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Heblich, Stephan - 2015

We exploit employment data from 10,528 parishes across nineteenth century England and Wales and find that a one standard deviation increase in finance employment increases the annualized growth rate of secondary labour by 0.8 percentage points. An endogenous growth model with finance and...

Persistent link: https://www.econbiz.de/10013014356

Banking Crises

Grossman, Richard S. - 2016

Financial crises have been a common feature of the economic landscape for more than two centuries. The chapter defines banking crises, considers the type of costs that they impose, and outlines the most common causes of banking crises during the past 200 years. The remainder of the chapter...

Persistent link: https://www.econbiz.de/10012988973

Banking Panics and Liquidity in a Monetary Economy

Matsuoka, Tarishi - 2018

This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate uncertainty we show that banks sometimes exhaust their cash reserves and fail to satisfy their depositors' need of consumption smoothing. The banking panics can be eliminated by the...

Persistent link: https://www.econbiz.de/10012930807

The Nature of Financial and Real Business Cycles : The Great Moderation and Banking Sector Pro-Cyclicality

Égert, Balázs - 2012

This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...

Persistent link: https://www.econbiz.de/10013105148

The Political Economy of Financial Systems : Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans - 2014

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10013060987

Lender of Last Resort and Bank Closure Policy

Freixas, Xavier; Parigi, Bruno Maria - 2021

During the last decades a consensus has emerged that it is impossible to disentangle liquidity shocks from solvency shocks. As a consequence the classical lender of last resort rules, as defined by Thornton and Bagehot, based on lending to solvent illiquid institutions appear ill-suited to this...

Persistent link: https://www.econbiz.de/10013316536

Competition and Stability in Banking

Vives, Xavier - 2013

competition and stability in banking. There are two basic channels through which competition may increase instability: by … incentives to take risk and raise failure probabilities. The competition-stability trade-off is characterized and the … implications of the analysis for regulation and competition policy are derived. It is found that optimal regulation may depend on …

Persistent link: https://www.econbiz.de/10013094726