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Visible Hands: Professional Asset Managers' Expectations and the Stock Market in China 看得见的手职业资产经理人的预期与中国股市
International Finance Discussion Paper Pub Date : 2022-12-01 DOI: 10.17016/ifdp.2022.1362
J. Ammer, J. Rogers, Gang Wang, Yang Yu
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引用次数: 0
Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers 信贷获取与关系契约：测试巴基斯坦农民的信息和契约摩擦的实验
International Finance Discussion Paper Pub Date : 2022-12-01 DOI: 10.17016/ifdp.2022.1363
M. A. Choudhary, A. Jain
{"title":"Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers","authors":"M. A. Choudhary, A. Jain","doi":"10.17016/ifdp.2022.1363","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1363","url":null,"abstract":"<jats:p />","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"153 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127575454","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
Passive Ownership and Short Selling 被动所有权和卖空
International Finance Discussion Paper Pub Date : 2022-12-01 DOI: 10.17016/ifdp.2022.1365
Bastian von Beschwitz, P. Honkanen, Daniel Schmidt
{"title":"Passive Ownership and Short Selling","authors":"Bastian von Beschwitz, P. Honkanen, Daniel Schmidt","doi":"10.17016/ifdp.2022.1365","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1365","url":null,"abstract":"<jats:p />","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122730002","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: 1
Sectoral Shocks, Reallocation, and Labor Market Policies 行业冲击、重新分配和劳动力市场政策
International Finance Discussion Paper Pub Date : 2022-12-01 DOI: 10.17016/ifdp.2022.1361
Joaquín García-Cabo, A. Lipińska, Gaston Navarro
{"title":"Sectoral Shocks, Reallocation, and Labor Market Policies","authors":"Joaquín García-Cabo, A. Lipińska, Gaston Navarro","doi":"10.17016/ifdp.2022.1361","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1361","url":null,"abstract":"<jats:p />","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115926375","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: 2
What Happens in China Does Not Stay in China 发生在中国的事情不会留在中国
International Finance Discussion Paper Pub Date : 2022-11-01 DOI: 10.17016/ifdp.2022.1360
W. Barcelona, Danilo Cascaldi-Garcia, Jasper J. Hoek, Eva Van Leemput
{"title":"What Happens in China Does Not Stay in China","authors":"W. Barcelona, Danilo Cascaldi-Garcia, Jasper J. Hoek, Eva Van Leemput","doi":"10.17016/ifdp.2022.1360","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1360","url":null,"abstract":"Spillovers from China to global financial markets have been found to be small owing to China's limited integration in the global financial system. In this paper, however, we provide evidence that China constitutes an important driver of the global financial cycle. We argue that because of China's importance for global consumption, stronger Chinese growth raises global growth prospects, inducing an increase in global risk sentiment and an expansion in global asset prices and global credit. Two contributions are key to this finding: (1) We construct a measure of China's credit impulse to identify Chinese policy-induced demand shocks. Our approach takes advantage of the fact that a primary tool of China's stabilization policy-encompassing monetary, fiscal, and regulatory policies-is controlling the amount of credit in the economy. Without China's credit impulse, it is difficult to discern global financial spillovers; (2) We estimate an alternative measure of Chinese GDP growth that captures its business cycle given data concerns about the smoothness of official GDP data. Without China's alternative GDP measure, it is difficult to attribute any global cycle movements to economic developments in China.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"9 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114120908","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: 3
Geopolitics and the U.S. Dollar's Future as a Reserve Currency 地缘政治和美元作为储备货币的未来
International Finance Discussion Paper Pub Date : 2022-10-18 DOI: 10.17016/ifdp.2022.1359
Colin R. Weiss
{"title":"Geopolitics and the U.S. Dollar's Future as a Reserve Currency","authors":"Colin R. Weiss","doi":"10.17016/ifdp.2022.1359","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1359","url":null,"abstract":"I survey the role of geopolitics and sanctions risk in shaping the U.S. dollar's status as the primary currency used for international reserves. Without changes in the economic incentives for holding FX reserves in U.S. dollar assets, an increased threat of sanctions is unlikely to drastically reduce the dollar share of FX reserves. Currently, around three-quarters of foreign government holdings of safe U.S. assets are by countries with some military tie to the U.S. Even a reduced reliance on the U.S. dollar for trade invoicing and debt denomination by a large bloc of countries less geopolitically aligned with the U.S. would be unlikely to end U.S. dollar dominance.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132328308","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
Making the Elite: Top Jobs, Disparities, and Solutions 《成为精英:顶级工作、差距和解决方案
International Finance Discussion Paper Pub Date : 2022-08-31 DOI: 10.17016/ifdp.2022.1331r1
