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Keywords:Capital market 

Journal Article
Corporate demands on the capital market

Federal Reserve Bulletin , Issue Apr

Conference Paper
The current state of the art in rural equity markets : leading edge institutions

Proceedings – Rural and Agricultural Conferences , Issue Aug , Pages 71-75

Discussion Paper
Rational herd behavior and the globalization of securities markets

This paper shows that globalization of securities markets exacerbates the volatility of capital flows by strengthening incentives for herding behavior. This is a prediction of a mean-variance portfolio optimization model with imperfect information, in which investors acquire country-specific expertise at a fixed cost and incur variable reputational costs. The model produces equilibria in which incentives to confirm rumors decrease with globalization. Simulations based on equity markets data and country credit ratings suggest that herd behavior can induce large capital outflows from emerging ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 120

Journal Article
Statements to the Congress, April 13, 2000 (evolution of our equity markets)

Federal Reserve Bulletin , Issue Jun , Pages 405-408

Journal Article
Subprime mortgage lending and the capital markets

FRBSF Economic Letter

Working Paper
Capital account liberalization: theory, evidence, and speculation

Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is ...
Working Paper Series , Paper 2007-32

Working Paper
Capital controls and the international transmission of U.S. money shocks

In this paper we assess whether capital controls effectively insulate countries from U.S. monetary shocks, looking simultaneously at a large range of country experiences in a unified estimation framework. We estimate the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries with less open capital accounts exhibit systematically smaller responses. We find essentially no evidence in favor of this notion. Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross-country ...
International Finance Discussion Papers , Paper 778

Working Paper
Financial integration, entrepreneurial risk and global dynamics

How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk---a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is then to show that this friction provides a simple explanation for the emergence of global imbalances, a simple resolution to the empirical ...
Finance and Economics Discussion Series , Paper 2010-54

Report
The changing nature of financial intermediation and the financial crisis of 2007-09

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the United States, but it also had a profound influence on the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. ...
Staff Reports , Paper 439

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