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Austerity
Dellas, Harris; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2014
favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low …
Persistent link: https://www.econbiz.de/10011145392
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Like Father like Sons? The Cost of Sovereign Defaults In Reduced Credit to the Private Sector
Esteves, Rui; Jalles, João Tovar - C.E.P.R. Discussion Papers - 2013
This paper investigates the impact of sovereign defaults on the ability of the corporate sector in emerging nations to finance itself abroad. The hypothesis here is that defaults have a negative spillover effect on the private sector through credit rationing. We explore a novel dataset covering...
Persistent link: https://www.econbiz.de/10011083857
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Growing like China
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009
, falling labor share and accumulation of a large foreign surplus. The theory makes only minimal deviations from a neoclassical … assets, generating a foreign surplus. We test some auxiliary implications of the theory and find robust empirical support. …
Persistent link: https://www.econbiz.de/10005123794
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Is Fixed Investment the Key to Economic Growth?
Blomström, Magnus; Lipsey, Robert E; Zejan, Mario - C.E.P.R. Discussion Papers - 1993
find no evidence that fixed investment is the only or main source of ignition for economic growth. …
Persistent link: https://www.econbiz.de/10005123986
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Natural Resources and Economic Growth: The Role of Investment
Gylfason, Thorvaldur; Zoega, Gylfi - C.E.P.R. Discussion Papers - 2001
and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …
Persistent link: https://www.econbiz.de/10005504629
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Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields the following results : (i) the finance industry’s share of GDP is high in the 1920s, low in the 1950s and 1960s, and high again in the 1990s and 2000s; (ii) most of these variations can be...
Persistent link: https://www.econbiz.de/10011083657
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Post-war Growth: An Overview
Crafts, Nicholas; Toniolo, Gianni - C.E.P.R. Discussion Papers - 1995
central to this period but not to be a pure neoclassical phenomenon. It is argued that theory has run ahead of measurement and …-ante returns on investment. …
Persistent link: https://www.econbiz.de/10005661688
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Stories of the Twentieth Century for the Twenty-First
Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century’s first global...
Persistent link: https://www.econbiz.de/10009201122
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Fiscal Rules in India: Are They Effective?
Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2010
This paper, a chapter in the forthcoming Oxford University Press Handbook of the Indian Economy, edited by Chetan Ghate, considers India’s experience with fiscal (responsibility) rules during the past decade. After reviewing the basic facts concerning public debt and deficits in India, the...
Persistent link: https://www.econbiz.de/10008468524
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Structuring and Restructuring Sovereign Debt: The Role of Seniority
Bolton, Patrick; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2005
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more difficult to restructure. We show within a simple model how competition for repayment between lenders may result in sovereign debt that is...
Persistent link: https://www.econbiz.de/10005504677