Andreas Steiner

TL;DR: In this paper, the effect of central banks' international reserve hoardings on the composition of equity capital inflows was studied, namely the ratio of portfolio equity investment to foreign direct investment (FDI).

TL;DR: This article studied how the maturity structure of external debt is affected by international reserves and how they reinforce financial stability through a more crisis-resilient maturity structure, and they showed in an illustrative theoretical model that reserves lengthened the maturity of the external debt via a flattening of the yield curve.

TL;DR: This paper proposed an adjusted measure called private financial openness, which quantifies private agents' willingness and ability to invest abroad and to incur foreign debt and showed statistically that their measure differs significantly from the standard one in developing countries and in emerging markets, in the latter group especially since the 2000s.

TL;DR: In this article, the authors introduce robust risk parity, a simple formula that allows the construction of portfolios with equal contributions to volatility for arbitrary large asset universes, and evaluate their empirical performance with two historical datasets, with equity ETFs and indices representing a multi-asset class universe.