Despite headlines dominated by threats and implementations of US and retaliatory tariffs since President Trump’s inauguration, it was not until his “Liberation Day” announcement on 2 April that equity prices fell significantly. This column asks why equity prices reacted so slowly to the elevated trade policy uncertainty that followed immediately after Trump’s election. Historical evidence […]
Foreign stock exchange listings have become increasingly popular during the last 80 years. This column examines companies that were governed and listed in London during 1869-1929 but operated in Latin America and asks how this separation affected the firm value. The findings suggest that the location of governance for the firm has a more material […]
Safe assets are the building blocks of modern financial markets. This column examines the sectoral dynamics of safe assets across advanced economies since the 1980s. It shows that foreign demand for these assets has steadily increased, with the financial sector playing a key role in meeting it. However, because financial institutions often back the safe […]
