International Political Economy: Investment & Finance eJournal最新文献_第3页

Economic Impacts of COVID-19 COVID-19的经济影响

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-30 DOI: 10.2139/ssrn.3914028

Chanuka Kavindra

引用次数: 18

Does Socially Responsible Investing Change Firm Behavior? 社会责任投资会改变企业行为吗?

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-30 DOI: 10.2139/ssrn.3837706

D. Heath, D. Macciocchi, Roni Michaely, Matthew C. Ringgenberg

引用次数: 33

Stress Testing the Financial Macrocosm 金融宏观的压力测试

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-30 DOI: 10.2139/ssrn.3913749

J. Farmer, Alissa M. Kleinnijenhuis, Thom Wetzer

引用次数: 4

Online Appendix: Systemic Implications of the Bail-In Design 在线附录:自救设计的系统含义

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-29 DOI: 10.2139/ssrn.3913704

Alissa M. Kleinnijenhuis, C. Goodhart, J. Farmer

{"title":"Online Appendix: Systemic Implications of the Bail-In Design","authors":"Alissa M. Kleinnijenhuis, C. Goodhart, J. Farmer","doi":"10.2139/ssrn.3913704","DOIUrl":"https://doi.org/10.2139/ssrn.3913704","url":null,"abstract":"The 2007-2008 financial crisis forced governments to choose between the unattractive alternatives of either bailing out a systemically important bank (SIB) or allowing it to fail disruptively. Bail-in has been put forward as an alternative that potentially addresses the too-big-to-fail and contagion risk problems simultaneously. Though its efficacy has been demonstrated for smaller idiosyncratic SIB failures, its ability to maintain stability in cases of large SIB failures and system-wide crises remains untested. This paper’s novelty is to assess the financial-stability implications of bail-in design, explicitly accounting for the multi-layered networked nature of the financial system. We present a model of the European financial system that captures all five of the prevailing contagion channels. We demonstrate that it is essential to understand the interaction of multiple contagion mechanisms and that financial institutions other than banks play an important role. Our results indicate that stability hinges on the bank-specific and structural bail-in design. On one hand, a well-designed bail-in buttresses financial resilience, but on the other hand, an ill-designed bail-in tends to exacerbate financial distress, especially in system-wide crises and when there are large SIB failures. Our analysis suggests that the current bail-in design may be in the region of instability. While policy makers can fix this, the political economy incentives make this unlikely.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131456771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Recession-Specific Recoveries: L's, U's and Everything in Between 经济衰退特有的复苏:L型，U型和介于两者之间的一切

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-27 DOI: 10.2139/ssrn.3912811

Luiggi Donayre, Irina Panovska

引用次数: 1

Hidden Capital Movements through Falsified Trade & FDI Data: Empirics and Theory Comprising BRICS & the USA 通过伪造的贸易和外国直接投资数据隐藏的资本流动:包括金砖国家和美国的经验和理论

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-27 DOI: 10.2139/ssrn.3912448

Subhasish Das, A. Biswas

{"title":"Hidden Capital Movements through Falsified Trade & FDI Data: Empirics and Theory Comprising BRICS & the USA","authors":"Subhasish Das, A. Biswas","doi":"10.2139/ssrn.3912448","DOIUrl":"https://doi.org/10.2139/ssrn.3912448","url":null,"abstract":"Usually developing countries are characterised by capital scarcity and hence resort to stringent trade and capital control policies. This might become counterproductive and provide incentives to the international traders and investors for corrupt practices and as a result, scarce capital might move across the borders illegally. Traders might under-report export and over-report import to send the capital abroad. Later by over-reporting the amount of foreign investments (FDI), part of flown away capital might come back home. Even if imports are under-reported due to high tariff and non-tariff barriers, still corrupt exporters might under-invoice to supply the illegal foreign exchange to finance unreported import. Analysing the data from BRICS with the USA as trade partner, this paper establishes a definite relationship between export and import mis-invoicing and most importantly discovers a link between the hidden capital outflow through trade channel and hidden capital inflow through FDI channel empirically by Johansen Cointegration test and Panel VECM. Based on empirical observations, this paper builds up an analytical framework and determines the optimal rate of FDI, export and import mis-reporting as functions of several policy variables like spot and expected exchange rates, domestic and foreign interest rates, FDI return, tax rates etc.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129928216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Coming Shift in Shareholder Activism: From "Firm-Specific" to "Systematic Risk" Proxy Campaigns (and How to Enable Them) 即将到来的股东行动主义转变:从“公司特定”到“系统风险”代理运动(以及如何使其成为可能)

