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Financial Frictions and the Persistence of History : A Quantitative Exploration

Buera, Francisco J. - 2010

We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as...

Persistent link: https://www.econbiz.de/10012462256

Why Doesn't Asia Have Bigger Bond Markets?

Eichengreen, Barry - 2004

Asia's underdeveloped bond markets and dependence on bank finance have been topics of concern since the crisis of 1997 … characteristics and macroeconomic and financial policies account fully for differences in bond market development between Asia and the … rest of the world. Once one controls for these characteristics and policies, in other words, there is no residual Asia …

Persistent link: https://www.econbiz.de/10012468117

Lessons from the Asian Crisis

Mishkin, Frederic S. - 2000

This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without appropriate conditionality for this lending, the moral hazard...

Persistent link: https://www.econbiz.de/10012470928

Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis

Kane, Edward J. - 2000

This paper supplies an agency-cost and contestable-markets perspective on the financial policies that triggered the Asian financial crisis. The agency-cost analysis hypothesizes that individual-country regulators knew that politically directed loans had made their banks insolvent, but...

Persistent link: https://www.econbiz.de/10012471262

Identification through Heteroskedasticity : Measuring "Contagion

Rigobon, Roberto - 2000

In this paper, I develop a new identification method to solve the problem of simultaneous equations, based on heteroskedasticity of the structural shocks. I show that if the heteroskedasticity can be described as a two-regime process, then the system is just identified under relatively weak...

Persistent link: https://www.econbiz.de/10012471283

Capital Flows in Asia

Ito, Takatoshi - 1999

This paper characterizes the capital flows in Asia before and after the Asian currency crisis of 1997. Differences in …

Persistent link: https://www.econbiz.de/10012471660

Heterogeneous Paths of Industrialization

Huneeus, Federico - 2020

Industrialization experiences differ significantly across countries. We use a bench-mark model of structural change to shed light on the sources of this heterogeneity and, in particular, the phenomenon of premature deindustrialization. Our analysis leads to three key findings. First, benchmark...

Persistent link: https://www.econbiz.de/10012481434

A Note on Long-Run Persistence of Public Health Outcomes in Pandemics

Lin, Peter Zhixian - 2020

Covid-19 is the single largest threat to global public health since the Spanish Influenza pandemic of 1918-20. Was the world better prepared in 2020 than it was in 1918? After a century of public health and basic science research, pandemic response and mortality outcomes should be better than in...

Persistent link: https://www.econbiz.de/10012481702

Asian American Discrimination in Harvard Admissions

Arcidiacono, Peter - 2020

Detecting racial discrimination using observational data is challenging because of the presence of unobservables that may be correlated with race. Using data made public in the SFFA v. Harvard case, we estimate discrimination in a setting where this concern is mitigated. Namely, we show that...

Persistent link: https://www.econbiz.de/10012482025

Global Pricing of Carbon-Transition Risk

Bolton, Patrick; Kacperczyk, Marcin - National Bureau of Economic Research - 2021

levels of carbon emissions (and higher annual changes)--in all sectors over three continents, Asia, Europe, and North America …

Persistent link: https://www.econbiz.de/10012482725

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