AMPF Papers

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Commissioned Paper

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May 2016

Currency Wars, Coordination, and Capital Controls

Olivier BLANCHARD
The strong monetary policy actions undertaken by advanced economies’ central banks have led to complaints of currency wars by some emerging market economies, and to widespread demands for more macroeconomic policy coordination. This chapter revisits these issues. It concludes that, while advanced ...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Efficient Contracting in Network Financial Markets

Darrell DUFFIE, Chaojun WANG
We model bargaining in over-the-counter network markets over the terms and prices of contracts. Of concern is whether bilateral non-cooperative bargaining is suÿcient to achieve eÿciency in this multilateral setting. For example, will market participants as-sign insolvency-based seniority in a soc...
Keywords: Over-the-counter, network, contracting, bargaining, eÿciency, game theory
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Anti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from China

Randall MORCK, Bernard YEUNG, Chen LIN, Xiaofeng ZHAO
Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms starting with curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top manager...
Keywords: Anti-Corruption, Marketization, Bribery Intensity, Firm Value
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Senior Fellows/Fellows

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Senior Fellows/Fellows

State-run Banks, Money Growth, and the Real Economy

Randall MORCK, M. Deniz YAVUZ, Bernard YEUNG
Within countries, individual state-run banks’ lending correlates with prior money growth, while otherwise similar private-sector banks’ lending does not. Aggregate credit and investment growth correlate with prior money growth more strongly in economies whose banking systems are more fully state...
Keywords: ownership structure, loan growth, capital spending, monetary stimulus, banking
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

Hong ZHANG, Massimo MASSA
We study how secular culture affects firm behavior when formal institutions fall short. We find that firms more exposed to alcohol-related sin culture exhibit more earnings management and lean their operations more toward local business partners. Tests using latitude and snow/temperature as instrume...
Keywords: Zhe Li (Renmin University of China), Massimo Massa (INSEAD), Nianhang Xu (Renmin University of China), Hong Zhang (Tsinghua University)
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