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Household Leveraging and Deleveraging
Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2013
Abstract. U.S. households' debt skyrocketed between 2000 and 2007, and has been falling since. This leveraging (and deleveraging) cycle cannot be accounted for by the liberalization, and subsequent tightening, of credit standards in mortgage markets observed during the same period. We base this...
Persistent link: https://www.econbiz.de/10011083723
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Finance and Poverty: Evidence from India
Ayyagari, Meghana; Beck, Thorsten; Hoseini, Mohammad - C.E.P.R. Discussion Papers - 2013
Using state-level data from India over the period 1983 to 2005, this paper gauges the effect of financial deepening and outreach on rural poverty. Following the 1991 liberalization episode, we find a strong negative relationship between financial deepening, rather than financial breadth, and...
Persistent link: https://www.econbiz.de/10011083926
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Rethinking the Effects of Financial Liberalization
Broner, Fernando A; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010
During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital inflows from advanced countries that would finance higher investment and growth; (ii) insure...
Persistent link: https://www.econbiz.de/10008784713
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Growth and Risk at the Industry Level: the Real Effects of Financial Liberalization
Levchenko, Andrei A.; Rancière, Romain; Thoenig, Mathias - C.E.P.R. Discussion Papers - 2008
concerns, we employ a number of alternative difference-in-differences estimation strategies. We implement a propensity score …
Persistent link: https://www.econbiz.de/10005791902
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Financial Openness and the Effectiveness of Capital Controls in Greece
Christodoulakis, Nikos; Karamouzis, Nick - C.E.P.R. Discussion Papers - 1993
The paper discusses the process of financial liberalization in Greece and the impact it is likely to have on the conduct of monetary policy. To examine the effectiveness of exchange rate controls in Greece during periods of intense downward pressure on the drachma, we study the behaviour of...
Persistent link: https://www.econbiz.de/10005792100
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Booms and Busts in the UK Housing Market
Muellbauer, John; Murphy, Anthony - C.E.P.R. Discussion Papers - 1997
The often volatile behaviour of UK house prices between 1957 and 1994 is analysed in an annual econometric model. Theory suggests that financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behaviour. The evidence supports the predictions of...
Persistent link: https://www.econbiz.de/10005792242
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Sovereign Default, Domestic Banks and Financial Institutions
Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano - C.E.P.R. Discussion Papers - 2010
We build a model where sovereign defaults weaken banks’ balance sheets because banks hold sovereign bonds, causing private credit to decline. Stronger financial institutions boost default costs by amplifying these balance-sheet effects. This yields a novel complementarity between public debt...
Persistent link: https://www.econbiz.de/10008466349
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Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints
Ortalo-Magné, François; Rady, Sven - C.E.P.R. Discussion Papers - 2001
This Paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained...
Persistent link: https://www.econbiz.de/10005498172
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Time Inconsistent Preferences and the Annuitization Decision
Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
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Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt
McKenzie, David - C.E.P.R. Discussion Papers - 2014
macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in … the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business … microenterprises. However, insurance may still be of value to them to help cope with shocks when they do occur, but we are unable to …
Persistent link: https://www.econbiz.de/10011084029