Narrow search
Showing 1 - 4 of 4
Cover Image
EXIM's Exit : The Real Effects of Trade Financing by Export Credit Agencies
Kabir, Poorya; Matray, Adrien; Mueller, Karsten; Xu, Chenzi - National Bureau of Economic Research - 2024
We study the role of export credit agencies--the predominant tool of industrial policy--on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a...
Persistent link: https://www.econbiz.de/10014468219
Cover Image
Real Effects of Stabilizing Private Money Creation
Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022
We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency...
Persistent link: https://www.econbiz.de/10013210088
Cover Image
Banking Crises in Historical Perspective
Frydman, Carola; Xu, Chenzi - National Bureau of Economic Research - 2023
This paper surveys the recent empirical literature on historical banking crises, defined as events taking place before 1980. Advances in data collection and identification have provided new insights into the causes and consequences of crises both immediately and over the long run. We highlight...
Persistent link: https://www.econbiz.de/10014248010
Cover Image
Liquidity, Debt Denomination, and Currency Dominance
Coppola, Antonio; Krishnamurthy, Arvind; Xu, Chenzi - National Bureau of Economic Research - 2023
We provide a liquidity-based theory for the dominant use of the US dollar as the unit of denomination in global debt … endogenously raises its liquidity, incentivizing more issuance. We rationalize features of the current dollar …-dominant international financial architecture and relate our theory to historical experiences, such as the prominence of the Dutch florin and …
Persistent link: https://www.econbiz.de/10014226181