Soumitra Shukla
{"title":"Making the Elite: Top Jobs, Disparities, and Solutions","authors":"Soumitra Shukla","doi":"10.17016/ifdp.2022.1331r1","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1331r1","url":null,"abstract":"How do socioeconomically unequal screening practices impact access to elite firms and what policies might reduce inequality? Using personnel data from elite U.S. and European multinational corporations recruiting from an elite Indian college, I show that caste disparities in hiring do not arise in many job search stages, including: applications, application reading, written aptitude tests, large group debates that assess socio-emotional skills, and job choices. Rather, disparities arise in the final round, comprising non-technical personal interviews that screen on family background, neighborhood, and \"cultural fit.\" These characteristics are plausibly weakly correlated with productivity (at the interview round) but strongly correlated with caste. Employer willingness to pay for an advantaged caste is as large as that for a full standard deviation increase in college GPA. A hiring subsidy that eliminates the caste penalty would be more cost-effective in diversifying elite hiring than equalizing the caste distribution of pre-college test scores or enforcing hiring quotas.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126805875","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: 2
Pandemic Priors 大先知先觉
International Finance Discussion Paper Pub Date : 2022-08-01 DOI: 10.17016/ifdp.2022.1352
Danilo Cascaldi-Garcia
{"title":"Pandemic Priors","authors":"Danilo Cascaldi-Garcia","doi":"10.17016/ifdp.2022.1352","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1352","url":null,"abstract":"The onset of the COVID-19 pandemic and the great lockdown caused macroeconomic variables to display complex patterns that hardly follow any historical behavior. In the context of Bayesian VARs, an off-the-shelf exercise demonstrates how a very low number of extreme pandemic observations bias the estimated persistence of the variables, affecting forecasts and giving a myopic view of the economic effects after a structural shock. I propose an easy and straightforward solution to deal with these extreme episodes, as an extension of the Minnesota Prior with dummy observations by allowing for time dummies. The Pandemic Priors succeed in recovering these historical relationships and the proper identification and propagation of structural shocks.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124064293","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: 3
Search Frictions, Labor Supply, and the Asymmetric Business Cycle 搜索摩擦、劳动力供给和不对称商业周期
International Finance Discussion Paper Pub Date : 2022-08-01 DOI: 10.17016/ifdp.2022.1355
D. Ferraro, G. Fiori
{"title":"Search Frictions, Labor Supply, and the Asymmetric Business Cycle","authors":"D. Ferraro, G. Fiori","doi":"10.17016/ifdp.2022.1355","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1355","url":null,"abstract":"We develop a business cycle model with search frictions in the labor market and a labor supply decision along the extensive margin that yields cyclical asymmetry between peaks and troughs of the unemployment rate and symmetric fluctuations of the labor force participation rate as in the U.S. data. We calibrate the model and find that cyclical changes in the extent of search frictions are solely responsible for the peak-trough asymmetry. Participation decisions do not generate asymmetry but contribute to the fluctuations in search frictions by changing the size and composition of the pool of job seekers, which in turn affects the tightness ratio and thereby slack in the labor market. The participation rate would be counterfactually asymmetric absent labor supply responses to shocks.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133780773","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: 2
Demand-Supply imbalance during the Covid-19 pandemic: The role of fiscal policy Covid-19大流行期间的供需失衡:财政政策的作用
International Finance Discussion Paper Pub Date : 2022-08-01 DOI: 10.17016/ifdp.2022.1353
Ana Maria Santacreu, Henry Young, François de Soyres
{"title":"Demand-Supply imbalance during the Covid-19 pandemic: The role of fiscal policy","authors":"Ana Maria Santacreu, Henry Young, François de Soyres","doi":"10.17016/ifdp.2022.1353","DOIUrl":"https://doi.org/10.17016/ifdp.2022.1353","url":null,"abstract":"To mitigate the health and economic fallout from the COVID-19 pandemic, governments worldwide engaged in massive fiscal support programs. We show that generous fiscal support contributed to an increase in the demand for consumption goods during the pandemic, but industrial production did not adjust quickly enough to meet the sharp increase in demand. This imbalance between supply and demand across countries led to high inflation. Our findings suggest a sizable role for fiscal policy in affecting price stability.","PeriodicalId":433202,"journal":{"name":"International Finance Discussion Paper","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131217661","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: 15
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