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Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century
Rajan, Raghuram G.; Ramcharan, Rodney - National Bureau of Economic Research (NBER) - 2009
concentrated land holdings tend to have disproportionately fewer banks per capita in the 1920s. Banks were especially scarce both …, suggesting support for a political economy explanation. Counties with high land concentration and fewer banks also had higher …
Persistent link: https://www.econbiz.de/10005055401
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Landed Interests and Financial Underdevelopment in the United States
Rajan, Raghuram G.; Ramcharan, Rodney - National Bureau of Economic Research (NBER) - 2008
the county level, counties with very concentrated land holdings tended to have disproportionately fewer banks per capita …. Banks were especially scarce both when landed elites' incentive to suppress finance, as well as their ability to exercise …
Persistent link: https://www.econbiz.de/10005718258
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Financing Development: The Role of Information Costs
Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng - National Bureau of Economic Research (NBER) - 2007
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10005720318
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International Liquidity and Exchange Rate Dynamics
Gabaix, Xavier; Maggiori, Matteo - National Bureau of Economic Research (NBER) - 2014
We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...
Persistent link: https://www.econbiz.de/10011196774
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008627145
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Assessing Asset Pricing Models Using Revealed Preference
Berk, Jonathan B.; Binsbergen, Jules H. van - National Bureau of Economic Research (NBER) - 2014
We propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate...
Persistent link: https://www.econbiz.de/10011144243
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Collateral Crises
Gorton, Gary; Ordonez, Guillermo L. - National Bureau of Economic Research (NBER) - 2012
Short-term collateralized debt, such as demand deposits and money market instruments - private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally-insensitive debt, firms...
Persistent link: https://www.econbiz.de/10009421979
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Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis
Howitt, Peter; Ashraf, Quamrul; Gershman, Boris - National Bureau of Economic Research (NBER) - 2011
This paper is an exploratory analysis of the role that banks play in supporting the mechanism of exchange. It considers … helping the economy to approximate equilibrium prices that no individual is able to calculate. Banks affect macroeconomic … how they are resolved. Our analysis sheds new light on the conflict between micro-prudential bank regulation and …
Persistent link: https://www.econbiz.de/10009652786
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How Does Government Borrowing Affect Corporate Financing and Investment?
Roberts, Michael R.; Graham, John; Leary, Mark T. - National Bureau of Economic Research (NBER) - 2014
Using a novel dataset of accounting and market information that spans most publicly traded nonfinancial firms over the last century, we show that U.S. federal government debt issuance significantly affects corporate financial policies and balance sheets through its impact on investors' portfolio...
Persistent link: https://www.econbiz.de/10010951425
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Effects of Unconventional Monetary Policy on Financial Institutions
Chodorow-Reich, Gabriel - National Bureau of Economic Research (NBER) - 2014
banks and especially on life insurance companies. I interpret the positive effects on life insurers as expansionary policy … recapitalizing the sector by raising the value of legacy assets. Expansionary policy had small positive or neutral effects on banks …
Persistent link: https://www.econbiz.de/10010822020