2004 Lamfalussy Fellows
The 2004 Lamfalussy fellows are:
- Tomas Dvorak, Union College, Schenectady, New York.
Research project: European Union enlargement and equity markets in candidate countries.
Following the European Commission report outlining the timing and
countries involved in enlargement, stock prices in the ten eastern
European candidate countries went up on average by over 46%. The
project will investigate whether the rise in stock prices in the
accession countries was related to EU enlargement and in particular,
whether the rise in stock prices was a result of repricing of
systematic risk due to integration of local stock markets into the
world market.
Published in Emerging Markets Review (Volume 7, issue 2, June 2006, pp:
129-146) entitled "European Union enlargement and equity markets in
candidate countries."
- Mariassunta Giannetti, Stockholm School of Economics.
Research project:International banks: effects on firm growth and financial stability.
Using micro-level data on listed and unlisted companies and information
on foreign bank entry, the project will analyse whether local firms in
emerging markets really benefit - in terms of growth and investment
policies - from the entry of foreign banks, and whether young firms
with little collateral benefit as much as listed companies.
Forthcoming in Review of Finance "Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets."
- Miklos Koren, The Federal Reserve Bank of New York, International Research Function.
Research project: Financial integration and income volatility.
The purpose of this project is to empirically investigate the
relationship between financial integration and income volatility and to
provide a theoretical model explaining the findings. The envisaged key
mechanism is that financial integration helps countries adopt less
risky technologies, which results in long-term income stability.
- Michael Kollo, London School of Economics.
Research project The pricing of underwriting services by European, U.S. and Japanese underwriters in the Eurobond market.
Underwriter fees are an important part of the cost of capital for firms
and therefore may act as a barrier to entry into the Eurobond market.
The project will test the relative importance of different determinants
of underwriter fees, as identified earlier in the U.S. bond market,
across the different European and other nationalities of underwriters
in the Eurobond market and will also provide a currency breakdown.
- Philip Lane Trinity College, Dublin.
Research project: Global Bond Portfolios and EMU.
The project is based on the observation that the pattern of foreign
ownership is not totally globalised, in the sense that the nationality
of investors still matters. This heterogeneity in the investor base has
consequences for the stability of the international demand for the
assets issued by a given region as well as for the transmission of
financial shocks and the exchange rate regime choices. The project will
investigate these issue by analysing the bilateral patterns in global
bond holdings with a particular emphasis on the impact of EMU.
Research paper published as: "Global Bond Portfolios and EMU", International Journal of Central Banking 2(2), June 2006, pp.1-24.
