Overview
The Institute of Global Finance (IGF), a world class research centre, stands at the forefront of policy research, aimed at innovation, problem solving and achieving tangible outcomes related to four key themes: global financial stability, interconnectedness, global prosperity including national and global financial security, and global governance. The IGF undertakes close and ongoing collaborative work with the World Bank, the ADB, the BIS, the RBA,听BlackRock, the ASX, KPMG, PwC, other international organisations, and many eminent researchers and practitioners to ensure cohesion between research and tangible outcomes, including joint policy research, publications and engagements.
Since 2010, the IGF has worked collaboratively with the NYU Volatility and Risk Institute measuring systemic risk and financial stability. It generates weekly financial indicators including early warning signs about the health of large and small banks, and of the global financial system. The IGF website reports these complex, insightful weekly indicators, used by banks, central banks, financial markets and researchers around the world. These indicators also act as barometers to minimise or mitigate potential global financial crises.
The IGF has worked closely with the Asian Development Bank since 2010, producing joint policy publications and tangible outcomes on climate finance, the role of AI for regional and global financial stability, central bank digital currencies, cryptocurrencies, and how to increase the flow of financial resources and improve financial architecture to achieve the UN鈥檚 SDGs by 2030.
Vision
The IGF provides insight, analysis, knowledge, and policy research on key interdependent global challenges and opportunities: global financial stability, interconnectedness and systemic risk, global social and economic prosperity, and global governance. 听
Some of the IGF鈥檚 four core research themes focus on the following policy issues:听
- To strengthen the IGF鈥檚 ongoing collaborative research with NYU in producing weekly live financial indicators that act as barometers for managing financial risks and/or potential financial crises. Policy makers, major banks, and financial market participants continue to utilise the current relevant information available on the IGF website. 听
- Expand ongoing efforts to improve the measurement of climate risk and its implications for financial stability and banks鈥 balance sheets, in collaboration with NYU, and make relevant data and analysis available on the IGF website for public use, including policymakers and financial market stakeholders.
- Contribute to policies and practical solutions that mobilise resources and talent to strengthen processes that increase global prosperity, including areas like climate change and finance.听
- Contribute to developing policies and practical solutions that enhance individual and global financial security, with the goal of promoting inclusive global social and economic prosperity.
- To develop a financial architecture for developing countries, including those in the Pacific region, to help achieve the UN SDGs by 2030.
- To promote more research on the importance of effective global governance and an inclusive multilateral system that can foster greater cooperation, leading to increased financial and economic resilience and broader social and economic prosperity.
- To produce high-quality policy research that benefits the finance industry, policymakers, and stakeholders based on the four core IGF objectives mentioned above.
- To organise world-class policy and business events that raise public awareness about emerging opportunities for more effective global governance and the promotion of inclusive multilateralism, accelerate the process of global social and economic prosperity, and ensure greater national and international financial resilience stability.
Organisational structure and governance
The听IGF and its Research Teams and Associates are supported by the听听made up of industry experts and policy makers. In addition, the听IGF听is supported by an听, and a听.
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Interconnectedness and Systemic Risk
Arner, D., Buckley, R., Zetzsche, D., & Didenko, A. (2024). Monetary Hegemony: Technological Evolution and the International Monetary System.听Boston University International Law Journal,听42(2), 213-262.
Buckley, R. P., Arner, D., Zetzsche, D. A., & van Romburg, L. (2024). Building FinTech and Innovation Ecosystems.听Journal of Financial Transformation, 50-55.
Buckley, R. (2024). Implications for the Dollar of Central Bank Digital Currencies.听Law and Contemporary Problems.
Global Financial Stability
Man, X., & Tang, Q. (2024). Tail risk driven by investment losses and exogenous shocks.听Astin Bulletin,听54(3), 712-737.
Claessens, S., Cong, L. W., Moshirian, F., & Park, C. Y. (2024). Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency.听Journal of Financial Stability,听73.
Jevglevskaja, N., & Buckley, R. P. (2024). Australia Data Portability Developments.听European Data Protection Law Review,听10(1), 74-82.
Global Governance
Humphery-Jenner, M. (2024). Legislating Against Misinformation: Lessons from Australia's Misinformation Bill.听Statute Law Review,听45(2).
Arner, D. W., Zetzsche, D. A., Buckley, R. P., & Kirkwood, J. M. (2024). The financialisation of Crypto: Designing an international regulatory consensus.听Computer Law and Security Review,听53.
Humphery-Jenner, M., Liu, Y., Nanda, V., Silveri, S., & Sun, M. (2024). Of fogs and bogs: Does litigation risk make financial reports less readable?.听Journal of Banking and Finance,听163.
Masulis, R. W., Shen, S., & Zou, H. (n.d.), (2024), Director Liability Protection and the Quality of Independent Directors.听Management Science.
