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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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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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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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Institutions and Economic Growth in Historical Perspective: Part 1
Ogilvie, Sheilagh; Carus, A. W. - CESifo - 2014
This is Part 1 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth. The paper provides a critical scrutiny of a number of stylized facts widely accepted in the growth literature. It shows that private-order institutions have not historically...
Persistent link: https://www.econbiz.de/10010877698
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Institutions and Economic Growth in Historical Perspective: Part 2
Ogilvie, Sheilagh; Carus, A. W. - CESifo - 2014
This is Part 2 of a two-part paper which surveys the historical evidence on the role of institutions in economic growth. The paper provides a critical scrutiny of a number of stylized facts widely accepted in the growth literature. It shows that private-order institutions have not historically...
Persistent link: https://www.econbiz.de/10010877727
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Simply a Matter of Luck & Looks? Predicting Elections when Both the World Economy and the Psychology of Faces Count
Garretsen, Harry; Stoker, Janka I.; Alessie, Rob; … - CESifo - 2014
Economic research shows that candidates have a higher chance of getting (re-)elected when they have the luck that the world economy does well even though this is beyond their control and unrelated to their competence. Psychological research demonstrates that candidates increase their chances if...
Persistent link: https://www.econbiz.de/10010877923
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Economic Growth and Judicial Independence, a Dozen Years On: Cross-Country Evidence Using an Updated Set of Indicators
Voigt, Stefan; Gutmann, Jerg; Feld, Lars P. - CESifo - 2014
Over 10 years ago, Feld and Voigt (2003) introduced the first indicator for objectively meas-uring the actual independence of the judiciary and demonstrated its utility in a large cross-section of countries. The indicator has been widely used, but also criticized. This paper pre-sents more...
Persistent link: https://www.econbiz.de/10010948870
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Fiscal Federalism, Decentralization and Economic Growth: Survey and Meta-Analysis
Baskaran, Thushyanthan; Feld, Lars P.; Schnellenbach, Jan - CESifo - 2014
The theoretical literature on the economics of fiscal federalism has identified several potential effects of government decentralization on economic growth. Much of the traditional literature focuses on the efficiency aspects of a decentralized provision of public services. However,...
Persistent link: https://www.econbiz.de/10010948879