Annette Becker,Serena Fatica,Michela Rancan
Annette Becker
Using a large international sample of corporate borrowers over the period 2014-22, we study the determinants of issuing green, sustainability and social (GSS) bonds. First, we document a remarkable growth of the GSS segment in the most rece...
COVID-19 Pandemic and Corporate Liquidity: The Role of SOEs' Trade Credit Response [0.03%]
新冠肺炎疫情、企业流动性与国有企业贸易信用响应的作用机制
Xun Wang,Jingwen Yu
Xun Wang
Although state-owned enterprises are associated with less efficiency and lead to resource misallocation, they may have stabilizing effect in face of a crisis. Exploiting the COVID-19 pandemic as a natural experiment, we study the role of fi...
Lockdown spillovers [0.03%]
封锁的溢出效应
Hongyi Chen,Peter Tillmann
Hongyi Chen
Lockdowns imposed to fight the Covid-19 pandemic have cross-border effects. In this paper, we estimate the empirical magnitude of lockdown spillovers in a set of panel local projections. We use daily indicators of economic activity such as ...
Maria-Eleni K Agoraki,Nektarios Aslanidis,Georgios P Kouretas
Maria-Eleni K Agoraki
This paper adopts quantile regressions to scrutinize the dynamics of green investment funds in relation to the outbreak of the COVID-19 pandemic. We use data on three of the largest green investment funds (BNP PARIBAS Funds Climate Impact, ...
Luc Laeven
Luc Laeven
We evaluate whether the changes in valuation of U.S. corporates during the first wave of the COVID-19 pandemic depend on their downstream or upstream industries' exposure to social distancing. Using a new dataset on sectoral dependence on t...
Maurice Obstfeld
Maurice Obstfeld
This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and in...
Joshua Aizenman,Hiro Ito,Gurnain Kaur Pasricha
Joshua Aizenman
Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the Federal Reserve (Fed) provided US dollar liquidity to the global economy by reactivating or enhancing swap arrangements with other central banks and...
Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic [0.03%]
驱散财政主导的阴影？财政和货币公告对欧元区政府债券利差的影响——以冠状病毒大流行期间为例
Annika Havlik,Friedrich Heinemann,Samuel Helbig et al.
Annika Havlik et al.
We use event study regressions to compare the impact of monetary versus fiscal policy announcements on euro area government bond spreads in the unfolding Covid-19 pandemic. Throughout our specifications and robustness checks, we detect larg...
Shipping costs and inflation [0.03%]
运费成本和通胀
Yan Carrière-Swallow,Pragyan Deb,Davide Furceri et al.
Yan Carrière-Swallow et al.
The Covid-19 pandemic has disrupted global supply chains, leading to shipment delays and soaring shipping costs. We study the impact of global shipping costs-measured by the Baltic Dry Index (BDI)-on domestic prices for a large panel of cou...
Alan Auerbach,Yuriy Gorodnichenko,Peter B McCrory et al.
Alan Auerbach et al.
In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness ...