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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

Gravity Counterparties and Foreign Investment

Cristian BADARINZA, Tarun RAMADORAI, Chihiro SHIMIZU
We propose a new explanation for the persistence of gravity in international investment flows based on new facts about large cross-border commercial real-estate transactions. Buyers in these transactions preferentially match with counterparties from own or proximate countries; such affinity-based ma...
Keywords: gravity, Foreign investment, Commercial real estate, Investment frictions, trust, Matching, Cross-border flows
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2017

Government Employment Guarantee, Labor Supply and Firms Reaction: Evidence from the Largest Public Workfare Program in the World

Sumit AGARWAL, Shashwat ALOK, Prasanna TANTRI, Yakshup CHOPRA
Using establishment-level data, we examine the impact of the Indian government’s employment guarantee program on labor and firm behavior. We exploit the staggered implementation of the program for identification and find that the program led to a 10% reduction in the permanent workforce in firms. ...
Keywords: Workfare, Labor Markets, Labor Supply, Labor Scarcity, Capital Investments, Labor and Finance, Labor-Technology Substitution, firm performance, MNREGA, NREGS, NREGA
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Global Value Chains and Effective Exchange Rates

Shang-Jin WEI, Nikhil PATEL, Zhi WANG
The real effective exchange rate (REER) is one of the most cited statistics in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within a country partic...
Keywords: Global value chains, REER
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Annual Conference

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Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2013

Getting Better: Learning to Invest in an Emerging Stock Market

Tarun RAMADORAI, John Y. CAMPBELL, Benjamin RANISH
This paper reports evidence that individual investors in Indian equities hold better performing portfolios as they become more experienced in the equity market. Experienced investors tilt their portfolios profi…tably towards value stocks and stocks with low turnover, but these tilts do not fully ex...
Keywords: Emerging stock market, equity market, value stocks
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Geographic Diversification and Banks Funding Costs

Chen LIN, Wensi XIE, Ross LEVINE
We assess the impact of the geographic expansion of bank assets on the cost of banks’ interest-bearing liabilities. Existing research suggests that expansion can both intensify agency problems that increase funding costs and facilitate risk diversification that decreases funding costs. Using a new...
Keywords: banking, banking regulation, Funding Cost, Financial stability
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