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Institutional investors and long-term investment : evidence from Chile (English)

Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments, and which factors affect their choices. ... See More +

Policy Research Working Paper WPS6922 JUN 01, 2014

Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L. Disclosed

International asset allocations and capital flows : the benchmark effect (English)

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. ... See More +

Policy Research Working Paper WPS6866 MAY 01, 2014

Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas Disclosed

Financial development in Asia : beyond aggregate indicators (English)

This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. ... See More +

Policy Research Working Paper WPS6761 JAN 01, 2014

Didier, Tatiana; Schmukler, Sergio L. Disclosed

Demand collapse or credit crunch to firms ? evidence from the world bank's financial crisis survey in Eastern Europe (English)

While there is a consensus that the 2008-2009 crisis was triggered by financial market disruptions in the United States, there is little agreement on whether the transmission of the crisis and the subsequent prolonged recession are due to credit factors or to a collapse of demand for goods and services. ... See More +

Policy Research Working Paper WPS6651 OCT 01, 2013

Nguyen, Ha Minh; Qian, Rong Disclosed

The connection between Wall Street and Main Street : measurement and implications for monetary policy (English)

This paper proposes a measure of the extent to which a financial sector is connected to the real economy. The Measure of Connectedness is a measure of the composition of assets, namely the share of credit to the non-financial sectors over the total credit market instruments. ... See More +

Policy Research Working Paper WPS6667 OCT 01, 2013

Barattieri, Alessandro; Eden, Maya; Stevanovi, Dalibor Disclosed

Partial consumption insurance and financial openness across the world (English)

This paper examines the extent of international consumption risk sharing for a group of 50 industrial and developing countries. The analysis is based on the empirical implementation of a model of partial consumption insurance whose parameters have the natural interpretation of coefficients of partial risk sharing even when the 0 hypothesis of perfect risk sharing is rejected. ... See More +

Policy Research Working Paper WPS6479 JUN 01, 2013

Hevia, Constantino; Serven, Luis Disclosed

International liquidity rents (English)

This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account deficit. ... See More +

Policy Research Working Paper WPS6462 MAY 01, 2013

Eden, Maya Disclosed

The financing and growth of firms in China and India : evidence from capital markets (English)

This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. ... See More +

Policy Research Working Paper WPS6401 APR 01, 2013

Didier, Tatiana; Schmukler, Sergio L. Disclosed

How firms use domestic and international corporate bond markets (English)

This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. ... See More +

Policy Research Working Paper WPS6209 SEP 01, 2012

Gozzi, Juan Carlos; Levine, Ross; Martinez Peria, Maria Soledad; Schmukler, Sergio L. Disclosed

Financial globalization in emerging countries : diversification vs. offshoring (English)

Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. ... See More +

Policy Research Working Paper WPS6105 JUN 01, 2012

Ceballos, Francisco; Didier, Tatiana; Schmukler, Sergio L. Disclosed

On the international transmission of shocks : micro-evidence from mutual fund portfolios (English)

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. ... See More +

Policy Research Working Paper WPS6072 MAY 01, 2012

Raddatz, Claudio; Schmukler, Sergio L. Disclosed

Why do some countries default more often than others ? the role of institutions (English)

This paper examines how a country's weak institutions and polarized government can affect the likelihood of its default on sovereign debt. Using a data set of 90 countries, it shows that strong institutions are associated with fewer sovereign default crises. ... See More +

Policy Research Working Paper WPS5993 MAR 01, 2012

Qian, Rong Disclosed

Collateralized Borrowing : Insights from The World Bank Enterprise Surveys (English)

Using the World Bank Enterprise Surveys, we investigate the prevalence and correlates of collateralized borrowing in 131 countries between 2005-2017. ... See More +

Policy Research Working Paper WPS6001 MAR 01, 2012

Fan,Yuting; Nguyen,Ha Minh; Qian,Rong Disclosed

Consumption baskets and currency choice in international borrowing (English)

Most emerging markets do not borrow much internationally in their own currency, although doing that has been argued as an attractive insurance mechanism. ... See More +

Policy Research Working Paper WPS5870 NOV 01, 2011

Bengui, Julien; Nguyen, Ha Minh Disclosed

Gross capital flows : dynamics and crises (English)

This paper analyzes the joint behavior of international capital flows by foreign and domestic agents -- gross capital flows -- over the business cycle and during financial crises. ... See More +

Policy Research Working Paper WPS5768 AUG 01, 2011

Broner, Fernando; Didier, Tatiana; Erce, Aitor; Schmukler, Sergio L. Disclosed

Deconstructing herding : evidence from pension fund investment behavior (English)

Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. ... See More +

Policy Research Working Paper WPS5700 JUN 01, 2011

Raddatz, Claudio; Schmukler, Sergio L. Disclosed

Over the hedge : exchange rate volatility, commodity price correlations, and the structure of trade (English)

A long empirical literature has examined the idea that, in the absence of hedging mechanisms, currency risk should have an adverse effect on the export volumes of risk averse exporters. ... See More +

Policy Research Working Paper WPS5590 MAR 01, 2011

Raddatz, Claudio Disclosed

Sudden stops and financial frictions : evidence from industry level data (English)

The nature of the microeconomic frictions that transform sudden stops in output collapses is not only of academic interest, but also crucial for the correct design of policy responses to prevent and address these episodes and the lack of evidence on this regard is an important shortcoming. ... See More +

Policy Research Working Paper WPS5605 MAR 01, 2011

Cowan, Kevin; Raddatz, Claudio Disclosed

Global imbalances before and after the global crisis (English)

This paper surveys the academic and policy debate on the roots of global imbalances, their role in the inception of the global crisis, and their prospects in its aftermath. ... See More +

Policy Research Working Paper WPS5354 JUN 01, 2010

Serven, Luis; Nguyen, Ha Minh Disclosed

When the rivers run dry : liquidity and the use of wholesale funds in the transmission of the U.S. subprime crisis (English)

This paper provides systematic evidence of the role of banks' reliance on wholesale funding in the international transmission of the ongoing financial crisis. ... See More +

Policy Research Working Paper WPS5203 FEB 01, 2010

Raddatz, Claudio Disclosed

Title Document Date Report No. Document Type Also available in
Institutional investors and long-term investment : evidence from Chile (English)
See More +
JUN 01, 2014 WPS6922 Policy Research Working Paper
International asset allocations and capital flows : the benchmark effect (English)
See More +
MAY 01, 2014 WPS6866 Policy Research Working Paper
Financial development in Asia : beyond aggregate indicators (English)
See More +
JAN 01, 2014 WPS6761 Policy Research Working Paper
Demand collapse or credit crunch to firms ? evidence from the world bank's financial crisis survey in Eastern Europe (English)
See More +
OCT 01, 2013 WPS6651 Policy Research Working Paper
The connection between Wall Street and Main Street : measurement and implications for monetary policy (English)
See More +
OCT 01, 2013 WPS6667 Policy Research Working Paper
Partial consumption insurance and financial openness across the world (English)
See More +
JUN 01, 2013 WPS6479 Policy Research Working Paper
International liquidity rents (English)
See More +
MAY 01, 2013 WPS6462 Policy Research Working Paper
The financing and growth of firms in China and India : evidence from capital markets (English)
See More +
APR 01, 2013 WPS6401 Policy Research Working Paper
How firms use domestic and international corporate bond markets (English)
See More +
SEP 01, 2012 WPS6209 Policy Research Working Paper
Financial globalization in emerging countries : diversification vs. offshoring (English)
See More +
JUN 01, 2012 WPS6105 Policy Research Working Paper
On the international transmission of shocks : micro-evidence from mutual fund portfolios (English)
See More +
MAY 01, 2012 WPS6072 Policy Research Working Paper
Why do some countries default more often than others ? the role of institutions (English)
See More +
MAR 01, 2012 WPS5993 Policy Research Working Paper
Collateralized Borrowing : Insights from The World Bank Enterprise Surveys (English)
See More +
MAR 01, 2012 WPS6001 Policy Research Working Paper
Consumption baskets and currency choice in international borrowing (English)
See More +
NOV 01, 2011 WPS5870 Policy Research Working Paper
Gross capital flows : dynamics and crises (English)
See More +
AUG 01, 2011 WPS5768 Policy Research Working Paper
Deconstructing herding : evidence from pension fund investment behavior (English)
See More +
JUN 01, 2011 WPS5700 Policy Research Working Paper
Over the hedge : exchange rate volatility, commodity price correlations, and the structure of trade (English)
See More +
MAR 01, 2011 WPS5590 Policy Research Working Paper
Sudden stops and financial frictions : evidence from industry level data (English)
See More +
MAR 01, 2011 WPS5605 Policy Research Working Paper
Global imbalances before and after the global crisis (English)
See More +
JUN 01, 2010 WPS5354 Policy Research Working Paper
When the rivers run dry : liquidity and the use of wholesale funds in the transmission of the U.S. subprime crisis (English)
See More +
FEB 01, 2010 WPS5203 Policy Research Working Paper