Financial Integration And Financial Frictions

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Financial Integration And Financial Frictions

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Author : Pascal Towbin
language : en
Publisher:
Release Date : 2011

Financial Integration And Financial Frictions written by Pascal Towbin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Essays On Financial Frictions And Financial Integration

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Author : Ahrang Lee
language : en
Publisher:
Release Date : 2012

Essays On Financial Frictions And Financial Integration written by Ahrang Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

Abstract: This dissertation addresses two questions regarding international financial market integration and financial frictions. Does stock market volatility in a country raise that in other countries? To answer this question, I conduct two types of empirical exercises. I fit a simple bivariate vector augoregressions (VAR), which show a persistent positive response of domestic volatility to a shock in external volatility. In addition, I run two stage least squares on domestic volatility to resolve the problem of an endogenous explanatory variable. Disaster shocks are used as the instrument for external volatility. I find that international spillovers do occur in stock markets. In particular, one standard deviation increase in external volatility raises domestic volatility by at least 0.3 standard deviations. Moreover, I show that disaster shocks are a valid and robust instrument for volatility. To the best of my awareness, this is the first work addressing the issue of endogeneity in international stock markets with instrument variables. The second question asks if fixed costs to using financial intermediation are quantitatively important in explaining income differences across-countries. I introduce fixed costs into an entrepreneurship model with financial frictions where agents are heterogeneous in their financial assets, entrepreneurial ability and labor productivity. I find that the fraction of agents using financial intermediation substantially decreases as fixed costs increase. Fixed costs as low as 11 per cent of typical year's income lower the intermediated population from almost one to one fifth. Fixed costs also reduce accumulation of capital by 20 per cent as they restrict the intermediated population. Lastly, barriers to financial intermediation play an important role in increasing wealth inequality within an economy and across economies. The aforementioned fixed costs raise the wealth Gini index from 0.78 to 0.92 and reduce aggregate income by 10 per cent. That is, the fixed costs alone can explain 10 per cent of income difference between, for example, Belgium and Guyana.

Financial Integration Financial Frictions And Business Cycles Of Emerging Market Economies

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Author : Tianxiao Zheng
language : en
Publisher:
Release Date : 2015

Financial Integration Financial Frictions And Business Cycles Of Emerging Market Economies written by Tianxiao Zheng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

The Integration Of Imperfect Financial Markets

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Author : Claudia M. Buch
language : en
Publisher:
Release Date : 2003

The Integration Of Imperfect Financial Markets written by Claudia M. Buch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Financial Frictions Investment And Institutions

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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2010-10-01

Financial Frictions Investment And Institutions written by Mr.Stijn Claessens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-01 with Business & Economics categories.

Financial frictions have been identified as key factors affecting economic fluctuations and growth. But, can institutional reforms reduce financial frictions? Based on a canonical investment model, we consider two potential channels: (i) financial transaction costs at the firm level; and (ii) required return at the country level. We empirically investigate the effects of institutions on these financial frictions using a panel of 75,000 firm-years across 48 countries for the period 1990 - 2007. We find that improved corporate governance (e.g., less informational problems) and enhanced contractual enforcement reduce financial frictions, while stronger creditor rights (e.g., lower collateral constraints) are less important.

Drivers Of Financial Integration Implications For Asia

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Author : Nasha Ananchotikul
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-17

Drivers Of Financial Integration Implications For Asia written by Nasha Ananchotikul and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-17 with Business & Economics categories.

Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

Handbook Of Financial Integration

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Author : Guglielmo M. Caporale
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-05-02

Handbook Of Financial Integration written by Guglielmo M. Caporale and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-05-02 with Business & Economics categories.

This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state of the art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies.

Financial Integration And Real Activity

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Author : Tamim A. Bayoumi
language : en
Publisher: Manchester University Press
Release Date : 1997

Financial Integration And Real Activity written by Tamim A. Bayoumi and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.

If history matters for understanding key development outcomes then surely historians should be active contributors to the debates informing these understandings. This volume integrates, for the first time, contributions from ten leading historians and seven policy advisors around the central development issues of social protection, public health, public education and natural resource management. How did certain ideas, and not others, gain traction in shaping particular policy responses? How did the content and effectiveness of these responses vary across different countries, and indeed within them? Achieving this is not merely a matter of seeking to 'know more' about specific times, places and issues, but recognising the distinctive ways in which historians rigorously assemble, analyse and interpret diverse forms of evidence. This book will appeal to students and scholars in development studies, history, international relations, politics and geography as well as policy makers and those working for or studying NGOs.

Financial Frictions International Capital Flows And Welfare

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Author :
language : en
Publisher:
Release Date : 2018

Financial Frictions International Capital Flows And Welfare written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

The connection between the financial crisis and global imbalances is controversial. This paper argues that this relationship is likely to be connected to the existence of heterogenous financial frictions in different domestic credit markets. By developing a general equilibrium model where adverse selection and limited pledgeability coexist, this work highlights why adverse selection may play a pivotal role in determining the different (often opposing) welfare effects of international capital flows on originating and destination countries. This perspective also advances an analytical framework that is flexible enough to analyze the global effects on investment allocation of the "Saving Glut", of the policies facilitating financial integration and macro-prudential policy.

The Effects Of International Financial Integration In A Model With Heterogeneous Firms And Credit Frictions

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Author : Christiane Clemens
language : en
Publisher:
Release Date : 2010

The Effects Of International Financial Integration In A Model With Heterogeneous Firms And Credit Frictions written by Christiane Clemens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.