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Financial Development in 205 Economies, 1960 to 2010

Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013

This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...

Persistent link: https://www.econbiz.de/10010969344

Landed Interests and Financial Underdevelopment in the United States

Rajan, Raghuram G.; Ramcharan, Rodney - National Bureau of Economic Research (NBER) - 2008

Landed elites in the United States in the early decades of the twentieth century played a significant role in restricting the development of finance. States that had higher land concentration passed more restrictive banking legislation. At the county level, counties with very concentrated land...

Persistent link: https://www.econbiz.de/10005718258

Investor Protection and Interest Group Politics

Bebchuk, Lucian; Neeman, Zvika - National Bureau of Economic Research (NBER) - 2007

We model how lobbying by interest groups affects the level of investor protection. In our model, insiders in existing public companies, institutional investors (financial intermediaries), and entrepreneurs who plan to take companies public in the future, compete for influence over the...

Persistent link: https://www.econbiz.de/10005828985

Is Financial Globalization Beneficial?

Mishkin, Frederic - National Bureau of Economic Research (NBER) - 2005

This lecture examines whether financial globalization is beneficial to developing countries by first examining the evidence on financial development and economic growth and concludes that financial development is indeed a key element in promoting economic growth. It then asks why if financial...

Persistent link: https://www.econbiz.de/10005089112

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

Economists have argued that a high concentration of land holdings in a country can create powerful interest groups that retard the creation of economic institutions, and thus hold back economic development. Could these arguments apply beyond underdeveloped countries with backward political...

Persistent link: https://www.econbiz.de/10005055401

Markets and Housing Finance

Warnock, Veronica Cacdac; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2007

We examine the extent to which markets enable the provision of housing finance across a wide range of countries. Housing is a major purchase requiring long-term financing, and the factors that are associated with well functioning housing finance systems are those that enable the provision of...

Persistent link: https://www.econbiz.de/10005064838

Asset Pricing in the Dark: The Cross Section of OTC Stocks

Ang, Andrew; Shtauber, Assaf A.; Tetlock, Paul C. - National Bureau of Economic Research (NBER) - 2013

Over-the-counter (OTC) stocks are far less liquid, disclose less information, and exhibit lower institutional holdings than listed stocks. We exploit these different market conditions to test theories of cross-sectional return premiums. Compared to premiums in listed markets, the OTC illiquidity...

Persistent link: https://www.econbiz.de/10010950781

Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity

Robinson, David T.; Sensoy, Berk A. - National Bureau of Economic Research (NBER) - 2011

Public and private equity waves move together. Using quarterly cash-flow data for a large sample of venture capital and buyout funds from 1984-2010, we investigate the implications of this co-cyclicality for understanding private equity cash flows and performance. In the cross-section, varying...

Persistent link: https://www.econbiz.de/10009294903

Government Policy and Ownership of Financial Assets

Rydqvist, Kristian; Spizman, Joshua; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2011

Since World War II, direct stock ownership by households across the globe has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership...

Persistent link: https://www.econbiz.de/10009325539

How Much Do Banks Use Credit Derivatives to Reduce Risk?

Minton, Bernadette A.; Stulz, René; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2005

This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess … of one billion dollars. Using the Federal Reserve Bank of Chicago Bank Holding Company Database, we find that in 2003 … represent on average two thirds of the assets of bank holding companies with assets in excess of $1 billion. Few banks are net …

Persistent link: https://www.econbiz.de/10005718877

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