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'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession

Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013

How do financial development and financial integration interact? We focus on Japan’s Great Recession after 1990 to … reference to prefectures’ different historical pathways to financial development. After Japan’s opening to trade in the 19th …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …

Persistent link: https://www.econbiz.de/10010607005

Happiness and Financial Satisfaction in Israel. Effects of Religiosity, Ethnicity, and War

Praag, Bernard M.S. Van; Romanov, Dmitri; … - CESifo - 2010

significant difference between second-generation families and native families. The effect of the Lebanon War is much less than …

Persistent link: https://www.econbiz.de/10008671691

One Hundred Years of Oil Income and the Iranian Economy: A Curse or a Blessing?

Mohaddes, Kamiar; Pesaran, M. Hashem - CESifo - 2013

This paper examines the impact of oil revenues on the Iranian economy over the past hundred years, spanning the period 1908-2010. It is shown that although oil has been produced in Iran over a very long period, its importance in the Iranian economy was relatively small up until the early 1960s....

Persistent link: https://www.econbiz.de/10010627558

Iceland: How Could This Happen?

Gylfason, Thorvaldur - CESifo - 2014

, Japan, and Russia more than it resembles its Nordic neighbors or even Ireland. The paper also considers the uncertain …

Persistent link: https://www.econbiz.de/10010877635

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

Political Booms, Financial Crises

Herrera, Helios; Ordonez, Guillermo; Trebesch, Christoph - CESifo - 2014

We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10010888458

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010948836

The Effects of Systemic Banking Crises in the Inter-War Period

Rocha, Bruno; Solomou, Solomos - CESifo - 2015

panel of 24 countries over the inter-war period and compares this to the post-war experience of these countries. We show … effects are much larger in the post-war period, suggesting that the propagation channels of shocks operate at a faster pace in …

Persistent link: https://www.econbiz.de/10011210401

External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption

Achury, Carolina; Koulovatianos, Christos; Tsoukalas, … - CESifo - 2011

We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...

Persistent link: https://www.econbiz.de/10009228617

Credit Market Competition and Liquidity Crises

Carletti, Elena; Leonello, Agnese - CESifo - 2014

We develop a model where banks invest in reserves and loans, and face aggregate liquidity shocks. Banks with liquidity shortage sell loans on the interbank market. Two equilibria emerge. In the no default equilibrium, all banks hold enough reserves and remain solvent. In the mixed equilibrium,...

Persistent link: https://www.econbiz.de/10010743450