Since the 1990s, financial systems around the world, and especially those in developing countries, have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic...
Economic and financial news in the past six months confirm that the external tailwinds that propelled economic activity in Latin America and the Caribbean (LAC) over the past decade continue to recede...
Economic and financial news in the past six months point to a softening of the formidable tailwinds that facilitated the achievement of high growth with social equity in Latin America and the Caribbean...
The paper documents an intriguing development in the emerging world in the 2000s: a decoupling from the business cycle of advanced countries, combined with the strengthening of the co-movements in the...
Financial globalization, defined as global linkages through cross-border financial flows, has become increasingly relevant for emerging markets as they integrate financially with the rest of the world...
Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such...
In contrast with a growing literature on the drivers of aggregate volatility in developing countries, its consequences in terms of individual incomes have received less attention. This paper looks at the...
This paper takes advantage of the fact that some stocks trade both in domestic and international markets to characterize the degree of international financial integration. The paper argues that the cross-market...
This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets. The...
Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile...
In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However...
Financial dollarization is increasingly seen as a concern because of its tendency to contribute to financial crises and output volatility. As a result the debate on financial dollarization has shifted...
The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration...
Levy-Yeyati、Martinez Peria和Schmukler表明,系统风险对存款人的行为具有重大影响,有时会超过他们对标准银行基本因素做出的反应。系统风险可以单独或通过银行基本因素影响市场纪律。首先,不断恶化的系统条件可以通过双重代理问题直接威胁存款的价值。其次,当银行面临系统风险时,系统冲击会恶化未反映在当前价值中的未来的基本因素。作者用阿根廷和乌拉圭近期的银行危机数据表明,当引入系统风险时,市场纪律确实受到影响。随着系统风险的增加,以往的基本因素中所包涵的信息会减少。这种情况还表明,非常少量的系统冲击就可能触发银行挤兑...