Galina Hale

Federal Reserve Bank of San Francisco

Research Advisor

101 Market Street

San Francisco, CA 94105

United States

http://www.frbsf.org/economic-research/economists/galina-hale/

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SCHOLARLY PAPERS

30

DOWNLOADS
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4,527

CITATIONS
Rank 3,947

SSRN RANKINGS

Top 3,947

in Total Papers Citations

137

Scholarly Papers (30)

Bonds or Loans? The Effect of Macroeconomic Fundamentals

Yale ICF Working Paper No. 03-02; Cowles Foundation Discussion Paper No. 1403
Number of pages: 54 Posted: 15 Apr 2003
Galina Hale
Federal Reserve Bank of San Francisco
Downloads 734 (26,248)
Citation 11

Abstract:

Emerging Markets, Foreign Debt, Debt Composition, Country Risk

Bonds or Loans? The Effect of Macroeconomic Fundamentals

Economic Journal, Vol. 117, No. 516, pp. 196-215, January 2007
Number of pages: 20 Posted: 19 Jan 2007
Galina Hale
Federal Reserve Bank of San Francisco
Downloads 11 (508,598)
Citation 11

Abstract:

The Decision to First Enter the Public Bond Market: The Role of Firm Reputation, Funding Choices, & Bank Relationships

Yale ICF Working Paper No. 04-47
Number of pages: 47 Posted: 06 Dec 2004
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 707 (27,694)
Citation 11

Abstract:

bond financing, reputation, bank relationships, duration analysis

The Decision to First Enter the Public Bond Market: The Role of Firm Reputation, Funding Choices, & Bank Relationships

Journal of Banking and Finance, Forthcoming
Posted: 23 Jan 2008
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York

Abstract:

bond financing, reputation, bank relationships, duration analysis

3.

Is There Evidence of FDI Spillover on Chinese Firms' Productivity and Innovation?

Yale University Economic Growth Center Discussion Paper No. 934
Number of pages: 37 Posted: 20 Apr 2006
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 606 (31,998)
Citation 4

Abstract:

FDI spillovers, institutions, SOE, privatization, China

4.
Downloads 397 ( 59,306)
Citation 29

Do Banks Price Their Informational Monopoly?

EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 48 Posted: 25 Mar 2008 Last Revised: 29 Mar 2008
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 397 (58,721)
Citation 29

Abstract:

Informational rents, loan spreads, bond IPOs, bond spreads, bank relationships

Do Banks Price Their Informational Monopoly?

Journal of Financial Economics (JFE), Vol. 93, 2009
Posted: 26 Sep 2009
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York

Abstract:

informational rents, loan spreads, Bond IPOs, bond spreads, bank relationships

5.

Courage to Capital? A Model of the Effects of Rating Agencies on Sovereign Debt Roll-over

Cowles Foundation Discussion Paper No. 1506
Number of pages: 25 Posted: 21 Apr 2005
Mark A. Carlson and Galina Hale
Board of Governors of the Federal Reserve System and Federal Reserve Bank of San Francisco
Downloads 288 (80,079)
Citation 2

Abstract:

credit rating, rating agency, sovereign debt, global game

6.

FDI Spillovers and Firm Ownership in China: Labor Markets and Backward Linkages

Pacific Basin Working Paper No. 2006, Federal Reserve Bank of San Francisco Working Paper No. 2006-25
Number of pages: 38 Posted: 20 Oct 2006
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 284 (74,935)
Citation 2

Abstract:

FDI spillovers, institutions, SOE, privatization, China

Are There Productivity Spillovers from Foreign Direct Investment in China?

FRB of San Francisco Working Paper No. 2006-13
Number of pages: 34 Posted: 26 Jul 2007
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 203 (122,759)
Citation 13

Abstract:

FDI, spillovers, forward-backward linkages, China

Are There Productivity Spillovers from Foreign Direct Investment in China?

Pacific Economic Review, Vol. 16, Issue 2, pp. 135-153, 2011
Number of pages: 19 Posted: 04 May 2011
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 3 (550,658)
Citation 13

Abstract:

8.

What are the Sources of Financing of the Chinese Firms?

HKIMR Working Paper No.19/2010
Number of pages: 33 Posted: 20 Sep 2010
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 193 (102,978)
Citation 2

Abstract:

9.

Do Banks Propagate Debt Market Shocks?

