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Click on a term to reduce result list Information symbol The result list below will be reduced to the selected search terms. The terms are generated from the titles, abstracts and STW thesaurus of publications by the respective author.

capital mobilitycurrent accountexternal balanceaußenwirtschaftliches gleichgewichtinternationaler finanzmarktinternational financial marketreal exchangeinternationale staatsschuldeninternational sovereign debtassets liabilitiesforeign assetsinternational financialpurchasing power parityfinancial crisiscapital flowsexchange ratesexternal wealthfinancial integrationnet foreigncross borderexternal positionsterms of tradecross countryforeign assetnet externalportfolio investitionforeign portfolio investmentglobal imbalancesaccount deficitscapital accountexternal liabilitiesdeveloping countriesexchange rateexternal assetsfinancial globalizationaccount imbalancesendogenes wachstumsmodellendogenous growth modelindustrialized countriesfinancial centersfiscal rulesadvanced economiesglobal financialglobal crisisoptimal taxationfiscal consolidationforeign exchange reservesforeign investmentoptimale besteuerungportfolio equitywealth nationsbalance realphysical capitalpre crisisrest worldeconomic growthrate adjustmentterms tradesouth korealong runindustrial countrieseffects incomeincome consumptionborder investmentcrisis externaleu countriesinternational capitalaccount balancesrecent yearsfactors drivingcurrency crisiseu staatenglobalization exchangewealth trade
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Years of publications: 1991 - 2024

716 records from EconBiz based on author Name Information logo


1. Crisis credit, employment protection, indebtedness, and risk

abstract

This paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different incentives for firms. The low interest rate encourages riskier firms to demand government-backed credit, while banks tend to reject those credit applications. The credit demand outweighs this screening supply response, expanding micro-level indebtedness across the extensive and intensive margins among riskier firms. The uptake of the employment program is not associated with risk, as firms internalize the opportunity cost of reduced operations when sending workers home to qualify for assistance. The employment program mitigates the indebtedness expansion of the credit program by supporting firms and enabling banks to screen firms better. Macroeconomic risk of the credit program would increase by a third without the availability of the employment program.

Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;
2025
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: The PDF logo Link

2. Inelastic demand meets optimal supply of risky sovereign bonds

Moretti, Matías; Pandolfi, Lorenzo; Schmukler, Sergio L.; Villegas Bauer, Germán; Williams, Tomás;
2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: The PDF logo Link

3. Crisis credit, employment protection, indebtedness, and risk

Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;
2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: The PDF logo Link

4. The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk

abstract

We study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. Whereas policies can help firms in need of financing, they can lead to adverse selection from riskier firms and higher default risk. We analyze a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique transaction-level data of demand and supply of credit, matched with administrative tax data, for the universe of banks and firms. Credit demand channels loans toward riskier firms, distributing 4.6% of GDP and increasing firm leverage. Despite increased lending to riskier firms at the micro level, macroeconomic risks remain small. Several factors mitigate aggregate risk: the small weight of riskier firms, the exclusion of the riskiest firms, bank screening, contained expected defaults, and the government absorption of tail risk. We quantitatively confirm our empirical findings with a model of heterogeneous firms and endogenous default

Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;
2022
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

5. Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds

abstract

This paper presents evidence of inelastic demand in the market for risky sovereign bonds and examines its interplay with government policies. The methodology combines bond-level evidence with a structural model featuring endogenous bond issuances and default risk. Empirically, the paper exploits monthly changes in the composition of a major bond index to identify flow shocks that shift the available bond supply and are unrelated to country fundamentals. The paper finds that a 1 percentage point reduction in the available supply increases bond prices by 33 basis points. Although exogenous, these shocks might influence government policies and expected bond payoffs. The paper identifies a structural demand elasticity by feeding the estimated price reactions into a sovereign debt model that isolates endogenous government responses. These responses account for a third of the estimated price reactions. By penalizing additional borrowing, inelastic demand acts as a commitment device that reduces default risk

Moretti, Matías; Pandolfi, Lorenzo; Schmukler, Sergio L.; Villegas Bauer, Germán; Williams, Tomás;
2024
Availability: Link

6. Crisis Credit, Employment Protection, Indebtedness, and Risk

abstract

This paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different incentives for firms. The low interest rate encourages riskier firms to demand government-backed credit, while banks tend to reject those credit applications. The credit demand outweighs this screening supply response, expanding micro-level indebtedness across the extensive and intensive margins among riskier firms. The uptake of the employment program is not associated with risk, as firms internalize the opportunity cost of reduced operations when sending workers home to qualify for assistance. The employment program mitigates the indebtedness expansion of the credit program by supporting firms and enabling banks to screen firms better. Macroeconomic risk of the credit program would increase by a third without the availability of the employment program

Huneeus, Federico; Kaboski, Joseph P.; Larrain, Mauricio; Schmukler, Sergio L.; Vera, Mario;
2024
Availability: Link

7. The internationalization of China's equity markets

Cortina, Juan J.; Martínez Pería, María Soledad; Schmukler, Sergio L.; Xiao, Jasmine;
2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: The PDF logo Link

8. The expansion of corporate bond markets in East Asia and Latin America

Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L.;
2021
Type: Graue Literatur; Non-commercial literature;
Availability: The PDF logo

9. The Internationalization of China's Equity Markets

abstract

The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018

Cortina, Juan J.; Martínez Pería, María Soledad; Schmukler, Sergio L.; Xiao, Jasmine;
2023
Availability: Link Link

10. The Internationalization of China's Equity Markets

abstract

China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index

Cortina Lorente, Juan Jose; Schmukler, Sergio L.; Xiao, Jasmine; Martínez Pería, María Soledad;
2023
Availability: Link
Total Citations: 0
h Index: 0
i10: 0
Source: CitEc

The information on the author is retrieved from: Entity Facts (by DNB = German National Library data service), DBPedia and Wikidata

Gian Maria Milesi-Ferretti


Dr.

