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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - C.E.P.R. Discussion Papers - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10011083498
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Debt, Deficits and Destabilizing Monetary Policy in Open Economies
Schabert, Andreas; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 2006
Blanchard (2005) suggested that active interest rate policy might induce unstable dynamics in highly-indebted economies. We examine this in a dynamic general equilibrium model where Calvo-type price rigidities provide a rationale for inflation stabilization. Unstable dynamics can occur when the...
Persistent link: https://www.econbiz.de/10005792190
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How the Eurosystem’s Treatment of Collateral in its Open Market Operations Weakens Fiscal Discipline in the Eurozone (and what to do about it)
Buiter, Willem H.; Sibert, Anne - C.E.P.R. Discussion Papers - 2005
Market interest rates on sovereign debt issued by the 12 Eurozone national governments differ very little from each other, despite the credit ratings of these governments ranging from triple A to single A, and despite significant differences among their objective indicators of fiscal-financial...
Persistent link: https://www.econbiz.de/10005661821
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Determinants of International Activity: Evidence from the Chemical Industry
Fosfuri, Andrea - C.E.P.R. Discussion Papers - 2004
This Paper empirically investigates two important determinants of international activity through wholly owned operations, joint-ventures and licensing, namely country risk and IPRs protection. Using a comprehensive database on investments in chemical plants during the period 1981-96, we show...
Persistent link: https://www.econbiz.de/10005504443
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Business Cycles in Emerging Economies: The Role of Interest Rates
Neumeyer, Pablo Andrés; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2004
We find that in a sample of emerging economies business cycles are more volatile than in developed ones, real interest rates are countercyclical and lead the cycle, consumption is more volatile than output and net exports are strongly countercyclical. We present a model of a small open economy,...
Persistent link: https://www.econbiz.de/10005656244
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - C.E.P.R. Discussion Papers - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009148883
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Production Networks, Geography and Firm Performance
Bernard, Andrew B.; Moxnes, Andreas; Saito, Yukiko U. - C.E.P.R. Discussion Papers - 2015
This paper examines the importance of buyer-supplier relationships, geography and the structure of the production network in firm performance. We develop a simple model where firms can outsource tasks and search for suppliers in different locations. Low search and outsourcing costs lead firms to...
Persistent link: https://www.econbiz.de/10011262884
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A Framework for Cross-Country Comparisons of Public Infrastructure Constraints on Firm Growth
Carlin, Wendy; Schaffer, Mark E; Seabright, Paul - C.E.P.R. Discussion Papers - 2010
How should a policy-maker prioritize interventions to improve the public infrastructure with which firms operate and … public input character of physical infrastructure and institutions, and uses an O-ring production function to model the … impact of poor quality infrastructure on output. Using survey data from over 72,000 firms in 95 countries, we verify the …
Persistent link: https://www.econbiz.de/10008468531
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Joint Ventures as a Commitment Device Against Lobbies
Berardi, Nicoletta; Seabright, Paul - C.E.P.R. Discussion Papers - 2010
into joint ventures is especially relevant in the context of infrastructure projects in developing countries, though other …
Persistent link: https://www.econbiz.de/10008468544
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Infrastructure and Public Utilities Privatization in Developing Countries
Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2006
The paper analyses governments’ trade-off between fiscal benefits and consumer surplus in privatization reforms of noncompetitive industries in developing countries. Under privatization, the control rights are transferred to private interests so that public subsidies decline. This benefit for...
Persistent link: https://www.econbiz.de/10005124293