Number of pages: 45 Posted: 13 Oct 2009 Last Revised: 25 Mar 2010
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 124 (173,996)
Citation 2

Abstract:

Bank subdebt, bond spreads, lending channel, loan spreads

10.

Currency Crises and Foreign Credit in Emerging Markets: Credit Crunch or Demand Effect?

Number of pages: 34 Posted: 22 Jan 2007
Galina Hale and Carlos Oscar Arteta
Federal Reserve Bank of San Francisco and Board of Governors of the Federal Reserve - Division of International Finance (IFDP)
Downloads 122 (189,405)
Citation 4

Abstract:

currency crises, credit rationing, balance--sheet effects, credit constraints, original sin

11.

Credit Crunch, Creditor Protection, and Asset Prices

HKIMR Working Paper No. 16/2008
Number of pages: 42 Posted: 07 Jan 2009
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 90 (232,883)

Abstract:

12.

Sovereign Debt Crises and Credit to the Private Sector

FRB International Finance Discussion Paper No. 878, Federal Reserve Bank of San Francisco Working Paper Series 2006-21
Number of pages: 41 Posted: 03 Aug 2006
Carlos Oscar Arteta and Galina Hale
Board of Governors of the Federal Reserve - Division of International Finance (IFDP) and Federal Reserve Bank of San Francisco
Downloads 85 (236,233)
Citation 32

Abstract:

sovereign debt, default, credit rationing, credit constraints

13.

Where to Find Positive Productivity Spillovers from FDI in China: Disaggregated Analysis

HKIMR Working Paper No.14/2010
Number of pages: 30 Posted: 30 Jun 2010
Galina Hale and Cheryl X. Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 67 (259,993)

Abstract:

FDI, Spillovers, Forward-Backward Linkages, China

14.

Who Drove the Boom in Euro-Denominated Bond Issues?

Number of pages: 45 Posted: 02 Apr 2009
Galina Hale and Mark M. Spiegel
Federal Reserve Bank of San Francisco and Federal Reserve Bank of San Francisco - Economic Research Department
Downloads 55 (288,249)
Citation 7

Abstract:

bond markets, monetary union, currency risk, original sin, liquidity

15.
Downloads 44 (343,010)
Citation 7

Institutional Weakness and Stock Price Volatility

NBER Working Paper No. w12127
Number of pages: 28 Posted: 15 May 2006
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 35 (381,915)
Citation 7

Abstract:

Institutional Weakness and Stock Price Volatility

CEPR Discussion Paper No. 5651
Number of pages: 36 Posted: 27 Jul 2006
Assaf Razin, Galina Hale and Hui Tong
Tel Aviv University - Eitan Berglas School of Economics, Federal Reserve Bank of San Francisco and International Monetary Fund (IMF)
Downloads 9 (519,582)
Citation 7

Abstract:

Credit guarantees, credit constraints, credit growth volatility, stock price volatility

16.

Financial Crises and the Composition of Cross-Border Lending

IMF Working Paper No. 14/185
Number of pages: 60 Posted: 02 Jun 2015
Eugenio Cerutti, Galina Hale and Camelia Minoiu
Johns Hopkins University, Federal Reserve Bank of San Francisco and International Monetary Fund (IMF)
Downloads 32 (346,181)

Abstract:

Financial crises, Cross-border banking, Loans, Regression analysis, syndicated loans, global financial crisis, BIS international banking statistics, Dealogic Loan Analytics, bank assets, bank capital, banking system, return on assets, banking systems, banking sector, banking crises

17.

The Impact of Creditor Protection on Stock Prices in the Presence of Liquidity Crises: Theory and Cross-Country Evidence

CESifo Working Paper Series No. 3765
Number of pages: 32 Posted: 04 Apr 2012
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 29 (366,364)

Abstract:

liquidity crisis, creditor protection, stock volatility, credit crunch

The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches

CESifo Working Paper Series, No. 3440
Number of pages: 29 Posted: 19 May 2011
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 22 (445,032)
Citation 1

Abstract:

liquidity crisis, creditor protection, stock volatility, credit crunch

The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches

CEPR Discussion Paper No. DP7357
Number of pages: 30 Posted: 26 Aug 2009
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 3 (550,658)
Citation 1

Abstract:

credit crunch, Tobin Q

Credit Constraints and Stock Price Volatility

NBER Working Paper No. w13089
Number of pages: 31 Posted: 27 Jun 2007
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 23 (439,343)

Abstract:

Credit Constraints and Stock Price Volatility

CEPR Discussion Paper No. DP6310
Number of pages: 33 Posted: 28 May 2008
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 1 (568,590)

Abstract:

Binding credit constraints, liquidity crises, Tobin-q investment model

20.

