The Long And The Short Of Emerging Market Debt (2009)
Opazo R., Luis A., Raddatz, Claudio E., Schmukler, Sergio L.
Las economías emergentes promueven el endeudamiento a largo plazo porque reduce los descalces de plazos y la probabilidad de crisis. Este documento utiliza evidencia exclusiva sobre el caso de Chile...
Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles (2008)
Kaminsky, Graciela Laura, Schmukler, Sergio L.
The views on financial liberalization are quite conflictive. Many argue that it triggers financial bubbles and crises. Others claim that financial liberalization allows markets to function properly...
Harvard University and NBER and (2007)
Jeffrey A. Frankel, Sergio L. Schmukler, World Bank
This paper uses data on country funds to study the role of differential access to information in international investment. It shows that past changes in Net Asset Values (NAVs) and discounts predict...
Sergio L. Schmukler, World Bank, Mauricio Cárdenas, Ricardo Hausmann, Eduardo Levy Yeyati, Guillermo Perry
This paper argues that short termism, dollarization, and the use of foreign jurisdictions are endogenous ways of coping with systemic risks prevalent in emerging markets. They represent a symptom at...
International Finance 5:3, 2002: pp. 335–357 Financial Globalization: Unequal Blessings* (2007)
World Bank, Eduardo Levy Yeyati, Eduardo Levy Yeyati, Sergio L. Schmukler, ...
This paper presents a framework to analyse financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of...
Economic Adviser Development Economics World Bank (2007)
Masahiro Kawai, Richard Newfarmer, Sergio L. Schmukler, Senior Economist
The recent crises originating in Mexico (1994), Thailand (1997), and Russia (1998) were all transmitted across countries. The shocks affected both neighboring and remote countries, and both emerging...
Jeffrey A. Frankel, Eduardo Fajnzylber, Sergio L. Schmukler, Luis Servén
Credibility and transparency are at the core of the current debate on exchange rate regimes. Among the reasons why intermediate regimes have fallen out of favor, a possibly important one is that they...
given to the source. Pricing Currency Risk: Facts and Puzzles from Currency Boards (2007)
Marcio Garcia, Michael Kumhof, Eduardo Levy Yeyati, John Merrick, Maury Obstfeld, Roberto Rigobon, ...
and David Sekiguchi for their valuable comments and suggestions. We also benefited from feedback received at presentations held at the NBER Inter-American Seminar on Economics in Cambridge, the Latin...
Sergio L. Schmukler, Luis Servén, World Bank, Marcio Garcia, Michael Kumhof, Eduardo Levy Yeyati, ...
Currency risk is one of the two components of the total interest rate differential. Hard pegs, such as currency boards, are meant to reduce or even eliminate currency risk, thus reducing domestic...
Eduardo Levy Yeyati, Di Tella, Sergio L. Schmukler, Javier Bolzico, Jerry Caprio, José De Gregorio, ...
The rise and fall of Argentina’s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted...
International Monetary Fund (2007)
Daniel Kaufmann, World Bank, Gil Mehrez, Sergio L. Schmukler
This paper investigates whether resident enterprise managers have an informational advantage about the countries where they work. We propose various ways of extracting information available to...
Forthcoming in International Finance FINANCIAL GLOBALIZATION: UNEQUAL BLESSINGS … (2007)
World Bank, Eduardo Levy Yeyati, Di Tella, Sergio L. Schmukler
This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of...
Graciela Laura Kaminsky, Sergio L. Schmukler
In the chaotic financial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days...
Jeffrey A. Frankel, Sergio L. Schmukler, Maurice Obstfeld, Thomas Rothenberg, Jeffrey A Frankel
Summer Institute for helpful comments and suggestions. We also thank Charles Kramer
Stijn Claessens, Daniela Klingebiel, Sergio L. Schmukler
We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with better fundamentals have...
Ross Levine, Sergio L. Schmukler, Luca Benzoni, Stijn Claessens, Valery Polknichenko, Helene Rey
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over...
