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Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic

Darvas, Zsolt; Rose, Andrew K; Szapáry, György - C.E.P.R. Discussion Papers - 2005

Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. That is, fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP)...

Persistent link: https://www.econbiz.de/10005792350

Optimal market design

Boone, Jan; Goeree, Jacob K. - C.E.P.R. Discussion Papers - 2010

This paper introduces three methodological advances to study the optimal design of static and dynamic markets. First, we apply a mechanism design approach to characterize all incentive-compatible market equilibria. Second, we conduct a normative analysis, i.e. we evaluate alternative competition...

Persistent link: https://www.econbiz.de/10008530381

The Relationship between Market Structure and Innovation in Industry Equilibrium: A Case Study of the Global Automobile Industry

Hashmi, Aamir Rafique; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2012

We first estimate a dynamic game for the global automobile industry and then compute a Markov Perfect equilibrium to study the equilibrium relationship between market structure and innovation. The key state variable in the model is the efficiency level of each firm and the market structure is...

Persistent link: https://www.econbiz.de/10011084428

When Everyone Runs for the Exit

Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009

recent global liquidity crisis and, in particular, the quant event of 2007. …

Persistent link: https://www.econbiz.de/10005082543

Leverage Across Firms, Banks and Countries

Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yesiltas, Sevcan - C.E.P.R. Discussion Papers - 2011

-financial firm and commercial bank before the crisis, but the picture was quite different for large commercial banks States and for … deleveraging during the crisis. These results show that excessive risk taking before the crisis was not easily detectable because …

Persistent link: https://www.econbiz.de/10009283393

Did WTO rules restrain protectionism during the recent systemic crisis?

Evenett, Simon J - C.E.P.R. Discussion Papers - 2011

economic crisis. Evidence on the variety of discrimination implemented by governments, characteristics of the recent systemic … crisis, as well as on certain, often overlooked features of WTO obligations are used to support a conclusion that the WTO … rules altered at most the composition of crisis-era protectionism. As to the quantum of protectionism, it is unclear how WTO …

Persistent link: https://www.econbiz.de/10009365003

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Beber, Alessandro; Pagano, Marco - C.E.P.R. Discussion Papers - 2009

Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory …

Persistent link: https://www.econbiz.de/10008474510

A Theory of Systemic Risk and Design of Prudential Bank Regulation

Acharya, Viral V - C.E.P.R. Discussion Papers - 2009

Systemic risk is modeled as the endogenously chosen correlation of returns on assets held by banks. The limited liability of banks and the presence of a negative externality of one bank’s failure on the health of other banks give rise to a systemic risk-shifting incentive where all banks...

Persistent link: https://www.econbiz.de/10004980206

Securitization, Transparency and Liquidity

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008

We present a model in which issuers of asset backed securities choose to release coarse information to enhance the liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree of transparency is inefficiently low if the social...

Persistent link: https://www.econbiz.de/10005504512

A Decade of Debt

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2011

This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...

Persistent link: https://www.econbiz.de/10008925708