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Search Intensity, Cost of Living and Local Labour Markets in Britain

Patacchini, Eleonora; Zenou, Yves - C.E.P.R. Discussion Papers - 2003

A model is considered in which optimal search intensity is a result of a trade-off between short-run losses due to higher search costs (more interviews, commuting...) and long-run gains due to a higher chance to find a job. We show that this optimal search intensity is higher in areas...

Persistent link: https://www.econbiz.de/10005067634

Corporate Governance and Bank Insolvency Risk: International Evidence

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; … - C.E.P.R. Discussion Papers - 2014

This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton’s distance to default measure, for an international sample of banks over the 2004-2008 period. Banks are special in that ‘good’...

Persistent link: https://www.econbiz.de/10011084512

Banking-on-the-Average Rules

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2010

In this paper, we introduce a new requirement for bank capital: banking-on-the-average rules. Under these rules a bank’s required level of equity capital is monotonically increasing in the realized equity capital of its peers. In a simple model we illustrate the workings of...

Persistent link: https://www.econbiz.de/10008530379

Banks and Markets: the Changing Character of European Finance

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2003

In the last two decades the European financial markets have become more market-oriented. We analyse the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we...

Persistent link: https://www.econbiz.de/10005067544

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

Persistent link: https://www.econbiz.de/10005039578

Credit Standards and Segregation

Ouazad, Amine; Rancière, Romain - C.E.P.R. Discussion Papers - 2011

How do credit standards on the mortgage market affect neighbourhood choice and the resulting level of urban segregation …-2006 mortgage credit boom on the level of school segregation. Census tract racial composition is strongly correlated with the racial … composition of the 10 closest schools in the cross section. Matching a national data set of mortgage originations with annual …

Persistent link: https://www.econbiz.de/10008873328

Who Benefits from Regional Trade Agreements? The View from the Stock Market

Moser, Christoph; Rose, Andrew K - C.E.P.R. Discussion Papers - 2011

The effects of Regional Trade Agreements (RTAs) are disputed. In this paper, we assess these effects using capital market data and an event-study approach, using a daily data set covering a thousand announcements spanning over eighty economies and a hundred RTAs over twenty recent years. We...

Persistent link: https://www.econbiz.de/10009293663

One Money, One Market: Estimating the Effect of Common Currencies on Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 1999

trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries …

Persistent link: https://www.econbiz.de/10005666776

One Reason Countries Pay Their Debts: Renegotiation and International Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 2002

large panel data set covering fifty years and over 200 trading partners. The model controls for a host of factors that …

Persistent link: https://www.econbiz.de/10005788986

Does the WTO Make Trade More Stable?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2004

I examine the hypothesis that membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) has increased the stability and predictability of trade flows. I use a large dataset covering annual bilateral trade flows between over 175...

Persistent link: https://www.econbiz.de/10005789132