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Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180

Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10012629513

What Hinders Investment in the Aftermath of Financial Crises : Insolvent Firms or Illiquid Banks?

Kalemli-Ozcan, Sebnem - 2010

We quantify the effects of lending and balance sheet channels on corporate investment during large crises in emerging markets. The depreciated currency creates investment opportunities in the tradable sector but firms might be financially constrained due to: 1) a deterioration of their balance...

Persistent link: https://www.econbiz.de/10012462129

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies

Harada, Kimie - 2010

This paper examines the movements of the Distance to Default (DD), a market-based measure of corporate default risk, of eight failed Japanese banks in order to evaluate the predictive power of the DD measure for bank failures. The DD became smaller in anticipation of failure in many cases. The...

Persistent link: https://www.econbiz.de/10012462475

COVID-19 and SMEs : A 2021 "Time Bomb"?

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs. Rather, business failures and policy costs remain...

Persistent link: https://www.econbiz.de/10012482634

Did the Reform Fix the London Fix Problem?

Ito, Takatoshi - 2017

This paper examines the consequences of the 2015 reform on the London fixing in the interbank forex market, which …

Persistent link: https://www.econbiz.de/10012455354

Was the Forex Fixing Fixed?

Ito, Takatoshi - 2015

, and at 4:00 pm London time for transactions between European and US banks and their customers. The two fixings have … different regulations and institutions. The London fix is calculated as a median price during the one minute window around 4 … banks for collusive behaviors to manipulating the price around the London fixing time. It has been mentioned in the media …

Persistent link: https://www.econbiz.de/10012457150

Puzzles in the Forex Tokyo “Fixing” : Order Imbalances and Biased Pricing by Banks

Ito, Takatoshi - 2016

scheduled time, 10am in Tokyo and 4pm in London. The fixing exchange rate is then applied to the settlement of foreign exchange … than in the London fixing. (2) The customer orders are biased toward buying the foreign currencies, which is predictable …

Persistent link: https://www.econbiz.de/10012455860

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls

Kalemli-Ozcan, Sebnem - 2010

Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire during 1859-1913. The provisionistic policy of the Ottoman...

Persistent link: https://www.econbiz.de/10012462618

Microstructure of the Yen/Dollar Foreign Exchange Market : Patterns of Intra-day Activity Revealed in the Electronic Broking System

Ito, Takatoshi - 2004

three major currency markets -- Tokyo, London, and New York and low during the Tokyo and London lunch hours and late …

Persistent link: https://www.econbiz.de/10012467833