Enthusiasm for “greening the financial system” is welcome, but a fundamental challenge
remains: financial decision makers lack the necessary information. It is not enough to know …

We provide a comprehensive review of firms' financing channels (internal and external,
domestic and international) around the globe, with the focus on alternative finance …

We show that sovereign debt impairments can have a significant effect on financial markets
and real economies through a credit ratings channel. Specifically, we find that firms reduce …

A cutting-edge graduate-level textbook on the macroeconomics of international trade
Combining theoretical models and data in ways unimaginable just a few years ago, open …

We examine the impact of country-level political rights on the cost of debt for corporate
bonds issued by firms incorporated in 39 countries. Similar to, but separate from, the relation …

We explore the joint effect of expected government support to banks and changes in
sovereign credit ratings on bank stock returns using data for banks in 37 countries between …

Remittances are often said to be the most tangible and least controversial link between
migration and development (Russell 1992; Ratha 2007). Remittance flows to develo** …

We study the causal effect of bank credit rating downgrades on the supply of bank lending.
The identification strategy exploits the asymmetric impact of sovereign downgrades on the …

Using data on 143 sovereigns provided by nine agencies based in six countries, we
estimate the determinants of sovereign ratings to test whether agencies assign higher …

We study the impact of sovereign risk on the credit risk of the non-financial corporate sector
in the Eurozone using credit default swap data. We show that an increase in sovereign credit …