Publications

Publications

Filter Results: (568) Arrow Down

Show Results For

← Page 9 of 568 Results →
  • 18 Sep 2013
  • News

An Honest Wage: Dollars, Hours, And Ethics

  • May 2022
  • Case

Rawbank's Illico Cash: Can 'Fast Money' Overcome Cash Dependency in the DRC?

By: Lauren Cohen and Grace Headinger
Thomas de Dreux-Brézé, the Head of Strategy and Project Management at Rawbank Congo in the Democratic Republic of the Congo (DRC), was perplexed as he reviewed annual adoption rates for the bank’s launch of Illico Cash 2.0. As the bank’s mobile money app, Illico Cash... View Details
Keywords: Fintech; Inflation; Deflation; Rural; Urban; Emerging Market; Mobile Technology; Finance; Money; Inflation and Deflation; Business Growth and Maturation; Decision Choices and Conditions; Demographics; Developing Countries and Economies; Corporate Entrepreneurship; Behavioral Finance; Currency; Banks and Banking; Commercial Banking; Financial Strategy; Rural Scope; Urban Scope; Innovation Strategy; Emerging Markets; Network Effects; Consumer Behavior; Mobile and Wireless Technology; Technology Adoption; Banking Industry; Financial Services Industry; Technology Industry; Congo, Democratic Republic of the
Related
  • 19 Mar 2013
  • Working Paper Summaries

Carry Trade and Exchange-Rate Regimes

Keywords: by Laura Alfaro & Fabio Kanczuk
  • 07 Oct 2016
  • Working Paper Summaries

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy

Keywords: by Wenxin Du, Carolin E. Pflueger, and Jesse Schreger
  • June 12, 2017
  • Article

Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm... View Details
Keywords: Financial Crisis; Emerging Markets; System Shocks
Related
  • 22 May 2007
  • First Look

First Look: May 22, 2007

  Working PapersGlobal Currency Hedging Authors:John Y. Campbell, Karine Serfaty-de Medeiros, and Luis M. Viceira Abstract This paper considers the risk management problem of an investor who holds a diversified portfolio of global... View Details
Keywords: Martha Lagace
  • July 2005 (Revised September 2020)
  • Case

The U.S. Current Account Deficit

By: Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson and Jonathan Schlefer
Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications... View Details
Keywords: World Economy; Macroeconomics; Borrowing and Debt; Currency; Foreign Direct Investment; Business and Government Relations; United States
Related
  • June 2019
  • Article

Debt Redemption and Reserve Accumulation

By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own... View Details
Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; Sovereign Finance; Borrowing and Debt; Bonds; Financial Markets; Developing Countries and Economies
Related
  • August 2012 (Revised June 2017)
  • Case

Australia: Commodities and Competitiveness

By: Richard H.K. Vietor and Laura Alfaro
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details
Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Australia
Related
  • March 2016
  • Article

Dividends as Reference Points: A Behavioral Signaling Approach

By: Malcolm Baker, Brock Mendel and Jeffrey Wurgler
We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings separate by paying high dividends but retain enough to be likely not to fall short next period. The model is consistent with a... View Details
Keywords: Investment
Related

    Signaling with Dividends

    We outline a dividend signaling model that features investors who are behaviorally averse to dividend cuts. Managers with strong unobservable cash earnings separate by paying high dividends but retain enough to be likely not to fall short next period. The model is... View Details

    • April 2002 (Revised April 2003)
    • Case

    Malaysia: Capital and Control

    By: Rawi E. Abdelal and Laura Alfaro
    On September 1, 1998, the government of Malaysia imposed currency and capital controls in response to the financial crisis that had swept Asia. The controls sparked an enormous controversy in the world of international finance. Some celebrated the controls for... View Details
    Keywords: Capital Controls; Business and Government Relations; International Finance; Policy; Crisis Management; Balance and Stability; Globalized Economies and Regions; Malaysia
    Related
    • August 2009
    • Case

    Nomura's Global Growth: Picking Up Pieces of Lehman

    By: C. Fritz Foley and Linnea Meyer
    What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of... View Details
    Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Investment Banking; International Finance; Cross-Cultural and Cross-Border Issues; Expansion; Financial Services Industry; Japan
    Related
    • 27 Jun 2017
    • First Look

    First Look at New Research and Ideas, June 27

    cash for electronic value and vice versa, forming the backbone of an emerging electronic currency ecosystem that has potential to connect millions of poor and “unbanked" people to the formal financial system. Unfortunately, low service... View Details
    Keywords: Sean Silverthorne
    • April 2023
    • Article

    Are Intermediary Constraints Priced?

    By: Wenxin Du, Benjamin Hebert and Amy Wang Huber
    Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a “forward CIP trading strategy” that... View Details
    Keywords: Asset Pricing; Investment Return; Risk and Uncertainty; International Finance
    Related
    • June 2018
    • Article

    Deviations from Covered Interest Rate Parity

    By: Wenxin Du, Alexander Tepper and Adrien Verdelhan
    We find that deviations from the covered interest rate parity (CIP) condition imply large, persistent, and systematic arbitrage opportunities in one of the largest asset markets in the world. Contrary to the common view, these deviations for major currencies are not... View Details
    Keywords: Interest Rates; Financial Markets; Banks and Banking; Price
    Related
    • February 2020 (Revised August 2021)
    • Case

    Australia: Commodities, Competitiveness, Climate and China

    By: Richard H.K. Vietor and Laura Alfaro
    For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit, and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details
    Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Climate Change; Taxation; Competition; Financial Condition; Government and Politics; Inflation and Deflation; Environmental Sustainability; Australia
    Related

      The International Price of Remote Work

      We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done... View Details
      • Research Summary

      Debt Redemption and Reserve Accumulation

      By: Laura Alfaro
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own... View Details
      • 2010
      • Case

      Groupe Ariel, S.A.: Parity Conditions and Cross-Border Valuation: Brief Case.

      By: Timothy A. Luehrman and James Quinn
      Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an... View Details
      Keywords: Cross-Cultural and Cross-Border Issues; Valuation; Business Subsidiaries; Policy; Cash Flow; Management Analysis, Tools, and Techniques; International Finance; Problems and Challenges; Production; Currency; Manufacturing Industry; Mexico
      Related