Bank Linkages and International Trade

IDB Working Paper No. IDB-WP-445
Number of pages: 42 Posted: 15 Dec 2013
Federal Reserve Bank of San Francisco, Stanford University, Inter-American Development Bank (IDB) - Research Department and YP Holdings LLC
Downloads 23 (336,701)

Abstract:

21.

Bank Relationships, Business Cycles, and Financial Crises

NBER Working Paper No. w17356
Number of pages: 47 Posted: 29 Aug 2011
Galina Hale
Federal Reserve Bank of San Francisco
Downloads 17 (431,109)
Citation 6

Abstract:

The Euro and the Geography of International Debt Flows

NBER Working Paper No. w20033
Number of pages: 46 Posted: 14 Apr 2014
Galina Hale and Maurice Obstfeld
Federal Reserve Bank of San Francisco and University of California, Berkeley - Department of Economics
Downloads 11 (508,598)
Citation 1

Abstract:

The Euro and the Geography of International Debt Flows

CEPR Discussion Paper No. DP9937
Number of pages: 43 Posted: 02 Jun 2014
Galina Hale and Maurice Obstfeld
Federal Reserve Bank of San Francisco and University of California, Berkeley - Department of Economics
Downloads 1 (568,590)
Citation 1

Abstract:

EMU, euro crisis, global imbalances, international banking, international debt

23.

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches

NBER Working Paper No. w15141
Number of pages: 28 Posted: 21 Jul 2009
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 8 (497,868)
Citation 1

Abstract:

24.

Creditor Protection, Contagion, and Stock Market Price Volatility

CEPR Discussion Paper No. DP6658
Number of pages: 39 Posted: 05 Jun 2008
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 4 (520,489)

Abstract:

Credit crunch, Probit estimation, Tobin-q

25.

Foreign Direct Investment and the Incentives to Innovate and Imitate

Scandinavian Journal of Economics, Vol. 111, Issue 4, pp. 835-861, December 2009
Number of pages: 27 Posted: 15 Dec 2009
Irene Brambilla, Galina Hale and Cheryl X. Long
Universidad Nacional de La Plata, Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 3 (525,161)
Citation 2

Abstract:

26.

Creditor Protection and Stock Price Volatility

CEPR Discussion Paper No. DP6540
Number of pages: 37 Posted: 05 Jun 2008
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 2 (531,584)

Abstract:

collateral, Credit constrained regimes, probability of liquidity crisis

27.

Crisis Transmission in the Global Banking Network

IMF Working Paper No. 16/91
Number of pages: 39 Posted: 09 Dec 2016
Galina Hale, Tümer Kapan and Camelia Minoiu
Federal Reserve Bank of San Francisco, Federal National Mortgage Association (Fannie Mae) and International Monetary Fund (IMF)
Downloads 0 (359,345)

Abstract:

International banking, External shocks, Financial crises, Banks, Profits, Loans, Financial sector, shock transmission, long-term interbank exposures, systemic banking crises, financial networks, syndicated loans

28.

Shock Transmission through Cross-Border Bank Lending: Credit and Real Effects

Number of pages: 48 Posted: 16 Mar 2016 Last Revised: 16 Jun 2017
Galina Hale, Tumer Kapan and Camelia Minoiu
Federal Reserve Bank of San Francisco, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 0 (295,412)

Abstract:

cross-border interbank exposures, banking crises, shock transmission, bank loans, real economy

29.

Persistence of Regional Wage Differences in China

Pacific Economic Review, Vol. 20, Issue 3, pp. 365-387, 2015
Number of pages: 23 Posted: 20 Aug 2015
Stanford University, Federal Reserve Bank of San Francisco and Federal Reserve Bank of San Francisco
Downloads 0 (553,825)

Abstract:

30.

Stock Prices in the Presence of Liquidity Crises: The Effect of Creditor Protection

Economica, Vol. 81, Issue 322, pp. 329-347, 2014
Number of pages: 19 Posted: 13 Mar 2014
Galina Hale, Assaf Razin and Hui Tong
Federal Reserve Bank of San Francisco, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 0 (553,825)

Abstract: