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Private Debt Overhang and the Government Spending Multiplier: Evidence for the United States
Bernardini, Marco; Peersman, Gert - CESifo - 2015
Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...
Persistent link: https://www.econbiz.de/10011212082
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Using Bankruptcy to Reduce Foreclosures: Does Strip-down of Mortgages Affect the Supply of Mortgage Credit?
Li, Wenli; Tewari, Ishani; White, Michelle - CESifo - 2014
We assess the credit market impact of allowing mortgage “strip-down” as a foreclosure-prevention measure, where strip …-term reduction in mortgage interest rates and a small, short-term increase in mortgage approval rates, but no long-term effects, and … the circuit court decisions did not consistently affect mortgage terms. These results suggest that strip-down would be an …
Persistent link: https://www.econbiz.de/10010877889
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Optimal Risk-Sharing in Mortgage Contracts: The Effects of Potential Prepayment and Default
Brueckner, Jan K.; Lee, Kangoh - CESifo - 2014
Much of the literature on the economics of mortgage markets has studied the FRM-ARM choice made by individual borrowers … of optimal risk-sharing in mortgage contracts. But since only a small literature has studied this question, more research …’s (1986a) model, using it to characterize optimal contracts in the absence of mortgage termination, and then exploring how …
Persistent link: https://www.econbiz.de/10010948814
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The Actuarial Balance Sheet for Pay-As-You-Go Finance: Solvency Indicators for Spain and Sweden
Boado-Penas, Maria del Carmen; Valdés-Prieto, Salvador; … - CESifo - 2008
This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old age contingency, based on official data. The novel entry in the balance sheet, named “Contribution Asset” or “Hidden Asset”, is at the centre of the theoretical...
Persistent link: https://www.econbiz.de/10005405839
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Privatisation Policy in Spain: Stuck Between Liberalisation and the Protection of Nationals’ Interests
Arocena, Pablo - CESifo - 2004
This paper carries out an overview of the recent history of privatisation in Spain. At this point, the paper focuses on …
Persistent link: https://www.econbiz.de/10005196308
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ó: The Long And Short Of It
Chirinko, Robert S. - CESifo - 2008
Research on the elasticity of substitution between capital and labor - σ - has been proceeding for 75 years. While there is clearly a strong case for the importance of σ in the analysis of growth and other economic issues, much less agreement exists on the value of σ. This paper offers some...
Persistent link: https://www.econbiz.de/10005405746
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Making Judges Independent – Some Proposals Regarding the Judiciary
Feld, Lars P.; Voigt, Stefan - CESifo - 2004
It is argued that an independent judiciary is a necessary condition for both individual liberty and economic prosperity. After having surveyed the literature dealing with how to arrange for an independent judiciary, the authors derive some additional policy implications by drawing on two...
Persistent link: https://www.econbiz.de/10005405779
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Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox
Stevenson, Betsey; Wolfers, Justin - CESifo - 2008
The “Easterlin paradox” suggests that there is no link between a society’s economic development and its average level of happiness. We re-assess this paradox analyzing multiple rich datasets spanning many decades. Using recent data on a broader array of countries, we establish a clear...
Persistent link: https://www.econbiz.de/10005405873
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Socio-Political Conflict and Economic Performance in Bolivia
Evia, Jose-Luis; Laserna, Roberto; Skaperdas, Stergios - CESifo - 2008
We examine how socio-political conflict in Bolivia has affected its economic performance since the 1970s. Such conflict includes strikes, demonstrations, road blockades, and conventional rent-seeking. Since conflict has costs, it diverts resources away from production, tends to reduce investment...
Persistent link: https://www.econbiz.de/10005405932
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Political Regime Change, Economic Reform and Growth Accelerations
Jong-A-Pin, Richard; Haan, Jakob de - CESifo - 2007
Using an improved definition and indicator of growth accelerations, we examine whether political regimes, regime changes, and economic reform are related to growth accelerations. Our results show that economic growth accelerations are preceded by economic reforms. Furthermore, we find that...
Persistent link: https://www.econbiz.de/10005406021