Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2019

We analyze the information content of the digital footprint – information that people leave online simply by accessing or registering on a website – for predicting consumer default. We show that even simple, easily accessible variables from the digital footprint match the information content of ...
Keywords: FinTech, Lending, Unbanked Households, Privacy, Credit Bureau Scores
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking, Senior Fellows/Fellows

|

May 2019

We document a surprising finding that foreign portfolio inflows delegated through global mutual funds reduce the income of the top 1%. To rationalize this observation, we utilize a comprehensive database on the worldwide ownership of private and public firms for 2001–2013 to trace income inequalit...
Keywords: Financial Globalization, Income inequality, Delegated Portfolio Management, Mutual Funds
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

This paper empirically investigates the link between financial structure and income inequality. Using data for a panel of 97 economies over the period 1989-2012, we find that the relationship is not monotonic. Up to a point, more finance reduces income inequality. Beyond that point, inequality rises...
Keywords: inequality, finance, Banks, financial markets.
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

Based on the historical data since 1845, we identify a stylized fact, that is, alternating waves in global imbalances generated by sequential industrial revolutions. We develop a new theory to explain this stylized fact. Our theory proposes a development-stage view for the optimal global imbalances....
Keywords: Global imbalance, external wealth, industrial revolution
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

We assess the international spillovers stemming from identified US conventional and unconventional monetary policy shocks by estimating a global VAR model which exploits panel variation on several macroeconomic and financial indicators for a set of advanced and emerging economies. We find that US mo...
Keywords: trilemma, global financial cycle, monetary policy spillovers
  • View
  • Download
  • Bookmark
  •    |