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The Costs and Consequences of Sovereign Borrowing
In this lecture, I revisit whether sovereign debt markets have delivered on their promise of fostering growth and enhancing risk sharing in emerging...
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The Threshold Effect of Finance on Growth: Reassessing the Burden of Evidence
Ronald Coase famously stated, “If you torture the data long enough, it will confess,” underscoring the need for the replication of well-accepted...
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Informed agent’s advice in bargaining under two-sided incomplete information
When both a buyer and a seller have private information about their valuations of the same object, they trade the object less efficiently. A...
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How is Central Bank Independence Sha** Income Inequality in Develo** Countries?
Amid growing global concern over increasing income inequality, the role of monetary policy and the central bank have come under increased scrutiny....
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Price dynamics and volatility jumps in bitcoin options
In the FinTech era, we contribute to the literature by studying the pricing of Bitcoin options, which is timely and important given that both Nasdaq...
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Tax and Policy Drivers of Personal Overindebtedness in the European Union
This paper evaluates drivers of personal overindebtedness in the European Union. Overindebtedness gives rise to poverty, social exclusion, and other...
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Multicountry Time-Varying Taylor Rule: Modeling Unconventional Monetary Policies and Bond Premiums
In the post-financial-crisis era, advanced economies have increasingly adopted unconventional monetary policies such as zero interest rate policy,...
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IMF Programs and Financial Flows to Offshore Centers
This paper examines whether IMF lending is associated with increases in outflows to offshore financial centers (OFCs), known for bank secrecy and...
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Managing crash risks through supply chain transparency: evidence from China
Using data on Chinese non-financial listed firms covering 2009 to 2022, we explore the effect of supply chain transparency on stock price crash risk....
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Cross-ownership and managerial delegation under vertical product differentiation
We construct a vertical product differentiation duopoly model incorporating managerial delegation and cross-ownership. By exploring the interplay of...
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Analyzing the role of mergers and acquisitions and environmental investment in achieving energy transition and sustainability
With the exacerbation of environmental problems across the globe, corporate environmental performance draws increasing attention from investors. The...
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The long-term implications of destruction during the Second World War on private wealth in Germany
By the end of the Second World War, an estimated 20% of the West German housing stock had been destroyed. Building on a theoretical life-cycle model,...
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The Rising Tides That Lift the Boats: Growth through Heterogeneous Convergence in Chinese Provinces
Does China pull up its 31 mainland provinces as it converges to the incomes of advanced economies? The conventional method of modelling convergence...
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Does bank capital boost the productivity of the banking industry in EMCCA? A critical survey
This paper delves into the fascinating world of bank capital and its profound impact on banking sector productivity in the CEMAC region. Drawing on...
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The International Supply of Reserve Currency
This paper provides insights into the historical inefficiencies and instabilities of the international monetary system, spanning from the gold...
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The Role of International Financial Integration in Monetary Policy Transmission
Motivated by empirical evidence, we propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to...
