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The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan; … - C.E.P.R. Discussion Papers - 2009
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find that the market set up experienced a radical...
Persistent link: https://www.econbiz.de/10005034757
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Financial Reforms and Capital Flows: Insights from General Equilibrium
Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2012
As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge … additional resources that flow to high-productivity firms after the reforms. We show that some of these resources do not come … from abroad, but instead from domestic low-productivity firms that are driven out of business as a result of the reforms …
Persistent link: https://www.econbiz.de/10011084650
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Venture Capital and Industrial ''Innovation''
Hirukawa, Masayuki; Ueda, Masako - C.E.P.R. Discussion Papers - 2008
unprecedented growth. We then proceed to study if this positive impact of VC is also present on productivity growth, which is a … affects total factor productivity growth. We do find that VC investment is positively associated with labor productivity but …
Persistent link: https://www.econbiz.de/10005136420
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380
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Bubbles and Central Banks: Historical Perspectives
Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...
Persistent link: https://www.econbiz.de/10011249380
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Ratings Performance, Regulation and the Great Depression: Lessons from Foreign Government Securities
Flandreau, Marc; Gaillard, Norbert; Packer, Frank - C.E.P.R. Discussion Papers - 2009
During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. We study the process through which they received this regulatory license. The proximate cause for this changeover was the economic shock of the Great Depression. Exploring the...
Persistent link: https://www.econbiz.de/10005016246
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Financial Flows, Financial Crises, and Global Imbalances
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
In this lecture I document the proliferation of gross international asset and liability positions and discuss some of the consequences for individual countries’ external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and...
Persistent link: https://www.econbiz.de/10009351522
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Natural resource wealth: the challenge of managing a windfall
van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011
Many countries have failed to use natural resource wealth to promote growth and development. They have been damaged by volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high return investments to support diversification of...
Persistent link: https://www.econbiz.de/10009385762
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Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis
Bayoumi, Tamim; Bui, Trung - C.E.P.R. Discussion Papers - 2011
The financial crisis that struck the global economy in late 2008 had its origins in excesses in the US housing market. Its reverberations, however, were felt around the world and nowhere more keenly than in Western Europe. While North Atlantic trade links were in relative stasis, the North...
Persistent link: https://www.econbiz.de/10009365005
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Sovereign CDS and Bond Pricing Dynamics in the Euro-area
Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011
This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...
Persistent link: https://www.econbiz.de/10009365646