Balogh, A., Wright, D., & Zein, J. (n.d.). (2024), Does Stakeholder Outrage Determine Executive Pay?.听Review of Corporate Finance Studies.
Global Prosperity
Viral Acharya, Rob Engle, Maximilian Jager and Sascha Steffen Why Did Bank Stocks Crash During COVID-19?" 听Review of Financial Studies,听Volume 37, Issue 9, September 2024, Pages 2627-2684, 2024
Viral Acharya, Richard Berner, Robert Engle, Hyeyoon Jung, Johannes Stroebel, Xuran Zeng and Yihao Zhao "Climate Stress Testing", 听Annual Review of Financial Economics, Vol. 15: 291-326, 2024
Viral Acharya, Timothy Johnson, Suresh Sundaresan and Steven Zheng,听 (2024), "Vaccine Progress, Stock Prices, and the Value of Ending the Pandemic", Management Science, Vol, 71, June.
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Selected Research work and Refereed Publications of IGF鈥檚 Senior Research Fellows and Associate Researchers with a focus on:
Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance 听and Climate Change and Climate Finance
Interconnectedness
Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023), Blockchain and its Applications: A
Conceptual Legal Primer, Journal of International Economic Law.
Buckley, R. P., & Trzecinski, M. (2023). Central Bank Digital Currencies and the global financial system: The dollar dethroned?. Capital Markets Law Journal, 18(2), 137-171. doi:10.1093/cmlj/kmad007
Buckley, R. P., Didenko, A. N., & Trzecinski, M. (2023). Blockchain and its Applications: A Conceptual Legal Primer. Journal of International Economic Law, 26(2), 363-383. doi:10.1093/jiel/jgad010
Woxholth, J., Zetzsche, D. A., Buckley, R. P., & Arner, D. W. (2023). Competing claims to crypto-assets. Uniform Law Review, 28(2), 226-246.
Global Financial Stability
Le, A. T., Le, T. H., Liu, W. M., & Fong, K. Y. (2023). Dynamic limit order placement activities and their effects on stock market quality. Annals of Operations Research, 330(1-2), 155-175. doi:10.1007/s10479-021-04282-y
Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johanneson, M., Kirchler, M.,听 Bao, L. (2023). Non-Standard Errors. The Journal of Finance, Forthcoming.
Sojli, E., Tham, W. W., Schraeder, S., & Subrahmanyam, A. (2023). Equity Trading Activity and Treasury Bond Risk Premia. Journal of Financial and Quantitative Analysis, 58(2), 677. doi:10.1017/S0022109022000497
Tang, Q., & Yang, Y. (2023). Worst-case moments under partial ambiguity. ASTIN Bulletin, 53(2), 443-465. doi:10.1017/asb.2023.3
Global Prosperity
Abiona, O., Haywood, P., Yu, S., Hall, J., Fiebig, D. G., & van Gool, K. (2024). Physician responses to insurance benefit restrictions: The听case of ophthalmology. Health Economics (United Kingdom). doi:10.1002/hec.4799
Fi拧ar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., Sojli, E., & Tham, W. W. (2023). Reproducibility in Management Science. 听Management Science.
Guo, L., Kong, J., & Masulis, R. W. (n.d.). Do Employee Interests Affect Target Board Decisions About Acquisition Offers? Evidence from Changes in Unemployment Insurance. Management Science. doi:10.1287/mnsc.2022.01379
Li, H., Liu, H., Tang, Q., & Yuan, Z. (2023). Pricing extreme mortality risk in the wake of the COVID-19 pandemic. Insurance: Mathematics and Economics, 108, 84-106.
AI, Innovation and Global Financial Stability
Payzan-LeNestour, E., & Doran, J. (2024). Craving money? Evidence from the laboratory and the field. Science Advances, 10(2).
Payzan-LeNestour, E., Pradier, L., & Putni艈拧, T. J. (2023). Biased risk perceptions: Evidence from the laboratory and financial markets. Journal of Banking and Finance, 154.
Global Governance
Masulis, R. W., & Mobbs, S. (2023). Influential independent directors' reputation incentives: Impacts on CEO compensation contracts and financial reporting. Journal of Corporate Finance, 82. doi:10.1016/j.jcorpfin.2023.102449
Masulis, R. W., & Reza, S. W. (2023). Private benefits of corporate philanthropy and distortions to corporate financing and investment decisions. Corporate Governance: An International Review, 31(3), 464-490.
Masulis, R. W., Reza, S. W., & Guo, R. (2023). The sources of value creation in acquisitions of intangible assets. Journal of Banking and Finance, 154.
Masulis, R., Wang, C., Xie, F., & Zhang, S. (2023). Directors: Older and Wiser, or Too Old to Govern?. Journal of Financial and Quantitative Analysis.
