Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

What Do Stock Markets Tell Us About Exchange Rates?

Gino CENEDESE, Giorgio VALENTE, Richard PAYNE, Lucio SARNO
The sign of the correlation between equity returns and exchange rate returns can be positive or negative in theory. Using data for a broad set of forty-two countries, we find that exchange rate movements are in fact unrelated to differentials in country-level equity returns. Consequently, a trading ...
Keywords: Empirical Asset Pricing, exchange rates, Uncovered Equity Parity, International Asset Allocation
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Annual Conference

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Corporate Finance

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May 2015

Who Captures The Power of The Pen?

Le ZHANG, Jiaxing YOU, Bohui ZHANG
We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more a...
Keywords: Media coverage, media concentration, political capture, CEO turnover
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

World Asset Markets and the Global Financial Cycle

Helene REY, Silvia MIRANDA AGRIPPINO
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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