Capital
Working Paper
The Costs and Benefits of Financial Market Regulation
This paper revisits the controversy on regulation and applies its insights to the debate on corporate governance and mutual funds. The general result of this exercise is that a strong case can be made in favor of more mandatory disclosure. While...Read more
Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets
While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This paper aims to fill this void relying on a panel of 60,000 firm-year observations on listed and...Read more
Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency
This paper shows that the liberalization of capital inflows may undermine bank stability in emerging markets. After financial liberalization, uninformed international investors rationally provide large amounts of funds at low cost. This enables...Read more