Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2021

Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges

Joshua AIZENMAN, Hiro ITO
We outline two divergent exit strategies of the U.S. from the post COVID-19 debt-overhang, and analyze their implications on Emerging Markets and global stability. The first strategy is the U.S. aiming at returning to the 2019, pre-COVID mode of loose fiscal policy and accommodating monetary policy....
Keywords: COVID-19, interest rate, public debt, growth rate
  • View
  • Download
  •    |   

Annual Conference

|

Investment Finance, Senior Fellows/Fellows

|

May 2023

Portfolio Rebalancing and Consumption Response of Households to Monetary Policy Shocks

Yeow Hwee CHUA, Sumit AGARWAL, Pulak GHOSH, Changcheng SONG
Using micro-level administrative data from India, we examine the portfolio rebalancing and consumption response of households to changes in interest rate. By exploiting variation in the timing of expiry of term deposits, we find that when interest rate falls, households rebalance their portfolio fro...
Keywords: Monetary Policy, Household Finance, Portfolio Rebalancing, Consumption, Savings, Liquidity
  • View
  • Download
  •    |   

Annual Conference

|

Sustainable and Green Finance

|

May 2022

Polluted IPOs

Meng MIAO, Zhengyu ZUO, Wei WANG
Using location- and time-specific fine particulate matter pollution (PM2.5) data in Beijing, we document that regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for listing firms’ characteristics, the composition of the IPO revie...
Keywords: Air Pollution, IPO, Regulatory Oversight, China, Cognitive Ability, Mood
  • View
  • Download
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2017

Politicizing Consumer Credit

Pat AKEY, Rawley Z. HEIMER, Stefan LEWELLEN
Powerful politicians can interfere with the enforcement of regulations. As such, expected political interference can affect constituents’ behavior. Using rotations of Senate committee chairs to identify variation in political power and expected regulatory relief, we study powerful politicians’ e...
Keywords: Consumer credit, political interference, political power
  • View
  • Download
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2022

Politician's Asset Allocation and Economic Bill Proposals

Hyun-Soo CHOI, Hugh Hoikwang KIM, Paul Youngwook KIM
We study the impact of politicians’ asset allocation on their economic bill proposals. Using a novel database of comprehensive financial disclosures of Congress members in South Korea, we find that the Congress members with more real estate assets in their portfolios are less likely to propose eco...
Keywords: political economy, economic bill proposal, politician’s asset allocations, real estate
  • View
  • Download
  •    |