This paper presents a theoretical framework to highlight possible channels for the
international transmission of financial shocks. We first review the different definitions and …

There is now a reasonably large body of empirical work testing for the existence of
contagion during financial crises. A range of different methodologies are in use, making it …

With the development of Industry 4.0 and the urgency of transitioning to a low-carbon
economy, fintech and environmentally friendly financial instruments have been widely …

We identify factors affecting the Japanese stock market during the COVID-19 pandemic
period. First, we focus on the ownership structure. We find that indirect ownership through …

This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

We analyze the transmission of the 2007 to 2009 financial crisis to 415 country‐industry
equity portfolios. We use a factor model to predict crisis returns, defining unexplained …

We use a unique, non-public dataset of trader positions in 17 US commodity futures markets
to provide novel evidence on those markets' financialization in the past decade. We then …

The recent wave of financial globalization since the mid-1980s has been marked by a surge
in capital flows among industrial countries and, more notably, between industrial and …

We use loan-level data to examine how large international banks reduced their cross-border
lending after the collapse of Lehman Brothers. Country, firm, and bank fixed effects allow us …

We propose a model to capture the dynamics of asset returns, with periods of crises that are
characterized by contagion. In the model, a jump in one region of the world increases the …