The growing relevance of data quality has revealed the need for adequate measurement. As time aspects are extremely important in data quality management, we propose a novel approach to assess data currency. Our metric, which is founded on probability theory, enables an objective and widely automated assessment for data liable to temporal decline. Its values are easy to interpret by business use...

This paper reassessed the hedging properties of four major safe-haven currencies (US dollar, Swiss franc, euro, yen) in international stock portfolios covering most representative world macroeconomic areas. The main contribution to existing literature is emphasis on optimal and asset-allocation strategies. A further distinguishing feature an accurate comparison, inside a multivariate framework,...

Chinese banks became major players in the global geography of finance. Yet studies finance Brazil focus on development (“policy”) bank loans, overlooking commercial banks. This inhibits theoretical advancements beyond idea that Latin America is largely “resource-seeking” nature. Meanwhile, internationalization renminbi state-led policy mechanisms leading international financial centers, expansi...

We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend be smaller in size, shorter maturity, or lower coupon rate than foreign bonds; (ii) EMs are more likely issue local-currency if their currencies appreciated befo...

This paper develops a firm-dynamics model with heterogenous firms and endogenous currency debt composition to jointly study financing and investment decisions in developing economies. In our model, foreign currency borrowing arises from a trade-off between aggregate deviations from the risk-free uncovered interest rate parity and firms’ growth potential. Crucially, there is crosssectional heter...

We study the evolution of price discovery process in euro-dollar and dollar-yen currency pairs over a ten-year period on EBS platform, global trading venue used by both manual automated traders. find that importance market orders decreases sharply period, owing mainly to decline information share from trading, while algorithmic high-frequency traders remains fairly constant. At same time, there...

This article examines how numerical intuition for prices develops after a major change in currency. University students in Portugal (Study 1) and Austria (Study 2) made price estimates for 40 different items from November 2001 to June 2002, surrounding the time at which these countries switched to the euro. Overall results are more in accordance with a relearning hypothesis, considering that pr...

We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that systematically induce a country’s currency to appreciate in bad times lower its risk premium in international markets and, as a result, lower the country’s risk-free interest rate and increase domestic capital accumulation and wages. Currency manipulations by large countries also have e...

The Reserve Bank of India and a closely associated institution, NABARD, have undertaken a wide range of activities designed to support microfinance. However, many of these have been "developmental" initiatives of a financially repressive nature (such as directed credit requirements and refinancing of loans to priority sectors) and have not contributed to the emergence of a sustainable microfina...