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3908163

J. Coffee

{"title":"The Coming Shift in Shareholder Activism: From \"Firm-Specific\" to \"Systematic Risk\" Proxy Campaigns (and How to Enable Them)","authors":"J. Coffee","doi":"10.2139/ssrn.3908163","DOIUrl":"https://doi.org/10.2139/ssrn.3908163","url":null,"abstract":"This article distinguishes two types of shareholder activism: (1) firm-specific activism, which has a long history and focuses on changes at a specific target company, and (2) systematic risk activism, which seeks to reduce the systematic risk in a portfolio and thereby benefit diversified investors. Typically, such a systematic risk campaign may force a portfolio company to internalize negative externalities to benefit the other companies in the portfolio (such as by reducing carbon emissions or undertaking climate risk reforms). But, systematic risk activism faces an inherent difficulty: the party that leads this campaign and invests in the target company may incur a significant loss when the target company’s stock price falls. This will be particularly difficult for activist hedge funds to accept, because they have small portfolios and cannot recoup their losses on the target firm by gains at the other portfolio companies. Properly understood, the recent campaign by Engine No. 1 with respect to ExxonMobil exemplifies these problems and suggests that activist hedge funds make ill-suited leaders for this form of activism. If so, there may be a strong demand for systematic risk activism among diversified investors, but potential campaigns could remain headless, as diversified investors will themselves be reluctant to lead such a campaign. This article surveys possible answers to this problem (some of which are suggested by the Engine No. 1 campaign). Nonetheless, this problem surrounding the incentives of hedge funds is aggravated by the traditionally independent stance of diversified investors, who are reluctant to join groups or expend funds, and by the inability of potential campaign leaders to charge adequately for their services. This article suggests several means of which to enable such campaigns.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129264429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of Macroprudential Policy on Crisis Risk 宏观审慎政策对危机风险的影响

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-20 DOI: 10.2139/ssrn.3908398

Álvaro Fernández-Gallardo Romero

{"title":"The effects of Macroprudential Policy on Crisis Risk","authors":"Álvaro Fernández-Gallardo Romero","doi":"10.2139/ssrn.3908398","DOIUrl":"https://doi.org/10.2139/ssrn.3908398","url":null,"abstract":"The ultimate goal of macroprudential policy is to prevent and reduce the costs of systemic financial crises, therefore contributing to promoting sustainable economic growth. However, despite the active role played by this policy in the last decades, there is still limited empirical evidence showing whether prudential regulation is effective at enhancing financial stability through the prevention and mitigation of crisis risk. This paper aims to close this gap by studying the relationship between macroprudential policy and both the likelihood and severity of financial crises. The contribution of the paper is twofold. First, I show that tightening macroprudential policies are successful at reducing the frequency of systemic financial crises. Moreover, this result holds even if macroprudential policies are implemented when the economy is already experiencing a financial boom or when monetary conditions are rather accommodative. I point to the prevention and mitigation of financial booms as the main transmission mechanism through which macroprudential policy defuses crisis risk. Second, I find that preventive macroprudential policy enhances the resilience of the financial system, hence dampening the output losses associated with future systemic financial crises. The latter result implies that macroprudential policy not only makes financial crises less likely but also less painful.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127232533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Breakdown of Economy Due to the Outbreak of COVID-19 新冠肺炎疫情导致经济崩溃

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-18 DOI: 10.2139/ssrn.3912934

Ssuwathika Chandran

{"title":"Breakdown of Economy Due to the Outbreak of COVID-19","authors":"Ssuwathika Chandran","doi":"10.2139/ssrn.3912934","DOIUrl":"https://doi.org/10.2139/ssrn.3912934","url":null,"abstract":"Embarked in Wuhan,China 2019. The Corona virus has exerted influence on all over the world community. Nearly all over the countries have been pretentious and vaccination is now initiated by every government so far. Although the work process is ongoing to control the virus by lockdown the country, restrict the movement of the people. In this policy the global economy is currently seeing its worst downturn, especially nowadays in Sri lanka. Due to the pandemic situation of Sri Lanka on the 1st wave we could able to under control the effect of the virus. But, for the 2 nd wave the control was out of hand. This is a bleak outcome for the courtiers‟ economy as well as human livelihood. The scrutiny begins with COVID-19 scenario and then discusses the impact on the Sri Lankan Economy, Export & Imports, Tourism, Poverty, GDB etc. Information required for this review study was obtained from a variety of sources such as websites, blogs, and annual reports from the central bank, research articles. In this we identified different industry that is likely to be seriously affected by the COVID-19 pandemic. Although the recovery of global economic activity is likely to be a slow process, measures to achieve normalcy in domestic economic activities could enable Sri Lanka to record a faster recovery, as domestic demand accounts for a significant portion of aggregate demand in Sri Lanka.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"256 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131965856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Gold Exposure of Institutional Investors 机构投资者的黄金敞口

International Political Economy: Investment & Finance eJournal Pub Date : 2021-08-16 DOI: 10.2139/ssrn.3905635

D. Baur, Lai T. Hoang, Lorenzo Casavecchia

引用次数: 0