X
feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Online Resource
    Online Resource
    Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling (2012)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265398
    Format: 1 Online-Ressource (46 p)
    Content: 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 main emerging market assets that predates the synchronized sell-off during the crisis. In addition, the paper tests the hypothesis that financial globalization, to the extent that it creates a common, global investor base for emerging markets, could lead to a tighter asset correlation despite the weaker economic ties. While an examination of the impact of alternative financial globalization proxies does not yield conclusive results, a closer look at global emerging market equity and bond funds shows that the latter indeed foster financial recoupling during downturns, reflecting the fact that they trade near their respective benchmarks and respond to withdrawals by liquidating holdings across the board
    Additional Edition: Yeyati, Eduardo Levy Emerging Economies in the 2000s
    Language: English
    DOI: 10.1596/1813-9450-5961
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Financial globalization in emerging economies : Much ado about nothing? (2011)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048265062
    Format: 1 Online-Ressource (47 p)
    Content: 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. This paper argues that, because of the way it is often measured, it has also led to the misperception that financial globalization in emerging markets has been growing in recent years. The authors characterize the evolution of financial globalization in emerging markets using alternative measures, and find that, in the 2000s, financial globalization has grown only marginally and international portfolio diversification has been limited and declining over time. The paper revisits the empirical literature on the implications of financial globalization for local market deepening, international risk diversification, financial contagion, and financial dollarization, and finds them to be rather limited. Whereas financial globalization has indeed fostered domestic market deepening in good times, it has yielded neither the dividends of consumption smoothing (in line with limited portfolio diversification) nor the costs of amplifying global financial shocks. In turn, financial de-dollarization has largely reflected the undoing of financial offshoring and the valuation effects of real appreciation
    Additional Edition: Yeyati, Eduardo Levy Financial globalization in emerging economies
    Language: English
    DOI: 10.1596/1813-9450-5624
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    The Anatomy of Index Rebalancings : Evidence from Transaction Data (2021)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV049080984
    Format: 1 Online-Ressource (26 Seiten)
    Content: This paper exploits a novel dataset covering the universe of transactions in the Colombian Stock Exchange to analyze episodes of additions to and deletions from MSCI equity indexes. The analysis finds that additions and deletions have large price effects: the median cumulative abnormal return in absolute value is 5.5 percent. The paper shows that these price effects are due to large demand shocks by different classes of international investors-not only passive funds and ETFs, but also active mutual funds, pension funds and government funds-which are not absorbed by arbitrageurs. Consistent with recent asset pricing models with limits to arbitrage, stock demand curves are estimated to be very inelastic: the demand elasticity for the median stock in the sample is ?0.34, implying that a 1 percent increase in the demand for the stock increases its price by 2.9 percent
    Language: English
    DOI: 10.1596/1813-9450-9770
    DOI: 10.1596/1813-9450-9770
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    International Asset Allocations and Capital Flows : The Benchmark Effect (2014)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048266300
    Format: 1 Online-Ressource (59 p)
    Content: This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2012. Benchmarks have important effects on equity and bond mutual fund portfolios across funds with different degrees of activism. Benchmarks explain, on average, around 70 percent of country allocations and have significant impact even on active funds. Benchmark effects are important after controlling for industry, macroeconomic, and country-specific, time-varying effects. Reverse causality does not drive the results. Exogenous, pre-announced changes in benchmarks result in movements in asset allocations mostly when these changes are implemented (not when announced). By impacting country allocations, benchmarks affect capital flows across countries through direct and indirect channels, including contagion. They explain apparently counterintuitive movements in capital flows, generating outflows from countries when upgraded and with large market capitalization and better relative performance
    Additional Edition: Raddatz, Claudio International Asset Allocations and Capital Flows
    Language: English
    DOI: 10.1596/1813-9450-6866
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Search for yield in large international corporate bonds : investor behavior and firm responses (2019)
    Washington, DC, USA : World Bank Group, Development Economics, Development Research Group
    Details
    UID:
    gbv_1671673255
    Format: 1 Online-Ressource (circa 74 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8890
    Content: Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of USD 500 million. Large issuances are eligible for inclusion in international market indexes, which attract institutional investors. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing large-denomination bonds. Firms face a tradeoff: issue large, index-eligible bonds to borrow at a lower cost (about 100 basis points) but pay the expense of hoarding cash. Because of the "size yield discount," many companies issued index-eligible bonds, increasing their cash holdings. The willingness to issue large bonds and hoard cash was greater for firms in countries with high carry trade opportunities. These post-2008 behaviors reflected a search for yield by institutional investors into higher-risk securities and are not apparent in developed economies
    Additional Edition: Erscheint auch als Druck-Ausgabe Calomiris, Charles W Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses Washington, D.C : The World Bank, 2019
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-8890
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 6
    Online Resource
    Online Resource
    Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds (2024)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1885607474
    Format: 1 Online-Ressource (53 pages)
    Content: This paper presents evidence of inelastic demand in the market for risky sovereign bonds and examines its interplay with government policies. The methodology combines bond-level evidence with a structural model featuring endogenous bond issuances and default risk. Empirically, the paper exploits monthly changes in the composition of a major bond index to identify flow shocks that shift the available bond supply and are unrelated to country fundamentals. The paper finds that a 1 percentage point reduction in the available supply increases bond prices by 33 basis points. Although exogenous, these shocks might influence government policies and expected bond payoffs. The paper identifies a structural demand elasticity by feeding the estimated price reactions into a sovereign debt model that isolates endogenous government responses. These responses account for a third of the estimated price reactions. By penalizing additional borrowing, inelastic demand acts as a commitment device that reduces default risk
    Additional Edition: Erscheint auch als Druck-Ausgabe Moretti, Matias Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds Washington, D.C. : The World Bank, 2024
    Language: English
    DOI: 10.1596/1813-9450-10735
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 7
    Online Resource
    Online Resource
    Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses (2019)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048274361
    Format: 1 Online-Ressource (74 Seiten)
    Series Statement: World Bank E-Library Archive
    Content: Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of USD 500 million. Large issuances are eligible for inclusion in international market indexes, which attract institutional investors. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing large-denomination bonds. Firms face a tradeoff: issue large, index-eligible bonds to borrow at a lower cost (about 100 basis points) but pay the expense of hoarding cash. Because of the "size yield discount," many companies issued index-eligible bonds, increasing their cash holdings. The willingness to issue large bonds and hoard cash was greater for firms in countries with high carry trade opportunities. These post-2008 behaviors reflected a search for yield by institutional investors into higher-risk securities and are not apparent in developed economies
    Additional Edition: Erscheint auch als Druck-Ausgabe Calomiris, Charles W Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses Washington, D.C : The World Bank, 2019
    Language: English
    DOI: 10.1596/1813-9450-8890
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    EUV Frankfurt
    HTW Berlin
  • 8
    Online Resource
    Online Resource
    Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses (2019)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759626805
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 8890
    Content: Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of US$500 million. Large issuances are eligible for inclusion in international market indexes, which attract institutional investors. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing large-denomination bonds. Firms face a tradeoff: issue large, index-eligible bonds to borrow at a lower cost (about 100 basis points) but pay the expense of hoarding cash. Because of the "size yield discount," many companies issued index-eligible bonds, increasing their cash holdings. The willingness to issue large bonds and hoard cash was greater for firms in countries with high carry trade opportunities. These post-2008 behaviors reflected a search for yield by institutional investors into higher-risk securities and are not apparent in developed economies
    Note: English
    Language: English
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    The Anatomy of Index Rebalancings : Evidence from Transaction Data
    World Bank, Washington, DC
    Details
    UID:
    gbv_1780649401
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 9770
    Content: This paper exploits a novel dataset covering the universe of transactions in the Colombian Stock Exchange to analyze episodes of additions to and deletions from MSCI equity indexes. The analysis finds that additions and deletions have large price effects: the median cumulative abnormal return in absolute value is 5.5 percent. The paper shows that these price effects are due to large demand shocks by different classes of international investors - not only passive funds and ETFs, but also active mutual funds, pension funds and government funds - which are not absorbed by arbitrageurs. Consistent with recent asset pricing models with limits to arbitrage, stock demand curves are estimated to be very inelastic: the demand elasticity for the median stock in the sample is -0.34, implying that a 1 percent increase in the demand for the stock increases its price by 2.9 percent
    Note: Latin America & Caribbean , Colombia , English
    Language: Undetermined
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
  • 10
    Online Resource
    Online Resource
    International Asset Allocations and Capital Flows : The Benchmark Effect
    Elsevier
    Details
    UID:
    gbv_1780661266
    Format: 1 Online-Ressource
    Content: Benchmark indexes have become important in financial markets for portfolio investment. In this paper, we study how international equity and bond market indexes impact asset allocations, capital flows, asset prices, and exchange rates across countries. We use unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2014. We find that movements in benchmarks appear to have important effects on equity and bond mutual fund portfolio allocations, including passive and active funds. The effects persist after controlling for time-varying industry-level factors, country-specific effects, and macroeconomic fundamentals. Changes in benchmarks not only impact asset allocations, but also capital flows, abnormal returns in aggregate stock and bond prices, and exchange rates. These systemic effects occur not just when benchmark changes are announced, but also later, when they become effective. By impacting country allocations, benchmarks explain apparently counterintuitive movements in capital flows and asset prices, as well as contagion effects
    Language: Undetermined
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
Nothing or not found what you are looking for? Please check your search query or use the Interlibrary Loan Search.
Close ⊗
This website uses cookies and the analysis tool Matomo. Further information can be found on the KOBV privacy pages