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Shioji, Etsuro - C.E.P.R. Discussion Papers - 1996

This paper studies the role of internal migration in income convergence across regions in Japan. Neoclassical theory predicts that migration should have been an important source of convergence, but regression results suggest otherwise. The paper investigates the possibility that this discrepancy...

Persistent link: https://www.econbiz.de/10005123658

Regional Cohesion: Evidence and Theories of Regional Growth and Convergence

Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1994

After arguing that the concepts of b-convergence and s-convergence are independently interesting, this paper extends the empirical evidence on regional growth and convergence across the United States, Japan, and five European nations. We confirm that the estimated speeds of convergence are...

Persistent link: https://www.econbiz.de/10005114384

The Classical Approach to Convergence Analysis

Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1995

The concepts of s-convergence, absolute b-convergence and conditional b-convergence are discussed in this paper. The concepts are applied to a variety of data sets that include a large cross section of 110 countries, the sub-sample of OECD countries, the states within the United States, the...

Persistent link: https://www.econbiz.de/10005656407

A DSGE model of banks and financial intermediation with default risk

Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011

This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...

Persistent link: https://www.econbiz.de/10009293986

Adverse Selection of Investment Projects and the Business Cycle

Reichlin, Pietro; Siconolfi, Paolo - C.E.P.R. Discussion Papers - 1997

In an economy where entrepreneurs with unequal ‘abilities’ face alternative investment projects, which differ in their degree of risk and productivity, we analyse the Nash equilibrium contracts arising from a banks-borrowers game in the context of asymmetric information. We show that, for a...

Persistent link: https://www.econbiz.de/10005666565

Do Risk Premia Protect from Banking Crises?

Gersbach, Hans; Wenzelburger, Jan - C.E.P.R. Discussion Papers - 2005

This paper studies the question to what extent premia for macroeconomic risks in banking are sufficient to avoid banking crises. We investigate a competitive banking system embedded in an overlapping generation model subject to repeated macroeconomic shocks. We show that even if banks fully...

Persistent link: https://www.econbiz.de/10005789004

Sophistication in Risk Management, Bank Equity, and Stability

Gersbach, Hans; Wenzelburger, Jan - C.E.P.R. Discussion Papers - 2007

default risk of entrepreneurs individually. Both banking systems compete for deposits, loans, and bank equity. While a … sophisticated system rewards entrepreneurs with low default risks by low loan interest rates, a simple system acquires more bank …

Persistent link: https://www.econbiz.de/10005789172

The Morning After: Explaining The Slowdown In Japanese Growth In The 1990s

Bayoumi, Tamim - C.E.P.R. Discussion Papers - 2000

operating through the impact of changes in domestic asset prices on bank lending. …

Persistent link: https://www.econbiz.de/10005791688

The Optimal Capital Structure of an Economy

Gersbach, Hans - C.E.P.R. Discussion Papers - 2003

incentive problems and firms borrow from banks. Increasing bank equity mitigates the bank-level moral hazard but may exacerbate …

Persistent link: https://www.econbiz.de/10005791895

Corporate Finance in the Euromarkets and the Economics of Intermediation

Davis, E Philip; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

This paper examines bond and syndicated bank finance in the Euromarkets. It uses a comprehensive data bank on … than commitment (`relationship banking'). Bank and bond markets are not perfect substitutes, however, even for large … the operation of bank syndicates is crucial to the financing of large corporations. …

Persistent link: https://www.econbiz.de/10005792364

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