Research | Clausen Center

Research

The Clausen Center has a regular cycle of grants to promote research exhibiting great promise of appearing in top disciplinary journals, shaping scholarship, informing policy debates, and attracting outside funding. Below are descriptions of projects that have been granted support from the Clausen Center in the past two years. 

 

 

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Indian Demonetization & Real Efftects

by Mauricio Ulate, Rupal Kamdar and Walker Ray

On November 8, 2016, India stopped accepting all 500 and 1,000 rupee (approximately 7 and 15 dollars) notes, its two largest bills, as legal tender. This removed about 86% of cash in circulation. New 500 and 2,000 rupee notes were eventually issued,...

Topics
Capital flows, Development
Initiatives
Financial Globalization, International Trade and Development
International Monetary Policy Spillovers: A High Frequency Approach

by Chris Jauregui and Ganesh Viswanath Natraj

When the US sneezes, do other countries catch a cold? (Rey 2015) suggests that there is a global financial cycle in asset prices driven by US monetary policy as the center country, suggesting that small open economies with floating exchange rate regimes do...

Topics
Capital flows
Initiatives
Financial Globalization
Chinese Views of the International Monetary System and the SDR

by Barry Eichengreen

This project will attempt to reconstruct China’s international financial objectives by placing them in their historical context.  It will use the history of China’s interventions in the deliberations of the IMF executive board to trace the evolution of the country’s positions on the international financial architecture. ...

Topics
Capital flows
Initiatives
Financial Globalization
Inflation Expectations in a Globalized Economy

by Olivier Coibion (UT Austin) and Yuriy Gorodnichenko (UC Berkeley)

This proposal is for a new survey of firms’ expectations, both in the U.S. and internationally. This survey will accomplish two complementary objectives: i) data on firms’ expectations will enable new research into how firms form their expectations and how...

Topics
Capital flows
Initiatives
Financial Globalization
Do Antitakeover Laws Affect Technological Change? International Evidence

by Ross Levine

Does removing impediments to corporate takeovers spur, slow, or have no effect on technological innovation? This research will provide the first international evaluation of whether and how antitakeover laws affect innovation. The research will use data on changes in laws governing corporate takeovers over the period...

Topics
Capital flows
Initiatives
Financial Globalization
Managing Sudden Stops: Analytical Issues and Empirical Extensions

by Barry Eichengreen and Poonam Gupta

Sudden stops are when capital inflows dry up abruptly.  The banker’s aphorism – “it’s not speed that kills but the sudden stop” – has been popularly invoked since at least the Mexican crisis in 1994.  Awareness then rose with impetus from the Argentine...

Topics
Capital flows
Initiatives
Financial Globalization
Banking the Unbanked: A field experiment in Prize-linked Savings in Mexico

by Aisling Scott , Paul Gertler (Berkeley-Haas) and Enrique Seira (ITAM)

This study randomized a temporary incentive of prize-linked savings (PLS) across bank branches in Mexico. A total of 110 branches were involved in the experiment, with 40 branches assigned the PLS treatment and 70 control branches. We demonstrate...

Topics
Capital flows
Initiatives
Financial Globalization
Insider Trading Laws and Innovation

by Ross Levine (Berkeley-Haas), Chen Lin and Lai Wei (CUHK Business School at the Chinese University of Hong Kong)

Do legal restrictions on insider trading accelerate or slow technological innovation? Theory offers differing answers. Leland (1992) stresses that insider trading quickly reveals their information in public markets, improving stock...

Topics
Capital flows
Initiatives
Financial Globalization
Relationships in Over the Counter Markets

by Christine Parlour (Berkeley-Haas)

The size of over the counter (OTC) markets is enormous. As of April 30, 2015, the BIS estimated that the notional value outstanding of derivative contracts traded OTC to be 20,880 billion USD. Despite the importance of this market to practitioners, regulators and academics some...

Topics
Capital flows
Initiatives
Financial Globalization
Banking Globalization and Capital Flows

by Leslie Sheng Shen (UC Berkeley)

This project aims to provide a new perspective on international capital flows. The dramatic rise in banking globalization and bank capital flows over the past two decades has altered the landscape of intermediated finance in the international economy and entails profound implications for...

Topics
Capital flows
Initiatives
Financial Globalization