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This study expands the empirical specification of Cerra and Saxena (2008), and allows short-term output growth regimes to be determined by globalization. Relying on a non-linear dynamic panel representation, it reconciles the earlier results in the literature regarding the two opposite narratives of the effects of globalization on output growth. Countries experience higher growth, on average, the more open and integrated they are into the world. However, once they reach a certain globalization threshold (endogenously estimated), countries may also experience a new normal, persistently lower short-term output growth following a financial crisis. The benefits, as well as vulnerabilities, accrue earlier in the globalization process for low- and middle-income countries. To solely reap the globalization benefits on growth, sound policies should be in place to mitigate the negative effects stemming from increased vulnerabilities brought by globalization.

Banks and Banking --- Finance: General --- Financial Risk Management --- Macroeconomics --- Globalization --- International Finance: General --- Economic Growth of Open Economies --- Globalization: Macroeconomic Impacts --- Globalization: Finance --- Globalization: General --- Financial Crises --- Macroeconomics: Production --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Finance --- Production growth --- Financial crises --- Banking crises --- Stock markets --- Production --- Financial markets --- Economic theory --- Stock exchanges --- United States

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This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.

Banks and Banking --- Finance: General --- Inflation --- Public Finance --- Financial Markets and the Macroeconomy --- Monetary Policy --- Central Banks and Their Policies --- Interest Rates: Determination, Term Structure, and Effects --- Price Level --- Deflation --- Taxation, Subsidies, and Revenue: General --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Finance --- Macroeconomics --- Public finance & taxation --- Central bank policy rate --- Yield curve --- Communications in revenue administration --- Stock markets --- Financial services --- Prices --- Revenue administration --- Financial markets --- Interest rates --- Revenue --- Stock exchanges --- Chile

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In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

Stock exchanges. --- Corporate governance. --- Markets. --- Public markets --- Commerce --- Fairs --- Market towns --- Governance, Corporate --- Industrial management --- Directors of corporations --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Investment banking. --- Securities. --- Corporations-Finance. --- Investments and Securities. --- Corporate Finance. --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities --- Securities law --- Underwriting --- Investments --- Investment banking --- Banks and banking, Investment --- Investment banks --- Financial institutions --- Law and legislation --- Corporations—Finance. --- Corporations --- Finance.

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A nation usually overhauls its financial regulations after a stock market crash or the collapse of its banking system. In 1967, France did something rare. Out of pure political expediency, Gaullist leaders and senior civil servants seized the opportunity offered by an insider-trading case and established an independent commission to regulate the securities market: the Commission des Operations de Bourse, or COB. Despite their staunch defense of national sovereignty, these reformers drew their inspiration from an American model, the Securities and Exchange Commission. Highlighting the international sources for national reform, Yves-Marie Pereon's Moralizing the Market explores the dynamics of policy transfer in securities regulation--a subject that has rarely been considered from a historical perspective. That regulation has been used to attract investors and foster market development challenges the view that the French government only attempted to develop the stock market as part of a global wave of deregulation in the 1980s. Indeed, the creation of the COB reveals a great deal about the exercise of power in modern democracies, the interaction between business and government, and the mechanisms of institutional innovation. Moralizing the Market will appeal to professors and students of economic history, international relations, and political science, as well as business and finance historians, policy makers, and professionals.

Securities --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Investment banking --- History --- Law and legislation --- E-books --- France. --- United States. --- Influence. --- S.E.C. (Agency) --- SEC (Agency) --- S.E.C.O. (Agency) --- SECO (Agency) --- Securities and Exchange Commission (U.S.) --- U.S. Securities and Exchange Commission --- COB --- C.O.B. --- Commission des opérations de bourse (France)

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This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from Saudi Arabia to Bahrain are found to be sizeable and statistically significant, but those to other GCC countries are not found to be significant. Equity market movements in Saudi Arabia are found to have significant implications for other GCC countries, while there is no evidence of co-movements in bonds markets. These findings suggest some degree of interdependence among GCC countries.

Saudi Arabia --- Arabia saudita --- ʻArabīyah as Saʻūdīyah --- ʻArav ha-Saʻudit --- Hejaz and Nejd --- Kingdom of Saudi Arabia --- Mamlaka al-ʻArabiya as-Saʻudiya --- Mamlakah al-ʻArabīyah al-Saʻūdīyah --- Reino de Arabia Saudi --- Saudiarabien --- Saudovskai︠a︡ Aravii︠a︡ --- Sauji Arabia --- Saujiarabia --- Sha-tʻse A-la-po --- ערב הסעודית‏ --- サウディ・アラビア --- サウジアラビア --- Hejaz (Kingdom) --- Economic conditions --- Banks and Banking --- Finance: General --- Investments: Bonds --- Macroeconomics --- Financial Markets and the Macroeconomy --- Empirical Studies of Trade --- Economic Integration --- International Policy Coordination and Transmission --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Energy: Demand and Supply --- Prices --- Externalities --- Finance --- Investment & securities --- Stock markets --- Yield curve --- Sovereign bonds --- Oil prices --- Spillovers --- Financial markets --- Financial services --- Financial institutions --- Financial sector policy and analysis --- Stock exchanges --- Interest rates --- Bonds --- International finance