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/

SCHOLARLY PAPERS

39

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5,182

SSRN CITATIONS
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Top 3,742

in Total Papers Citations

181

CROSSREF CITATIONS

187

Scholarly Papers (39)

1.

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 765 (41,288)
Citation 1

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Emerging Markets, Foreign Debt, Debt Composition, Country Risk

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 750 (41,800)
Citation 10

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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 32(9), 1928-1940, 2008.
Posted: 23 Jan 2008 Last Revised: 15 Jan 2021
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York

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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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 695 (46,976)

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FDI spillovers, institutions, SOE, privatization, China

4.
Downloads 442 ( 82,919)
Citation 36

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 442 (82,185)
Citation 36

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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

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

5.

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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 365 (103,439)
Citation 7

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FDI spillovers, institutions, SOE, privatization, China

6.

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

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 324 (118,069)
Citation 1

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credit rating, rating agency, sovereign debt, global game

7.

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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 282 (136,742)
Citation 5

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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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 216 (177,525)
Citation 6

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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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 3 (805,557)
Citation 9
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Shock Transmission through Cross-Border Bank Lending: Credit and Real Effects

Number of pages: 67 Posted: 16 Mar 2016 Last Revised: 07 Jun 2019
Galina Hale, Tumer Kapan and Camelia Minoiu
Federal Reserve Bank of San Francisco, International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 172 (218,299)
Citation 2

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

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

FEDS Working Paper No. 2019-052
Number of pages: 68 Posted: 25 Jul 2019 Last Revised: 21 Oct 2019
Galina Hale, Tumer Kapan and Camelia Minoiu
Federal Reserve Bank of San Francisco, International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 30 (591,315)
Citation 8

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

10.

Do Banks Propagate Debt Market Shocks?

Journal of Financial Economic Policy} 6(3), 270-310, 2014.
Number of pages: 45 Posted: 13 Oct 2009 Last Revised: 01 Mar 2021
Galina Hale and João A. C. Santos
Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 149 (245,966)
Citation 6

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Bank subdebt, bond spreads, lending channel, loan spreads

11.

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 132 (270,560)
Citation 7

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

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 110 (308,805)
Citation 46

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sovereign debt, default, credit rationing, credit constraints

13.

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 94 (342,504)

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14.

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, Vanderbilt University, Inter-American Development Bank (IDB) - Research Department and YP Holdings LLC
Downloads 90 (352,053)
Citation 7

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15.

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 Long
Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 85 (364,701)
Citation 2

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FDI, Spillovers, Forward-Backward Linkages, China

16.

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 74 (395,265)

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

17.

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 Board of Governors of the Federal Reserve System
Downloads 57 (452,099)

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

18.

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
International Monetary Fund (IMF), Federal Reserve Bank of San Francisco and Board of Governors of the Federal Reserve System
Downloads 56 (455,752)
Citation 9

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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

Institutional Weakness and Stock Price Volatility

NBER Working Paper No. w12127
Number of pages: 28 Posted: 15 May 2006 Last Revised: 22 Aug 2021
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 40 (534,704)

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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 (754,179)
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Credit guarantees, credit constraints, credit growth volatility, stock price volatility

20.

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 44 (505,107)

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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 29 (597,763)

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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 (805,557)
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credit crunch, Tobin Q

Credit Constraints and Stock Price Volatility

NBER Working Paper No. w13089
Number of pages: 31 Posted: 27 Jun 2007 Last Revised: 08 Oct 2021
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 30 (591,315)

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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 (829,408)
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Binding credit constraints, liquidity crises, Tobin-q investment model

23.

Bank Relationships, Business Cycles, and Financial Crises

NBER Working Paper No. w17356
Number of pages: 47 Posted: 29 Aug 2011 Last Revised: 05 Jun 2021
Galina Hale
Federal Reserve Bank of San Francisco
Downloads 29 (582,125)
Citation 10

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24.

