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Sources of Productivity Spillovers: Panel Data Evidence from China
Baltagi, Badi H.; Egger, Peter; Kesina, Michaela - CESifo - 2014
This paper assesses sources of productivity spillovers in China’s electric and electronic manufacturing industry using a rich panel data-set of 25,360 firms observed over the period 2004-2007. This industry is characterized by its important reliance on technology. In particular, the paper...
Persistent link: https://www.econbiz.de/10010877809
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Firm-level Productivity Spillovers in China's Chemical Industry: A Spatial Hausman-Taylor Approach
Baltagi, Badi H.; Egger, Peter; Kesina, Michaela - CESifo - 2014
ownership. We introduce spatial spillovers in total factor productivity through contextual effects of observable variables as … well as spatial dependence of the disturbances. We extend the Hausman and Taylor (1981) estimator to account for spatial … provide spatial variants that allow for both homoskedasticity and heteroskedasticity. Monte Carlo results show, that our …
Persistent link: https://www.econbiz.de/10011097946
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A Micro Data Approach to the Identification of Credit Crunches
Rottmann, Horst; Wollmershäuser, Timo - CESifo - 2010
This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms’ assessment of the current willingness of banks to extend credit we estimate the probability of a restrictive credit supply policy by time...
Persistent link: https://www.econbiz.de/10008498992
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Spillovers from Systemic Bank Defaults
Mink, Mark; Haan, Jakob de - CESifo - 2014
We examine to what extent banks’ stock market values during the 2007-2012 financial crisis were driven by increases in the default risk of banks designated as globally systemically important by the Financial Stability Board. We find that bank market values hardly respond to changes in the...
Persistent link: https://www.econbiz.de/10010877758
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - CESifo - 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/10010877795
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Taxing Banks: An Evaluation of the German Bank Levy
Buch, Claudia M.; Hilberg, Björn; Tonzer, Lena - CESifo - 2014
Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce these costs. Bank levies attempt to internalize systemic...
Persistent link: https://www.econbiz.de/10010877827
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Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation
Hoffmann, Mathias; Stewen, Iryna - CESifo - 2015
We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...
Persistent link: https://www.econbiz.de/10011272618
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On the Incidence of a Financial Transactions Tax in a Model with Fire Sales
Bierbrauer, Felix - CESifo - 2012
This paper studies the impact of a financial transactions tax on a financial market where financial institutions trade with each other. Assets are marked to the market and financial institutions with negative equity are forced out of business. There are two main results: First, if all banks have...
Persistent link: https://www.econbiz.de/10010556078
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Government Guarantees and Bank Risk Taking Incentives
Fischer, Markus; Hainz, Christa; Rocholl, Jörg; … - CESifo - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10010752789
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Central Banking and Financial Stability in the Long Run
Cao, Jin; Chollete, Lorán - CESifo - 2013
Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...
Persistent link: https://www.econbiz.de/10010667416