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Blog Post
April 17, 2023
To what extent are the high returns on capital of "star firms" due to unmeasured differences in intangible invested capital? Once these differences are corrected, how do star firms differ in their output and investment strategies from other firms? Our evidence points not to exploitation of market po...
WORKING PAPERS
April 11, 2023
This paper examines the impact of international differences in capital regulation on multinational banks’ loan origination location decisions. We find that greater borrower transparency to a local bank establishment makes loan location at this establishment more likely, and that regulatory arbitrage...
Blog Post
April 11, 2023
Regulatory arbitrage—the practice whereby banks try to escape jurisdictions with more stringent regulations in favor of less stringent ones—has been a topic of active research interest. Previous research has shown that banks do indeed direct financial flows to countries with less strict regulations,...
CGD NOTES
March 16, 2023
The the wake of the Silicon Valley Bank collapse, bank regulators and supervisors in emerging markets should be looking closely at their own banking systems with lessons from Silicon Valley in mind. For most emerging markets, where previous banking crises were devastating and turned back the clock o...
Blog Post
January 31, 2023
A central objective of climate policy is the reduction of carbon emissions, either by promoting renewable energies and increasing energy efficiency across sectors, or by imposing restrictions on activities contributing to greenhouse gas (GHG) emissions. The financial sector is expected to play a maj...
WORKING PAPERS
January 31, 2023
What is the response of bank foreign subsidiaries to climate policy in their host countries? We find that global banks with high environmental performance increase their presence in countries after local authorities strengthen their climate-related actions. Our findings show that strengthening clima...
Blog Post
January 19, 2023
Kenya has become a poster child for digitally driven development. Known as “Silicon Savannah,” the country has a multi-billion-dollar tech industry that routinely produces startups. Among its most prominent successes is M-Pesa. Launched in 2007, the mobile wallet service revolutionized how Kenyans t...