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- Diversification Benefits of Emerging Markets Subject to Portfolio Constraints
- This paper examines the international diversification benefits subject to portfolio constraints - in particular, constraints on short selling. It shows that the international diversification benefits remain substantial for U.S. equity investors when they are prohibited from short selling in emerging markets. This result is robust to investment restrictions on nonnative...
- White papers 2003-02-11
- Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets
- Early research has documented that the large-scale equity market liberalizations of the last decade led the subsequent rise in aggregate equity indices, investment booms, capital flows, and economic growth. An important and unaddressed issue is the normative question of whether and how these reforms shifted the distribution of incomes in...
- White papers 2003-02-11
- What Drives Financial Crises in Emerging Markets?
- This study examines the causes of financial crises in 31 emerging market countries during 1980-2001. It estimates a probit model using 23 macroeconomic and financial sector variables. Traditional variables such as unemployment and inflation, as well as several indicators of indebtedness such as private sector liabilities and the foreign liabilities...
- White papers 2003-09-18
- Syndication: A Guide to the New Business Landscape
- An article had proclaimed that syndication is the emerging model for business in the Internet Era. To understand the forces behind this emerging application and business model, this paper examines three fictitious banks; each with retail locations as well as an online banking Web site. The banks have determined that...
- White papers 2002-03-01
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