Alternative spellings:
Gian Maria Milesi-Ferretti
G. M. Milesi-Ferretti
G. Milesi-Ferretti
Gian Maria Milesi Ferretti

Profession

  • Economist
  • Affiliations

  • Hutchins Center on Fiscal & Monetary Policy
  • Internationaler Währungsfonds. Research Department
  • National Bureau of Economic Research
  • Centre for Economic Policy Research
  • Centre for Economic Performance
  • Harvard University
  • External links

  • Gemeinsame Normdatei (GND) im Katalog der Deutschen Nationalbibliothek
  • Open Researcher and Contributor ID (ORCID)
  • NACO Authority File
  • Virtual International Authority File (VIAF)
  • Wikidata
  • International Standard Name Identifier (ISNI)

  • REPEC logo RePEc

    Publishing years

    3
      2024
    2
      2023
    2
      2022
    9
      2021
    1
      2018
    2
      2017
    9
      2014
    14
      2013
    8
      2012
    16
      2011
    16
      2010
    6
      2009
    21
      2008
    11
      2007
    22
      2006
    11
      2005
    12
      2004
    7
      2003
    10
      2002
    12
      2001
    8
      2000
    3
      1999
    9
      1998
    13
      1997
    11
      1996
    16
      1995
    8
      1994
    7
      1993
    4
      1992
    2
      1991

    Series

    1. IMF working papers (35)
    2. IMF working paper (34)
    3. Discussion paper / Centre for Economic Policy Research (27)
    4. Working paper / National Bureau of Economic Research, Inc. (11)
    5. IMF country report (11)
    6. NBER Working Paper (8)
    7. Discussion paper / Centre for Economic Performance, London School of Economics and Political Science (8)
    8. IMF Working Paper (7)
    9. IIIS discussion paper series (5)
    10. Discussion papers / CEPR (4)
    11. Trinity economic papers (4)
    12. Occasional papers / International Monetary Fund (3)
    13. IIIS Discussion Paper (3)
    14. Working paper (2)
    15. Papers and proceedings of the ... annual congress of the European Economic Association (2)
    16. IMF Working Papers (2)
    17. Occasional paper / International Monetary Fund (2)
    18. Trinity economics papers : TEP (2)
    19. IMF staff country report (1)
    20. IMF Working Paper, Vol. , pp. 1-57, 1999 (1)
    21. IMF Working Paper, Vol. , pp. 1-45, 2001 (1)
    22. IMF Working Paper, Vol. , pp. 1-46, 2004 (1)
    23. IMF Working Paper, Vol. , pp. 1-26, 2004 (1)
    24. Discussion paper (1)
    25. NBER Working Paper Series (1)
    26. IMF Working Paper, Vol. , pp. 1-45, 2003 (1)
    27. IMF Working Paper, Vol. , pp. 1-47, 1997 (1)
    28. DNB staff reports (1)
    29. Princeton studies in international finance : publ. for International Finance Section (1)
    30. International finance discussion papers (1)
    31. IMF paper on policy analysis and assessment (1)
    32. IMF Working Paper, Vol. , pp. 1-26, 2000 (1)
    33. IMF Working Paper, Vol. , pp. 1-31, 2006 (1)
    34. IMF Working Paper, Vol. , pp. 1-44, 1998 (1)
    35. IMF Working Papers, Vol. , pp. 1-32, 2010 (1)
    36. Hong Kong Institute for Monetary Research Working Paper (1)
    37. HKIMR working paper (1)
    38. IMF staff discussion note (1)
    39. IMF Working Papers, Vol. , pp. 1-39, 2010 (1)
    40. IMF Working Papers, Vol. , pp. 1-54, 2010 (1)
    41. IMF Working Papers, Vol. , pp. 1-38, 2000 (1)
    42. IMF Working Paper, Vol. , pp. 1-33, 2000 (1)
    43. Working paper / Graduate Institute of International and Development Studies (1)
    44. IMF staff position note (1)
    45. IMF Working Paper, Vol. , pp. 1-17, 1997 (1)
    46. IMF Working Papers, Vol. , pp. 1-29, 2008 (1)
    47. IMF Working Papers, Vol. , pp. 1-50, 2006 (1)
    48. IMF Staff Position Notes (1)
    49. IMF Working Papers, Vol. , pp. 1-35, 2008 (1)
    50. IMF Working Papers, Vol. , pp. 1-25, 2008 (1)
    51. IMF Working Papers, Vol. , pp. 1-59, 2007 (1)
    52. IMF Working Paper, Vol. , pp. 1-44, 2005 (1)
    53. IMF Working Paper, Vol. , pp. 1-49, 2001 (1)
    54. IMF Working Papers, Vol. , pp. 1-38, 2011 (1)
    55. IMF Working Paper, Vol. , pp. 1-35, 2002 (1)