Luca Benzoni, Stijn Claessens, Helene Rey, Monica Erpen, Dori Flanagan, Angela Marshall, ...
grateful for generous financial support from the BSI Gamma Foundation. Schmukler thanks the World Bank Latin American Regional Studies Program and Research Support Budget for financial support. The...
Sergio L. Schmukler, Paul Collier, Uri Dadush, David Dollar, Patrick Honohan
This chapter discusses the opportunities and challenges that financial globalization entail for developing countries. Financial globalization can come with crises and contagion. But financial...
Sergio L. Schmukler, Luis Servén, World Bank, Marcio Garcia, Michael Kumhof, Eduardo Levy Yeyati, ...
This paper investigates the patterns and determinants of the currency risk premium in two currency boards – Argentina and Hong Kong. Despite the presumed rigidity of currency boards, the currency...
Graciela Laura Kaminsky, Sergio L. Schmukler
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 developed and...
FINANCIAL GLOBALIZATION: UNEQUAL BLESSINGS ˜ Augusto de la Torre World Bank (2007)
Eduardo Levy Yeyati, Di Tella, Sergio L. Schmukler, World Bank
This paper presents a framework to analyze financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of...
Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board A (2007)
Eduardo Levy Yeyati, Sergio L. Schmukler, Rgentina's Currency Board, José De Gregorio, Graciela Kaminsky, ...
this paper, we study the Argentine experience from a perspective that links money (in its function as a store of value) and financial intermediation. This approach has important advantages. By...
Distributional Effects of Crises: (2007)
The Role Of, Marina Halac, Sergio L. Schmukler
Financial crises affect income distribution via different channels. In this paper, we argue that financial transfers are an important channel, which has been overlooked by the literature. We study...
Financial Development: Maturing and Emerging Policy Issues (2007)
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from financial crises....
Emerging Market Instability: Do Sovereign Ratings Affect Country (2002)
Graciela Kaminsky, Sergio L. Schmukler
Financial market instability has been the focus of attention of both academic and policy circles, with rating agencies being singled out as one of the culprits in fueling financial booms and busts....
Emerging Market Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns? (2002)
Kaminsky, Graciela, Schmukler, Sergio L.
Changes in sovereign debt ratings and outlooks affect financial markets in emerging economies. They affect not only the instrument being rated (bonds) but also stocks. They directly impact the...
Maria Soledad, Martinez Peria, Sergio L. Schmukler, Eduardo Fern, Aart Kraay, Andy Levin, ...
for excellent research assistance at different stages of the project. We received helpful comments from participants
Mutual Fund Investment in Emerging Markets: An Overview (2001)
Graciela L. Kaminsky, Richard K. Lyons, Sergio L. Schmukler, Kristin Forbes, Jonathan Garner, Andrew Karolyi, ...
International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging...
Mutual Fund Investment in Emerging Markets: An Overview (2001)
Kaminsky, Graciela L., Lyons, Richard K., Schmukler, Sergio L.
International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging...
Andrea Bubula, Tatiana Didier, Eduardo Fajnzylber, Changqing Sun, Nong Thaicharoen, Hairong Yu, ...
We are grateful to Michael Melvin, Jorge Streb, three anonymous referees, and participants at the Universidad T. Di Tella-World Bank conference on currency regimes for very useful comments. We thank
Country funds and asymmetric information (2000)
Jeffrey A. Frankel, Sergio L. Schmukler, Neil Ericsson, Charlie Kramer, Mico Loretan, Rich Lyons, ...
This paper uses data on country funds to study the role of differential access to information in international investment. It shows that past changes in Net Asset Values (NAVs) and discounts predict...
WHAT TRIGGERS MARKET JITTERS? - A Chronicle of the Asian Crisis (1999)
Graciela L. Kaminsky, Sergio L. Schmukler
In the chaotic financial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days...
What Triggers Market Jitters? (1999)
Chronicle Of The, Graciela L. Kaminsky, Sergio L. Schmukler
In the chaotic nancial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days of...
Crisis, Contagion, and Country Funds: Effects on East Asia and Latin America (1998)
Jeffrey A. Frankel, Sergio L. Schmukler
Spillover effects, from one country or region to other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on...
The Mexican financial crisis of 1994–95 had strong spillover effects on Argentina. The Argentine government successfully announced a series of policies to mitigate the contagion effects. This...
Country Funds and Asymmetric Information (1997)
Frankel, Jeffrey A., Schmukler, Sergio L.
Closed-end country funds trade in New York at their price. Their Net Asset Value (NAV) represent the value of the underlying assets, usually traded in each particular country. If the holders of the...
The International Bank for Reconstruction and Development / THE WORLD BANK (1997)
The World Bank, Cam Harvey, Richard Levich, Rick Mishkin, Carmen Reinhart, Graciela Kaminsky, ...
this paper are entirely those of the authors and do not necessarily represent the views of the World Bank. 1. See, for example, Calvo and Mendoza (2000). This argument has provided ammunition to...
Internationalization and the Evolution of Corporate Valuation
Ross Levine, Sergio L. Schmukler
By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of...
Pricing currency risk : facts and puzzles from currency boards
Schmukler, Sergio L., Serven, Luis
The authors investigate the patterns and determinants of the currency risk premium in two currency boards-Argentina and Hong Kong. Despite the presumed rigidity of currency boards, currency premium...
What triggers market jitters? A chronicle of the Asian crisis
Kaminsky, Graciela L., Schmukler, Sergio L.
In the chaotic financial environment of East Asia in 1997-98, daily changes in stock prices of as much as 10 percent became commonplace. The authors analyze what type of news moved the market in...
The price of inconvertible deposits - the stock market boom during the Argentine crisis
Levy Yeyati, Eduardo, Schmukler, Sergio L., Van Horen, Neeltje
The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a"boom"in the stock market. The authors argue that this boom reflects the cost that...
Financial globalization: gain and pain for developing countries
Economies around the world are becoming increasingly interconnected by the unprecedented breadth and depth of financial globalization. Developed countries tend to be most actively involved in...
Globalization and Firms' Financing Choices: Evidence from Emerging Economies
Sergio L. Schmukler, Esteban Vesperoni
This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage...
The international financial integration of China and India
Lane, Philip R., Schmukler, Sergio L.
Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the...
Claessens, Stijn, Schmukler, Sergio L.
The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of...
Capital market development : whither Latin America ?
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze...
Why Do Emerging Economies Borrow Short Term?
Fernando Broner, Guido Lorenzoni, Sergio L. Schmukler
We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of...
Stock market development under globalization : whither the gains from reforms ?
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs,...
Innovative experiences in access to finance : market friendly roles for the visible hand ?
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing...
Sergio L. Schmukler, Stijn Claessens
This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample...
We analyse how short termism, dollarization and foreign jurisdictions are ways of coping with systemic risks prevalent in emerging economies. These are symptoms at least as much as problems. We...
Country funds and asymmetric information
Frankel, Jeffrey A., Schmukler, Sergio L.
Using data on country funds, the authors study how differential access to information affects international investment. They find that past changes in net asset values (NAVs) and discounts predict...
Ganapolsky, Eduardo J. J., Schmukler, Sergio L.
Argentina was hit hard by the Mexican crisis of 1994-95. The Argentine peso came under attack and there was a run on bank deposits. Argentina'successfully announced a series of policies to mitigate...
Explaining the migration of stocks from exchanges in emerging economies to international centers
Claessens, Stijn, Klingebiel, Daniela, Schmukler, Sergio L.
The authors study the determinants of the growing migration of stock market activity to international financial centers. They use a sample of 77 countries and document that higher economic growth and...
Financial globalization : unequal blessings
De La Torre, Augusto, Levy Yeyati, Eduardo, Schmukler, Sergio L.
The authors present a framework to analyze financial globalization. They argue that financial globalization needs to take into account the relation between money (particularly in its role as store of...
Living and dying with hard pegs : the rise and fall of Argentina's currency board
De La Torre, Augusto, Levy Yeyati, Eduardo, Schmukler, Sergio L.
The rise and fall of Argentina's currency board shows the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial...
Levine, Ross, Schmukler, Sergio L.
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over...
Why do emerging economies borrow short term?
Broner, Fernando A., Lorenzoni, Guido, Schmukler, Sergio L.
The authors argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity...
Market discipline under systemic risk - evidence from bank runs in emerging economies
Levy-Yeyati, Eduardo, Martinez Peria, Maria Soledad, Schmukler, Sergio L.
The authors show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market...
International financial integration through the law of one price
Levy Yeyati, Eduardo, Schmukler, Sergio L., Van Horen, Neeltje
The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial...
Internationalization and the evolution of corporate valuation
Gozzi, Juan Carlos, Levine, Ross, Schmukler, Sergio L.
By documenting the evolution of Tobin's q before, during, and after firms internationalize, the authors provide evidence on the bonding, segmentation, and market timing theories of...
Financial development in Latin America : big emerging issues, limited policy answers
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin...
Verifying exchange rate regimes
Frankel, Jeffrey A., Fajnzylber, Eduardo, Schmukler, Sergio L., Serven, Luis
Government Bonds in Domestic and Foreign Currency The Role of Institutional Factors
Stijn Claessens, Daniela Klingebiel, Sergio L Schmukler
This paper studies how institutional factors affect the size and currency composition of government bonds for a large sample of economies. Important for the debate on limiting financial crises, we...
Country Funds and Asymmetric Information.
Frankel, Jeffrey A, Schmukler, Sergio L
This paper uses data on country funds to study the role of differential access to information on international investment. It shows that past changes in net asset values (NAVs) and discounts predict...
Financial Globalization: Unequal Blessings.
De La Torre, Augusto, Levy Yeyati, Eduardo, Schmukler, Sergio L
This paper presents a framework to analyse financial globalization. It argues that financial globalization needs to take into account the relation between money (particularly in its role as store of...
Emerging market liquidity and crises
Yeyati, Eduardo Levy, Schmukler, Sergio L., Van Horen, Neeltje
Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and...
Stock market development under globalization: Whither the gains from reforms?
De La Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Financial Crises: Nine Lessons from East Asia
Masahiro Kawai, Richard Newfarmer, Sergio L. Schmukler
The 1990s witnessed a surge in private capital flows to developing countries--and a surge in financial crises. The most severe and regionally extensive has (to date) been East Asia's. The last six...
Stijn Claessens, Daniela Klingebiel, Sergio L. Schmukler
In contrast to some recent research, this paper finds that institutional and macroeconomic factors are related to the depth and currency composition of government bond markets. Using panel data for...
Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies
Sergio L. Schmukler, Eduardo Levy-Yeyati
This paper shows that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market...
The price of inconvertible deposits: the stock market boom during the Argentine crisis
Yeyati, Eduardo Levy, Schmukler, Sergio L., Van Horen, Neeltje
Country Funds and Asymmetric Information
Jeffrey A. Frankel, Sergio L. Schmukler
Closed-end country funds trade in New York at their price. Their Net Asset Value (NAV) represent the value of the underlying assets, usually traded in each particular country. If the holders of the...
Jeffrey A. Frankel, Sergio L. Schmukler
It has been suggested that Mexican investors were the "front-runners" in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own...
What triggers market jitters: a chronicle of the Asian crisis
Graciela L. Kaminsky, Sergio L. Schmukler
In the chaotic financial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days...
Crisis, contagion, and country funds: effects on East Asia and Latin America
Jeffrey A. Frankel, Sergio L. Schmukler
East Asia ; Latin America
The international financial integration of China and India
Philip R. Lane, Sergio L. Schmukler
Three main features characterize the international financial integration of China and India. First, these countries are large holders of official reserves, while only having a small global share of...
Emerging Market Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?
Graciela Kaminsky, Sergio L. Schmukler
Changes in sovereign debt ratings and outlooks affect financial markets in emerging economies. They affect not only the instrument being rated (bonds) but also stocks. They directly impact the...
Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
Sergio L. Schmukler, Graciela Laura Kaminsky
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging...
Sergio L. Schmukler, Tatiana Didier, Paolo Mauro
While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders....
Internationalization and the evolution of corporate valuation
Gozzi, Juan Carlos, Levine, Ross, Schmukler, Sergio L.
By documenting the evolution of Tobin's q before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market-timing theories of...
Emerging Market Liquidity and Crises
Eduardo Levy Yeyati, Sergio L. Schmukler, Neeltje Van Horen
Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and...
Bank involvement with SMEs : beyond relationship lending
De La Torre, Augusto, Soledad Martinez Peria, Maria, Schmukler , Sergio L.
The"conventional wisdom"in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so...
Patterns of international capital raisings
Gozzi, Juan Carlos, Levine, Ross, Schmukler, Sergio L.
This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these...
Vanishing financial contagion?
Didier, Tatiana, Mauro, Paolo, Schmukler, Sergio L.
While a number of crises in emerging markets generated widespread contagion in financial markets during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within...
Jeffrey A. Frankel, Sergio L. Schmukler
It has been suggested that Mexican investors were the front-runners in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own...
Global Transmission of Interest Rates: Monetary Independence and Currency Regime
Jeffrey A. Frankel, Sergio L. Schmukler, Luis Serven
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to...
Pricing Currency Risk: Facts and Puzzles from Currency Boards
Sergio L. Schmukler, Luis Serven
Hard pegs, such as currency boards, intend to reduce or even eliminate currency risk. This paper investigates the patterns and determinants of the currency risk premium in two currency boards --...
Ross Levine, Sergio L. Schmukler
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over...
Why Do Emerging Economies Borrow Short Term?
Fernando A. Broner, Guido Lorenzoni, Sergio L. Schmukler
We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of...
The Future of Stock Exchanges in Emerging Economies: Evolution and Prosepcts
Stijn Claessens, Daniela Klingebiel, Sergio L. Schmukler
We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with better fundamentals have...
Crises, capital controls, and financial integration
Yeyati, Eduardo Levy, Schmukler, Sergio L., Van Horen, Neeltje
This paper analyzes the effects of capital controls and crises on international financial integration, using data on stocks from emerging economies that trade in domestic and international markets....
Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres
Claessens, Stijn, Kingebiel, Daniela, Schmukler, Sergio L.
stock exchange development, internationalization, financial markets, trading migration, emerging economies, cross-listing, ADRs, File-URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2002/dp2002-94.pdf
PENSION FUNDS AND CAPITAL MARKET DEVELOPMENT:HOW MUCH BANG FOR THE BUCK?
Raddatz, Claudio, Schmukler, Sergio L.
This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between...
Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework
De La Torre, Augusto, Soledad Martinez Peria, Maria, Schmukler, Sergio L.
This paper studies the factors banks perceive as drivers and obstacles to financing small and medium enterprises (SMEs), focusing on the role of competition and the institutional framework. Using a...
Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles
Graciela Laura Kaminsky, Sergio L. Schmukler
The views on financial liberalization are quite conflictive. Many argue that it triggers financial bubbles and crises. Others claim that financial liberalization allows markets to function properly...
Internationalization and Stock Market Liquidity
Ross Levine, Sergio L. Schmukler
What is the impact of internationalization (firms raising capital and trading in international markets) on the liquidity of the remaining firms in domestic markets? To address this question, we...
Patterns of International Capital Raisings
Juan Carlos Gozzi, Ross Levine, Sergio L. Schmukler
This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major...
Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework
Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to lack adequate financing, which hampers their growth. As a consequence,...
Levy Yeyati, Eduardo, Schmukler, Sergio L., Van Horen, Neeltje
This paper takes advantage of the fact that some stocks trade both in domestic and international markets to characterize the degree of international financial integration. The paper argues that the...
The long and the short of emerging market debt
Opazo, Luis, Raddatz, Claudio, Schmukler, Sergio L.
Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crises. This paper uses unique evidence from the leading case of Chile to study...