .

Journal Article. Subjects: Financial Regulation; International Finance. 11651 words.

This study contrasts the development of the Republic of Korea's market for won-denominated foreign bonds (Arirang) with similar markets in the Asia-Pacific region. It discusses the...

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Europe after the crisis: less or more role for nation states in money and finance?

André Sapir.

in Oxford Review of Economic Policy

December 2011; p ublished online December 2011 .

Journal Article. Subjects: Financial Regulation; International Finance. 6317 words.

With the completion of the single European market and the full liberalization of capital markets two separate trilemmas emerged in the early 1990s: a monetary trilemma between free capital...

Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis

Alexander Popov and Neeltje Van Horen.

in Review of Finance

August 2015; p ublished online November 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Banking; International Finance; Money and Interest Rates. 16356 words.

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS European banks with sizeable holdings of GIIPS sovereign bonds declined relative to nonexposed...

Financial constraints and firm exports: accounting for heterogeneity, self-selection, and endogeneity

Angelo Secchi, Federico Tamagni and Chiara Tomasi.

in Industrial and Corporate Change

October 2016; p ublished online August 2016 .

Journal Article. Subjects: International Trade; International Finance; Financial Institutions and Services; Corporate Governance. 9535 words.

The article examines the causal effect of financial constraints on firms’ exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of...

Financial Development: Maturing and Emerging Policy Issues

Augusto de la Torre, Juan Carlos Gozzi and Sergio L. Schmukler.

in The World Bank Research Observer

January 2007; p ublished online May 2007 .

Journal Article. Subjects: Financial Institutions and Services; Financial Regulation; International Financial Markets; International Finance. 12629 words.

In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from financial...

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Function before form: macro-institutional comparison and the geography of finance

Adam D. Dixon.

in Journal of Economic Geography

May 2012; p ublished online January 2012 .

Journal Article. Subjects: Comparative Economic Systems; Financial Institutions and Services; International Finance. 10365 words.

This article considers the treatment of institutions and institutional change in relation to finance and macro-institutional comparison in economic geography. Where recent contributions are...

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Global dollar credit: links to US monetary policy and leverage

Robert N. McCauley, Patrick McGuire and Vladyslav Sushko.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: International Finance; Financial Institutions and Services; Banking; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 16649 words.

Since the global financial crisis, banks and bond investors have increased the outstanding US dollar credit to non-bank borrowers outside the United States from $6 trillion to $9 trillion....

How Law Affects Lending

Rainer Haselmann, Katharina Pistor and Vikrant Vig.

in The Review of Financial Studies

February 2010; p ublished online September 2009 .

Journal Article. Subjects: International Finance; Banking; Financial Regulation; Bankruptcy; Law and Economics. 13695 words.

The paper investigates the effect of legal change on the lending behavior of banks in twelve transition economies. First, we find that banks increase the supply of credit subsequent to...

Improving the availability of trade finance in low-income countries: an assessment of remaining gaps

Marc Auboin.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: International Trade; Corporate Governance; Banking; Economic Development; International Finance. 7184 words.

Conditions in trade finance markets have returned to normality along the main global routes after the global financial crisis of 2008–9. The structural difficulties of poor countries in...

Learning from History: Volatility and Financial Crises

Jon Danielsson, Marcela Valenzuela and Ilknur Zer.

in The Review of Financial Studies

July 2018; p ublished online April 2018 .

Journal Article. Subjects: International Finance; Macroeconomic Aspects of International Trade and Finance; Economics; Financial Regulation; Macroeconomics and Monetary Economics; Growth and Fluctuations. 15176 words.

Abstract

We study the effects of stock market volatility on risk-taking and financial crises by constructing a cross-country database spanning up to 211 years...