Researchers have available to them numerous indicators of financial openness and
integration, many of which have yielded substantially differing results in past research, for …

This study reviews broadly the experience of the last decade on crisis prevention and
management. It seeks to draw greater attention to policy decisions that are made during the …

We investigate the effect of the capital market opening on green innovation. Using the
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as a quasi …

What capital allocation role can China's stock market play? Counter to perception, stock
prices in China have become as informative about future profits as they are in the US. This …

We show that equity market liberalizations, on average, lead to a 1% increase in annual real
economic growth. The effect is robust to alternative definitions of liberalization and does not …

The literature on the benefits and costs of financial globalization for developing countries
has exploded in recent years, but along many disparate channels with a variety of …

Using monthly returns for over 27,000 stocks from 49 countries over a three-decade period,
we show that a multifactor model that includes factor-mimicking portfolios based on …

The literature on the benefits and costs of financial globalization for developing countries
has exploded in recent years, but along many disparate channels with a variety of …

Research on the macroeconomic impact of capital account liberalization finds few, if any,
robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue …

We study the impact of foreign institutional investors on price efficiency with firm-level
international data. Using additions to the MSCI index and the US Jobs and Growth Tax …