Galina B. Hale

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Bank, respectively. We are grateful for Tamim Bayoumi, Filippo Cesarano, Henri Delanghe, Caroline Fohlin, Per Hanson, Lars Jonung, Jan Tore Klovland, Rolf Luders, Jaime Reis, Georg Rich, Ranil Selgado, Alan Taylor, Gail Triner, and Penti Varti for help with data. For able assistance we thank Carlos Arteta, Sonal Dhingra, Galina Hale, Elena Goldman, Chris(More)
We use micro–level data to analyze emerging markets’ private sector access to international debt markets during sovereign debt crises. Using fixed effect analysis, we find that these crises are systematically accompanied by a decline in foreign credit domestic private firms, both during debt renegotiations and for over two years after the restructuring(More)
The market dynamics of technology stocks in the late 1990s have stimulated a growing body of theory that analyzes the joint effects of short-sales constraints and heterogeneous beliefs on stock prices and trading volume. This paper examines several implications of these theories using a unique data sample from a market with stringent short-sales constraints(More)
Modern corporate finance theory argues that although bank monitoring is beneficial to borrowers, it also allows banks banks to use the private information they gain through monitoring to “hold-up” borrowers for higher interest rates. In this paper, we seek empirical evidence for this information hold-up cost. Since new information about a firm’s(More)
The importance of information asymmetries in the capital markets is commonly accepted as one of the main reasons for home bias in investment. We posit that effects of such asymmetries may be reduced through relationships between banks established through bank-to-bank lending and provide evidence to support this claim. We construct a global banking network(More)
This paper investigates whether it is costly for non–financial firms to enter the public bond market, and whether firms benefit from their bond IPOs. We find that both gross spreads and ex-ante credit spreads are higher for IPO bonds, suggesting that firms pay higher underwriting costs on their first public bond. We also find that underpricing in the(More)
The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Beyond Kuznets: Persistent Regional Inequality in China Christopher Candelaria Stanford University Mary Daly Federal Reserve Bank of(More)
We join the new trade theory with a model of choice between bank and bond financing to show the differential effects of financial policy on the distribution of firm size, welfare, aggregate output, gains from trade, and the real exchange rate in a small open economy. Increasing bank efficiency and reducing bond transaction costs both increase welfare but(More)
Despite the recent rapid development and greater openness of China’s economy, FDI flows between China and technologically advanced countries are relatively small in both directions. We assess global capital flows in light of China’s quid pro quo policy of exchanging market access for transfers of technology capital—accumulated know-how such as research and(More)
Rapid growth of Islamic banking in developing countries is accompanied with claims about its relative resilience to financial crises as compared to conventional banking. However, little empirical evidence is available to support such claims. Using data from Pakistan, where Islamic and conventional banks co-exist, we compare these banks during a financial(More)