Annual Conference

|

Sustainable and Green Finance

|

May 2025

Financial Innovation via Sustainable Lending

Anya KLEYMENOVA, Xi LI, Yinan LI
We examine the incentives that drive banks to introduce Sustainability-Linked Loans (SLLs). By analyzing a comprehensive dataset of banks leading these deals, we find that multinational banks, especially top players in the global syndicated markets, are more likely to offer SLLs than domestically fo...
Keywords: Syndicated Loans, Sustainability, Banks, Innovation, International Finance
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking, Senior Fellows/Fellows

|

May 2019

Financial Globalization vs. Income Inequality: The Surprising Role of Foreign Portfolio Flows in Taming the Top 1%

Hong ZHANG, Massimo MASSA, Si CHENG, Gur AMINADAV
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

|

Corporate Finance

|

May 2014

Financial Flexibility and Corporate Cash Policy

Tao CHEN, Jarrad HARFOLD, Chen LIN
Using variations in local real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on cash policies of US firms. Building on this natural experiment, we find strong evidence that increases in real estate values lead to smaller...
Keywords: Financial Flexibility, Real Estate Prices, Cash Policy
  • View
  • Download
  • Bookmark
  •    |   

AMPF Papers

|

Commissioned Paper

|

May 2015

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

Barry EICHENGREEN
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Household Finance

|

May 2025

Financial and Total Wealth Inequality with Declining Interest Rates

Daniel L. GREENWALD, Matteo LEOMBRONI, Hanno LUSTIG, Stijn VAN NIEUWERBURGH
Financial wealth inequality and long-term real interest rates track each other closely over the post-war period. We investigate how much of the increase in measured financial wealth inequality can be accounted for by the decline in rates, and study the implications for inequality in total wealth (li...
Keywords: wealth inequality, interest rates, secular stagnation, human wealth, duration
  • View
  • Download
  • Bookmark
  •    |