Frank Packer
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View article: Ratings performance, regulation and the Great Depression: lessons from foreign government securities
Ratings performance, regulation and the Great Depression: lessons from foreign government securities Open
During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. We study the process through which they received this regulatory license. The proximate cause for this changeover was the econom…
View article: Competitive Effects of IPOS: Evidence from Chinese Listing Suspensions
Competitive Effects of IPOS: Evidence from Chinese Listing Suspensions Open
Theory suggests that initial public offerings (IPOs) can adversely impact listed firms, both directly by increasing intra-industry competition, and indirectly by completing related asset market spaces. However, the endogeneity of individua…
View article: The Impact of Regime Change on the Influence of the Central Bank’s Inflation Forecasts: Evidence From Japan’s Shift to Inflation Targeting
The Impact of Regime Change on the Influence of the Central Bank’s Inflation Forecasts: Evidence From Japan’s Shift to Inflation Targeting Open
Many central banks release inflation forecasts to reduce uncertainty; at the same time, an increasing number rely on a publicly stated medium-term inflation target to help anchor expectations. We examine how the adoption of an inflation ta…
View article: Green bonds and carbon emissions: exploring the case for a rating system at the firm level
Green bonds and carbon emissions: exploring the case for a rating system at the firm level Open
Green bonds are debt instruments whose proceeds finance projects with various environmental benefits - including climate change mitigation. So far, however, green bond projects have not necessarily translated into comparatively low or fall…
View article: The design of digital financial infrastructure: lessons from India
The design of digital financial infrastructure: lessons from India Open
Digital finance has the potential to transform emerging market and advanced economies alike. India's approach rests on the principle of providing digital financial infrastructure as a public good. It offers an important case study where th…
View article: Global Liquidity and Corporate Financing in Emerging Asia
Global Liquidity and Corporate Financing in Emerging Asia Open
When corporate debt is measured relative to assets, there is little evidence of an increase in leverage. Corporate leverage in Asia is generally stable. This contrasts sharply with what Vidhan K. Goyal, Chair Professor of Finance at HKUST …
View article: Does sovereign risk in local and foreign currency differ
Does sovereign risk in local and foreign currency differ Open
Sovereign debt in local currency has been considered safer than in foreign currency. The literature offers scant guidance as to why such a gap existed, or why it has slowly and steadily diminished over the past two decades. We suggest and …
View article: Green bond finance and certification
Green bond finance and certification Open
Financing of investments through green bonds has grown rapidly in recent years. But definitions of what makes a bond “green” vary. Various certification mechanisms have evolved to allow more granularity as well as continuity in assessment.…
View article: Credit ratings of domestic and global agencies: What drives the differences in China and how are they priced?
Credit ratings of domestic and global agencies: What drives the differences in China and how are they priced? Open
The market for the credit ratings of Chinese firms is large and growing. We focus our analysis on the firms that have ratings from both domestic and global agencies. Despite the similar symbols, the rating scales of the domestic and global…
View article: Foreword to: Expanding the Boundaries of Monetary Policy in Asia and the Pacific
Foreword to: Expanding the Boundaries of Monetary Policy in Asia and the Pacific Open
Bank Indonesia and the Bank for International Settlements (BIS) co-hosted a research conference on “Expanding the boundaries of monetary policy in Asia and the Pacific” on 20–21 August 2015 in Jakarta. The event was the wrap-up conference …
View article: The effects of a central bank's inflation forecasts on private sector forecasts: Recent evidence from Japan
The effects of a central bank's inflation forecasts on private sector forecasts: Recent evidence from Japan Open
How central banks can best communicate to the market is an increasingly important topic in the central banking literature. With ever greater frequency, central banks communicate to the market through the forecasts of prices and output with…