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Never Waste a Good Crisis : An Historical Perspective on Comparative Corporate Governance
Morck, Randall - 2009
Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of...
Persistent link: https://www.econbiz.de/10012463607
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Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
Kane, Edward J. - 2007
National safety nets are imbedded in country-specific regulatory cultures that encompass contradictory goals of nationalistic welfare maximization, merciful treatment of distressed institutions, and bureaucratic blame avoidance. Focusing on this goal conflict, this paper develops two hypotheses....
Persistent link: https://www.econbiz.de/10012465053
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Fighting Crises
Gorton, Gary - 2016
In fighting a financial crisis, opacity (keeping the names of banks borrowing at emergency lending facilities secret) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the perceived average quality of all banks' assets. Opacity...
Persistent link: https://www.econbiz.de/10012455893
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Disasters Risk and Business Cycles
Gourio, François - 2009
shocks to aggregate uncertainty, I introduce a small, time-varying risk of economic disaster in a standard real business … cycle model. The paper establishes two simple theoretical results: first, when the probability of disaster is constant, the … risk of disaster does not affect the path of macroeconomic aggregates - a "separation theorem" between macroeconomic …
Persistent link: https://www.econbiz.de/10012463250
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The Economic and Policy Consequences of Catastrophes
Pindyck, Robert S. - 2009
How likely is a catastrophic event that would substantially reduce the capital stock, GDP and wealth? How much should society be willing to pay to reduce the probability or impact of a catastrophe? We answer these questions and provide a framework for policy analysis using a general equilibrium...
Persistent link: https://www.econbiz.de/10012463277
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COVID-19, Government Performance, and Democracy : Survey Experimental Evidence from 12 Countries
Becher, Michael; Longuet Marx, Nicolas; Pons, Vincent; … - National Bureau of Economic Research - 2021
Beyond its immediate impact on public health and the economy, the COVID-19 pandemic has put democracy under stress. While a common view is that people should blame the government rather than the political system for bad crisis management, an opposing view is that dissatisfaction with government...
Persistent link: https://www.econbiz.de/10012696423
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Organizing Crisis Innovation : Lessons from World War II
Gross, Daniel P. - 2020
World War II was one of the most acute emergencies in U.S. history, and the first where the mobilization of science and technology was a major part of the government response. The U.S. Office of Scientific Research and Development (OSRD) led a major research effort to develop technologies and...
Persistent link: https://www.econbiz.de/10012482128
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Sizing up Corporate Restructuring in the COVID Crisis
Greenwood, Robin - 2020
In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to...
Persistent link: https://www.econbiz.de/10012482323
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Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
Farhi, Emmanuel - 2009
The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance...
Persistent link: https://www.econbiz.de/10012463512
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Inadequacy of Nation-Based and VaR-Based Safety Nets in the European Union
Kane, Edward J. - 2006
Considered as a social contract, a financial safety net imposes duties and confers rights on different sectors of the economy. Within a nation, elements of incompleteness inherent in this contract generate principal-agent conflicts that are mitigated by formal agreements, norms, laws, and the...
Persistent link: https://www.econbiz.de/10012466499