Moshirian, F., Pham, P., Tian, S., & Wu, E. (2023). Foreign Ties that Bind: Cross-border Firm Expansions and Fund Portfolio Allocation around the World. Journal of Financial and Quantitative Analysis, 58,(No 4,), 1768-1807.
Climate Change and Climate Finance
Acharya, V. V., Berner, R., Engle, R. F., Jung, H., Stroebel, J., Zeng, X., and Zhao, Y. (2023). Climate Stress Testing, Annual Review of Financial Economics
Boyd, P. W., Bach, L., Holden, R., & Turney, C. (2023). Carbon offsets aren鈥檛 helping the planet 鈥 four ways to fix them. Nature, 620(7976), 947-949. doi:10.1038/d41586-023-02649-8
De Nard, G., Engle, R. F., & Kelly, B. T. (2023). Factor-Mimicking Portfolios for Climate Risk, Working Paper No 429, Department of Economics, University of Zurich.
Fariborz Moshirian and Cyn-Young Park, 2023, Climate Change and Climate Finance: Current Experience and Future Directions, A book published听 by the Asian Development Bank.
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The following research studies听 on 鈥淐limate Change, Climate Finance and Sustainability鈥 were presented at the 36th Australasian Finance and Banking Conference in 2023,
Do carbon emissions matter for corporate leverage adjustments?
- Tung Lam Dang, The University of Danang
- Viet Anh Dang, Alliance Manchester Business School
- Duc Trung Do, Bangor University
Human Capital Effects of Corporate Climate Exposure
- Tong Li, Xiamen University
Employment litigations and ESG transparency: The mediating role of firm industry and CSR engagement
- Thanh Nguyen, Japan Securities Research Institute
- Van Hoang, Montpellier Business School
- Linh Pham, Lake Forest College
Employee rights and investment cash flow sensitivity
- Lucy Zhao, University of Technology Sydney
- Thuy Duong To, University of New South Wales
- Eliza Wu, University of Sydney Business School
Who Benefits from Sustainability-Linked Loans?
- David Shin, University of Oklahoma
- Jarrad Harford, University of Washington
- Kai Du, Pennsylvania State University
A Toxic Inheritance: Municipal and Economic Consequences of PFAS Contamination Discovery
- Amit Kumar, Singapore Management University
- Daisy Huang, Southwestern University of Finance and Economics
Decoding Corporate Green Bonds: What Issuers Do With the Money and Their Real Impact
- Yufeng Mao, University of Washington
Social Capital and Insider Trading
- Xuan Mi, The University of Queensland
- Kelvin Tan, The University of Queensland
- Ronghong Huang, The University of Queensland
- Trinh Hue Le, The University of Queensland
CEO Career Concerns and ESG Controversies
- Ke Wang, Tilburg University
- Cong Xia, Central University of Finance and Economics
- Rachel Pownall, Maastricht University
- Xiaorui Tang, Hong Kong University of Science and Technology
Social Preference and a Venture Capitalist's Portfolio Strategy
- Jingyi Miao, Tsinghua University
- Jingshu Wen, University of Oxford
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Selected Research work and Refereed Publications of IGF鈥檚 Senior Research Fellows and Associate Researchers with a focus on:
Interconnectedness, Global Financial Stability ( including AI, Innovation and Global Finance, Global Prosperity, and Global Governance听 and Climate Change and Climate Finance
Interconnectedness听
Buckley, R. P., Jevglevskaja, N., & Farrell, S. (2022), Australia's Data-Sharing Regime: Six Lessons听for Europe, King's Law Journal, 33(1), pp. 61-91.
Didenko, A. N., & Buckley, R. P. (2022), Central bank digital currencies as a potential response to听some particularly Pacific problems, Asia Pacific Law Review, 30(1), pp. 44-69.
Jevglevskaja, N., & Buckley, R. P. (2022), The Consumer Data Right: How to Realise This World-Leading Reform, University of New South Wales Law Journal, 45(4), pp. 1589-1622.
Global Financial Stability听
Chang, X., Chen, Y., & Masulis, R. W. (2022), Bank Lines of Credit as a Source of Long-Term听Finance, Journal of Financial and Quantitative Analysis.
Didenko, A. N., & Buckley, R. P. (2022), Central bank digital currencies as a potential response to听some particularly Pacific problems, Asia Pacific Law Review, 30(1), pp. 44-69.
Fong, K., Hong, H., Kacperczyk, M., & Kubik, J. D. (2022), Do Security Analysts Discipline Credit听Rating Agencies?, The Review of Corporate Finance Studies, 11(4), pp. 815-848.
Go虂mez, F., Tang, Q., & Tong, Z. (2022), The gradient allocation principle based on the higher听moment risk measure, Journal of Banking and Finance, 143.
Phin, A., Prono, T., Reeves, J. J., & Saxena, K. (2022), Shifts in beta and the TARP announcement, Finance Research Let
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