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Money illusion and housing frenzies
Brunnermeier, Markus K.; Julliard, Christian - London School of Economics (LSE) - 2006
A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We...
Persistent link: https://www.econbiz.de/10011071404
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Volatility and development
Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2005
Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (iii) poor countries experience more frequent and more severe aggregate shocks...
Persistent link: https://www.econbiz.de/10010884605
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Technological diversification
Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2007
diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. Technological … the number of varieties in our model provides diversification benefits against variety-specific shocks and it can hence …
Persistent link: https://www.econbiz.de/10010928680
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Volatility and development
Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2005
Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (iii) poor countries experience more frequent and more severe aggregate shocks...
Persistent link: https://www.econbiz.de/10010744831
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Diversification and synergies: effects on profitability
Bianca, Magda - London School of Economics (LSE) - 1997
This paper addresses the questions of the effects of diversification strategies on firms' profitability. Empirical … analyses do not seem to confirm the hypothesis that diversification is the optimal response to the presence of synergies and …
Persistent link: https://www.econbiz.de/10010744906
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Non-farm diversification and rural poverty decline: a perspective from Indian sample survey and village study data
Himanshu, Himanshu; Lanjouw, Peter; Mukhopadhyay, Abhiroop - London School of Economics (LSE) - 2011
, it is only relatively recently that rural poverty decline has become strongly linked to diversification of the village …
Persistent link: https://www.econbiz.de/10010745048
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Multiple-bank lending: diversification and free-riding in monitoring
Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2004
benefit of greater diversification in terms of higher monitoring dominates the costs of free-riding and duplication of efforts …
Persistent link: https://www.econbiz.de/10010745086
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Diversification and delegation in firms
Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2002
hazard between entrepreneurs and investors. Diversification could mitigate the moral hazard problem. However for a single … paper we show that delegation can be the only way to exploit the gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. …
Persistent link: https://www.econbiz.de/10010745110
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Do rural banks matter? evidence from the Indian social banking experiment
Burgess, Robin; Pande, Rohini - London School of Economics (LSE) - 2003
Lack of access to finance is often cited as a key reason why poor people remain poor. This paper uses data on the Indian rural branch expansion program to provide empirial evidence on this issue. Between 1977 and 1990, the Indian Central Bank mandated that a commercial bank can open a branch in...
Persistent link: https://www.econbiz.de/10010745415
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Are "market neutral" hedge funds really market neutral?
Patton, Andrew J. - London School of Economics (LSE) - 2004
One can consider the concept of market neutrality for hedge funds as having breadth and depth: breadth reflects the number of market risks to which a fund is neutral, while depth reflects the completeness of the neutrality of the fund to market risks. We focus on market neutrality depth, and...
Persistent link: https://www.econbiz.de/10010746652