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The Macroeconomic Implications of Financial Deregulation
Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989
where deregulation raises risks in banking. The central bank is assumed to maximize an objective function an argument of … which is the probability of bank failure. It is then shown that the usual trade-offs between policy objectives imply that …
Persistent link: https://www.econbiz.de/10005792448
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Does Competition Reduce the Risk of Bank Failure?
Martinez-Miera, David; Repullo, Rafael - C.E.P.R. Discussion Papers - 2008
account, a U-shaped relationship between competition and the risk of bank failure generally obtains. …
Persistent link: https://www.econbiz.de/10005124382
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The Enterprise Isolation Programme in Romania
Djankov, Simeon - C.E.P.R. Discussion Papers - 1999
We provide comprehensive analysis of the isolation program for financially distressed firms in Romania. The results …
Persistent link: https://www.econbiz.de/10005666566
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Do the Biggest Aisles Serve a Brighter Future? Global Retail Chains and Their Implications for Romania
Javorcik, Beata; Li, Yue - C.E.P.R. Discussion Papers - 2008
-level data from Romania, this study examines how the presence of global retail chains affects firms in the supplying industries …
Persistent link: https://www.econbiz.de/10005791348
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Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania
Coricelli, Fabrizio; Djankov, Simeon - C.E.P.R. Discussion Papers - 2001
We identify the presence of soft budgets and analyse their impact on enterprise restructuring in Romania over the …
Persistent link: https://www.econbiz.de/10005123818
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Regional Unemployment and Human Capital in Transition Economies
Jurajda, Stepan; Terrell, Katherine - C.E.P.R. Discussion Papers - 2007
Differences in regional unemployment in post-communist economies are large and persistent. We show that inherited variation in human-capital endowment across the regions of four such economies explains the bulk of regional unemployment variation there and we explore potential explanations for...
Persistent link: https://www.econbiz.de/10005136518
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Competition and Firm Performance in Transition Economies: Evidence from Firm Level Surveys in Slovenia, Hungary and Romania
Konings, Jozef - C.E.P.R. Discussion Papers - 1997
countries, Hungary, Romania and Slovenia. The data are based on interviews taken in more than 300 state-owned, privatized and … pressure has a positive impact on firm performance in Hungary and Slovenia, but not in Romania, while in Romenia short … Romania, the results are somewhat mixed; state-owned enterprises do worse than employee-owned (privatized) and newly …
Persistent link: https://www.econbiz.de/10005498145
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Crash Risk in Currency Markets
Farhi, Emmanuel; Fraiberger, Samuel P.; Gabaix, Xavier; … - C.E.P.R. Discussion Papers - 2009
How much of carry trade excess returns can be explained by the presence of disaster risk? To answer this question, we propose a simple structural model that includes both Gaussian and disaster risk premia and can be estimated even in samples that do not contain disasters. The model points to a...
Persistent link: https://www.econbiz.de/10005016245
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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