U.S. Monetary Policy and Fluctuations of International Bank Lending

BIS Working Paper No. 730
Number of pages: 43 Posted: 22 Jun 2018
Stefan Avdjiev and Galina Hale
Bank for International Settlements (BIS) and Federal Reserve Bank of San Francisco
Downloads 27 (594,437)
Citation 5

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Monetary policy spillovers, Capital flows, Bank lending

25.
Downloads 21 (635,071)
Citation 30

The Euro and the Geography of International Debt Flows

NBER Working Paper No. w20033
Number of pages: 46 Posted: 14 Apr 2014 Last Revised: 27 Sep 2021
Galina Hale and Maurice Obstfeld
Federal Reserve Bank of San Francisco and University of California, Berkeley
Downloads 20 (663,187)

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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
Downloads 1 (829,408)
Citation 12
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EMU, euro crisis, global imbalances, international banking, international debt

26.

Stock Market Spillovers via the Global Production Network: Transmission of U.S. Monetary Policy

FRB of New York Staff Report No. 945
Number of pages: 51 Posted: 09 Nov 2020 Last Revised: 11 Nov 2020
Julian di Giovanni and Galina Hale
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 18 (656,508)
Citation 1

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global production network, asset prices, monetary policy shocks

27.

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 Last Revised: 06 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 13 (693,861)

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Stock Market Spillovers Via the Global Production Network: Transmission of U.S. Monetary Policy

NBER Working Paper No. w28827
Number of pages: 70 Posted: 24 May 2021 Last Revised: 08 Oct 2021
Julian di Giovanni and Galina Hale
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 7 (771,183)
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Stock Market Spillovers Via the Global Production Network: Transmission of U.S. Monetary Policy

CEPR Discussion Paper No. DP15404
Number of pages: 72 Posted: 03 Nov 2020 Last Revised: 22 Sep 2021
Julian di Giovanni and Galina Hale
Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
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asset prices, global production network, monetary policy shocks, Spillovers

29.

External Balance Sheets and the Covid-19 Crisis

NBER Working Paper No. w29277
Number of pages: 37 Posted: 20 Sep 2021 Last Revised: 25 Sep 2021
Galina Hale and Luciana Juvenal
Federal Reserve Bank of San Francisco and International Monetary Fund (IMF)
Downloads 5 (756,782)

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30.

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 (764,425)
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Credit crunch, Probit estimation, Tobin-q

31.

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 Long
Universidad Nacional de La Plata, Federal Reserve Bank of San Francisco and Colgate University - Economics Department
Downloads 3 (772,321)
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32.

Do Looks Matter for an Academic Career in Economics?

CEPR Discussion Paper No. DP15893
Number of pages: 50 Posted: 15 Mar 2021
Galina Hale, Tali Regev and Yona Rubinstein
Federal Reserve Bank of San Francisco, IDC and London School of Economics & Political Science (LSE) - Department of Management
Downloads 2 (781,666)
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33.

External Balance Sheets and the Covid-19 Crisis

CEPR Discussion Paper No. DP15170
Number of pages: 38 Posted: 12 Sep 2020 Last Revised: 15 Mar 2021
Galina Hale and Luciana Juvenal
Federal Reserve Bank of San Francisco and International Monetary Fund (IMF)
Downloads 2 (781,666)
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34.

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 (781,666)
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collateral, Credit constrained regimes, probability of liquidity crisis

35.

Corporate Yields and Sovereign Yields

CEPR Discussion Paper No. DP14344
Number of pages: 45 Posted: 29 Jan 2020
Julia Bevilaqua, Galina Hale and Eric Tallman
University of California, Santa Cruz, Federal Reserve Bank of San Francisco and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 1 (793,079)
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bond, crisis, debt

36.

The Euro Crisis in the Mirror of the EMS

CEPR Discussion Paper No. DP13522
Number of pages: 27 Posted: 19 Feb 2019
University of Cambridge, University of California, Berkeley, Federal Reserve Bank of San Francisco and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 1 (793,079)
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Backstop, Currency devaluation, financial crises, Sovereign and banking risk

37.

Corporate Yields: Effect of Credit Ratings and Sovereign Yields

CEPR Discussion Paper No. DP14345
Number of pages: 8 Posted: 29 Jan 2020
Julia Bevilaqua, Galina Hale and Eric Tallman
University of California, Santa Cruz, Federal Reserve Bank of San Francisco and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 0 (810,019)
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bond, Rating, Sovereign

38.

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
Vanderbilt University, Federal Reserve Bank of San Francisco and Federal Reserve Bank of San Francisco
Downloads 0 (810,019)
Citation 1
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39.

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 (810,019)
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