Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

World Asset Markets and the Global Financial Cycle

Silvia MIRANDA AGRIPPINO, Helene REY
We find that one global factor explains an important part of the variance of a large cross section of returns of risky assets around the world. Using a model with heterogeneous investors, we interpret the global factor as reflecting aggregate realised variance and the time-varying degree of market-w...
Keywords: Asset markets, financial cycle, risk aversion, credit spreads, credit flows, bank leverage, spillovers
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AMPF Papers

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Commissioned Paper

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May 2015

Financial Development in Asia: The Role of Policy and Institutions, with Special Reference to China

Barry EICHENGREEN
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Microfinance and Entrepreneurship at the Base of the Pyramid

Pushan DUTT, Jasjit SINGH
There continues to be substantial debate on whether and how providing inclusive access to finance through microcredit promotes entrepreneurship-led development at the base of the pyramid. We contribute to this literature by examining differences in household-level outcomes associated with microfinan...
Keywords: Necessity Entrepreneurship, Microenterprise, Microfinance, Microcredit, Base of the Pyramid (BOP), Emerging Economies, economic development, Access to Finance
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?

Ross LEVINE, Yona RUBINSTEIN
We disaggregate the self-employed into incorporated and unincorporated to distinguish between “entrepreneurs” and other business owners. We show that the incorporated self-employed and their businesses engage in activities that demand comparatively strong nonroutine cognitive abilities, while th...
Keywords: Entrepreneurship, Self-employment, Occupational choice, Compensation, Firm organization, Corporate finance, Cognitive and Noncognitive traits
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Busted! Now What? Effects of Cartel Enforcement on Firm Value and Policies

Massimo MASSA, Alminas ZALDOKAS, Ailin DONG
In a cross-country study we look at the staggered passage of national leniency laws over 1990-2012. We show that these laws lead to more convictions of cartels, and generally increase the costs of collusion by reducing the average gross margins of the affected firms. We further examine how changing ...
Keywords: cartels, leniency laws, Collusion, firm boundaries, M&A
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