G11 - Portfolio Choice; Investment Decisions

• Improving Public Equity Markets? No Pain, No Gain

  Staff Working Paper 2014-41 Katya Kartashova

  This paper quantifies the effects of improving public equity markets on macroeconomic aggregates and welfare. I use an open-economy extension of Angeletos (2007), where entrepreneurs face idiosyncratic productivity risk in privately held firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Financial institutions, Financial markets JEL Code(s): E, E4, E44, G, G1, G11, O, O1, O11, O16

• Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities

  Staff Working Paper 2014-31 John Beirne, Christian Friedrich

  This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the period 1999-2009.

  Content Type(s): Staff research, Staff working papers Topic(s): Balance of payments and components, Financial markets, International topics JEL Code(s): F, F3, F5, G, G0, G01, G1, G11
• June 12, 2014

  Reforming Financial Benchmarks: An International Perspective

  Financial System Review - June 2014 Thomas Thorn, Harri Vikstedt

  Thomas Thorn and Harri Vikstedt examine the efforts being taken internationally and in Canada to enhance the governance and integrity of financial benchmarks. The report provides an overview of how interbank interest rate benchmarks are set and describes the weaknesses in the process that were exposed by the financial crisis. It also explains recent policy developments designed to make global and Canadian interbank benchmarks more robust.

  Content Type(s): Publications, Financial System Review articles Topic(s): Financial markets, Financial system regulation and policies, Recent economic and financial developments JEL Code(s): G, G1, G11

• Rollover Risk, Liquidity and Macroprudential Regulation

  Staff Working Paper 2014-23 Toni Ahnert

  I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G0, G01, G1, G11, G2, G28

• Macroeconomic Experiences and Risk Taking of Euro Area Households

  Staff Working Paper 2014-10 Miguel Ampudia, Michael Ehrmann

  This paper studies to what extent the experiences of households shape their willingness to take financial risks. It follows the methodology of Malmendier and Nagel (2011) and applies it to a novel data set on household finances covering euro area households.

  Content Type(s): Staff research, Staff working papers Topic(s): Sectoral balance sheet JEL Code(s): D, D0, D03, D1, D14, D8, D83, G, G1, G11