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The Clan and the City: Sustaining Cooperation in China and Europe

Greif, Avner; Tabellini, Guido - C.E.P.R. Discussion Papers - 2012

Over the last millennium, the clan and the city have been the locus of cooperation in China and Europe respectively …

Persistent link: https://www.econbiz.de/10011084470

Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Gordon, Robert J - C.E.P.R. Discussion Papers - 1986

. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies …. The primary theme of the paper is that the differences between Europe and the United States have been substantially … exaggerated in recent work. Europe has neither greater nominal wage flexibility nor more rigid real wages than the United States …

Persistent link: https://www.econbiz.de/10005789135

Urban Accounting and Welfare

Desmet, Klaus; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2010

This paper proposes a simple theory of a system of cities that decomposes the determinants of the city size distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to larger cities, but also to greater frictions through...

Persistent link: https://www.econbiz.de/10008784710

Expanding Microenterprise Credit Access: Using Randomized Supply Decisions to Estimate the Impacts in Manila

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2009

Microcredit seeks to promote business growth and improve well-being by expanding access to credit. We use a field experiment and follow-up survey to measure impacts of a credit expansion for microentrepreneurs in Manila. The effects are diffuse, heterogeneous, and surprising. Although there is...

Persistent link: https://www.econbiz.de/10005048547

Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

Degryse, Hans; Lu, Liping; Ongena, Steven - C.E.P.R. Discussion Papers - 2013

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We...

Persistent link: https://www.econbiz.de/10011084516

A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets

Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011

Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank transactions, such as in one-month and three-month LIBOR markets. We provide an explanation of such stress in term lending by modelling leveraged banks’ precautionary demand for liquidity. When...

Persistent link: https://www.econbiz.de/10009385771

The Credit Squeeze During Russia's Early Transition: A Bank-Based View

Schoors, Koen - C.E.P.R. Discussion Papers - 1999

Russia's early transition is characterised by one of the most dramatic credit expansions and inflation experiences in recent history. As a consequence, Russia has been involved in a protracted inflation stabilisation effort. This paper addresses the question whether the inflation stabilisation...

Persistent link: https://www.econbiz.de/10005136506

On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their...

Persistent link: https://www.econbiz.de/10005014571

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

Is Economic Recovery a Myth? Robust Estimation of Impulse Responses

Teulings, Coen N; Zubanov, Nick - C.E.P.R. Discussion Papers - 2010

There is a lively debate on the persistence of the current banking crisis' impact on GDP. Impulse Response Functions (IRF) estimated by Cerra and Saxena (2008) suggest that the effects of earlier crises were long-lasting. We show that standard estimates of IRFs are highly sensitive to...

Persistent link: https://www.econbiz.de/10008530359

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