The global financial system has become highly connected and complex. Has been proven in practice that existing models, measures and reports of financial risk fail to capture some important systemic dimensions. Only lately, advisory boards have been established in high level and regulations are directly targeted to systemic risk. In the same direction, a growing number of researchers employ netw...

Extensive research has revealed that the convention of alphabetical name ordering tends to provide an advantage to those positioned in the beginning of the alphabet. This paper is the first to explore implications of this alphabetic bias in the natural setting of financial markets. Most notably, we find that stocks with names early in alphabet have about 5% to 15% higher trading activity and li...

We provide a brief account of the ongoing debate on the relationship between international capital flows and economic growth. In particular, we argue that the current debate may be enriched by looking more closely at the relationship between these key variables and educational choice and public education policy. Posted at the Zurich Open Repository and Archive, University of Zurich ZORA URL: ht...

We evaluate the claim that the International Monetary Fund precipitated financial crises during the 1990s, by pressuring countries to liberalize their capital accounts prematurely. Using data from a panel of developing economies from 1982–98, we examine whether the changes in the regime governing capital flows took place during participation in IMF programs. We find evidence that IMF program pa...

Buckley & Strange (2015) have highlighted the major changes in the global location of economic activity over the past 30 years, with the emerging economies assuming greater shares relative to the advanced economies. They noted that the major drivers of these changes included inter alia economic restructuring and market liberalization in many countries in Asia, Eastern Europe and elsewhere; fina...

This paper reviews trends in capital flows in Latin America and the Caribbean between 2003 and mid-2008 and its implications for monetary policy and financial stability. The financing structure that emerged during this period was more benign than in the past, due to a greater share of foreign direct investment and reduced reliance on foreign financing. Although traditional monetary policy trade...

This Report consists principally of recommendations and guidelines. It acknowledges the threat to the benefits of a liberal global regime for international capital flows posed by their instability. Concern is expressed as to risks to stability linked to reliance on short-term borrowing from banks, the interaction between different financial risks, and faultlines in global financial markets resu...