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The Return of Financial Repression
Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012
public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression … facilitated a sharp and rapid reduction or 'liquidation' of public debt from the late 1940s to the 1970s. The restrictions or …
Persistent link: https://www.econbiz.de/10011083679
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The Environment and Directed Technical Change
Acemoglu, Daron; Aghion, Philippe; Bursztyn, Leonardo; … - C.E.P.R. Discussion Papers - 2011
This paper introduces endogenous and directed technical change in a growth model with environmental constraints. A unique final good is produced by combining inputs from two sectors. One of these sectors uses "dirty" machines and thus creates environmental degradation. Research can be directed...
Persistent link: https://www.econbiz.de/10009365645
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When Does Labor Scarcity Encourage Innovation?
Acemoglu, Daron - C.E.P.R. Discussion Papers - 2009
This paper studies the conditions under which the scarcity of a factor (in particular, labor) encourages technological progress and technology adoption. In standard endogenous growth models, which feature a strong scale effect, an increase in the supply of labor encourages technological...
Persistent link: https://www.econbiz.de/10005791910
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Sparse and Stable Markowitz Portfolios
Brodie, Joshua; Daubechies, Ingrid; De Mol, Christine; … - C.E.P.R. Discussion Papers - 2007
The Markowitz mean-variance optimizing framework has served as the basis for modern portfolio theory for more than 50 years. However, efforts to translate this theoretical foundation into a viable portfolio construction algorithm have been plagued by technical difficulties stemming from the...
Persistent link: https://www.econbiz.de/10005504227
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
state and regulators are not necessarily independent. Among other things, we show that firms invest more, issue more debt …
Persistent link: https://www.econbiz.de/10009209829
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011
leveraged banks’ precautionary demand for liquidity. When adverse asset shocks materialize, a bank’s ability to roll over debt …
Persistent link: https://www.econbiz.de/10009385771
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Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe
Begg, David; Portes, Richard - C.E.P.R. Discussion Papers - 1992
Throughout Central and Eastern Europe (CEE), there is a widespread failure of enterprise debtors to make scheduled payments of principal and interest to creditors, who in turn have strong incentives not to declare bankruptcy. In such circumstances, the price mechanism does not properly guide the...
Persistent link: https://www.econbiz.de/10005123729
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Hansa vs Habsburg: Debt, Deficits and the Entry of Accession Countries into the Euro
Hughes Hallett, Andrew; Lewis, John - C.E.P.R. Discussion Papers - 2004
Price and output level convergence between new member states and the existing EU necessarily implies inflation and … on debt dynamics for the eight new member states from Central and Eastern Europe. We find that the nominal Maastricht … achieve the fiscal criteria. Our results suggest all countries would find it harder to restrain debt growth within the euro …
Persistent link: https://www.econbiz.de/10005124072
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Optimal Fines in the Era of Whistleblowers
Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2006
We review current methods for calculating fines against cartels in the US and EU, and simulate their deterrence effects under different assumptions on the legal and economic environment. It is likely that European fines have not had significant deterrence effects before leniency programs were...
Persistent link: https://www.econbiz.de/10005136460
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Would Collective Action Clauses Raise Borrowing Costs?
Eichengreen, Barry; Mody, Ashoka - C.E.P.R. Discussion Papers - 1999
We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...
Persistent link: https://www.econbiz.de/10005067390