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Financial Integration and Regulation: Essays in Macroeconomics

  • This thesis consists of three chapters investigating the interactions between the financial and real sector. It provides new evidence on (i) the correlation between portfolio investment integration and business cycle synchronization, (ii) financial regulation and how it is driven by the business cycle, and (iii) electoral incentives influencing financial regulators. Chapter 1 analyses the correlation between cross-border portfolio investment integration and business cycle synchronization. Using data on 29 advanced economies’ cross-border financial asset holdings, it shows that portfolio investment integration correlates positively with business cycle synchronization when faced with idiosyncratic shocks. However, it correlates negatively when faced with common or global shocks. Chapter 2, coauthored with Gonçalo Pina, employs a text-mining approach to build a new dataset on regulatory actions against the US financial advisor industry. Employing a Bartik shift-share instrument, it provides causal evidence that regulatory actions are driven by the business cycle. Chapter 3, coauthored with Gonçalo Pina, discusses the political economy of regulatory actions against the US financial advisor industry. It shows that regulators consistently delay punishment against firms prior to gubernatorial elections.

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Metadaten
Document Type:Doctoral Thesis
Language:English
Author(s):Paul Berenberg-Gossler
Advisor:Mark Hallerberg, Aurélien Eyquem
Referee:Mark HallerbergORCiD
Hertie Collections (Serial Number):Dissertations submitted to the Hertie School (02/2021)
Publication year:2021
Publishing Institution:Hertie School
Granting Institution:Hertie School
Thesis date:2021/01/18
Number pages:131
Release Date:2021/01/22
Notes:
Shelf mark: 2021D002 + 2021D002+1
Hertie School Research:Jacques Delors Centre
Publications PhD Researchers
Licence of document (German):Creative Commons - CC BY - 4.0 International
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