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Foreign banks, corporate strategy and financial stability: lessons from the r...
This paper analyzes the risk taking of branches and subsidiaries of international bank holding institutions from the perspective of host country regulators in two... -
Ambiguity, Pessimism, Optimism and Financial Crises in a Simple Global Game M...
We use a non-Bayesian approach to uncertainty which allows for both optimism and pessimism in a simple global game, where each signal can exhibit a bias which is... -
Surviving large losses: financial crises, the middle class, and the developme...
Financial disasters often have long-range institutional consequences. When financial institutions - banks, insurance companies, brokerage firms, stock exchanges -... -
Foreign shocks and international cost of equity destabilization. Evidence fro...
International audience -
Exchange Rate Flexibility across Financial Crises
This paper studies the impact of global financial turmoil on the exchange rate policies in emerging countries. Many emerging countries have loosened the link of their... -
Ambiguity and perceived coordination in a global game
In a global game, larger ambiguity is shown to decrease the amount of coordination each player perceives. Consequently, small uncertainty tends to select the Pareto... -
Currency Mismatch and Systemic Risk in Emerging Europe
We analyze the dual role of currency mismatch: as a vehicle that exposes the economy to systemic risk, but also as an engine of growth. We do so at the macro and the...
