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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults

Pesaran, Hashem; Xu, TengTeng - Institute for the Study of Labor (IZA) - 2011

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...

Persistent link: https://www.econbiz.de/10009325438

Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency

Cahuc, Pierre; Challe, Edouard - Institute for the Study of Labor (IZA) - 2009

We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create...

Persistent link: https://www.econbiz.de/10008558939

Financing Entrepreneurship and the Old-Boy Network

Inci, Eren; Parker, Simon C. - Institute for the Study of Labor (IZA) - 2012

We study entrepreneurs' start-up financing from banks and local financiers. An informal network, whose membership cannot be observed by outsiders, conveys the good signals it gets about the hidden types of network entrepreneurs to local financiers, which are then reflected in different loan...

Persistent link: https://www.econbiz.de/10009646307

Bad Bank(s) and Recapitalization of the Banking Sector

Schäfer, Dorothea; Zimmermann, Klaus F. - Institute for the Study of Labor (IZA) - 2009

-out unit, a so-called bad bank. The key element of the plan is the valuation of troubled assets at their current market value … recapitalize the good bank by taking an equity stake in it. In extreme cases, this would mean a takeover of the bank by the …. A clear emphasis that the government stake is temporary would also be necessary. The government would cover the bad bank …

Persistent link: https://www.econbiz.de/10008632733

Financial Liberalization and the Relationship-Specificity of Exports

Defever, Fabrice; Suedekum, Jens - Institute for the Study of Labor (IZA) - 2013

We investigate the causal impact of equity market liberalizations in the period 1980‐1997 on sectoral export performance across 91 countries. The increased availability of external finance has boosted trade of industries that intensively use relationship‐specific inputs, and lowered exports...

Persistent link: https://www.econbiz.de/10010764593

Pension Investments in Employer Stock

Even, William E.; Macpherson, David A. - Institute for the Study of Labor (IZA) - 2006

This study examines the consequences of a pension fund investing in the stock of the sponsoring firm. Using a merger of data on pension asset holdings from IRS Form 5500 filings and financial data on the company’s stock from CRSP, two broad questions are addressed: First, what factors...

Persistent link: https://www.econbiz.de/10005566649

Risk Management among the Poor: The Case of Microfinancial Services

Arun, Thankom; Bendig, Mirko - Institute for the Study of Labor (IZA) - 2010

This paper argues that the level of financial services provision determines the risk management strategies among the poor. The paper estimates the determinants of the household’s use of one, two or all three types of microfinancial services applying ordered probit models and additionally...

Persistent link: https://www.econbiz.de/10008564688

Getting Stuck in the Blues: Persistence of Mental Health Problems in Australia

Roy, John; Schurer, Stefanie - Institute for the Study of Labor (IZA) - 2013

Do episodes of mental health problems cause future mental health problems, and if yes, how strong are these dynamics? We quantify the degree of persistence in mental health problems using nationally-representative, longitudinal data from Australia and system GMM-IV and correlated random effects...

Persistent link: https://www.econbiz.de/10010884085

The Dynamics of Social Assistance Benefit Receipt in Germany: State Dependence Before and After the 'Hartz Reforms'

Königs, Sebastian - Institute for the Study of Labor (IZA) - 2014

In this article, I study state dependence in social assistance receipt in Germany using annual survey data from the German Socio-Economic Panel (SOEP) for the years 1995-2011. There is considerable observed state dependence, with an average persistence rate in benefits of 68% comparing to an...

Persistent link: https://www.econbiz.de/10010884120

Gender Differences in Shirking: Monitoring or Social Preferences? Evidence from a Field Experiment

Johansson, Per; Karimi, Arizo; Nilsson, Peter - Institute for the Study of Labor (IZA) - 2014

This paper studies gender differences in the extent to which social preferences affect workers' shirking decisions. Using exogenous variation in work absence induced by a randomized field experiment that increased treated workers' absence, we find that also non-treated workers increased their...

Persistent link: https://www.econbiz.de/10010884213

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