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Sovereigns versus Banks: Credit, Crises, and Consequences

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010969435

When Credit Bites Back: Leverage, Business Cycles, and Crises

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2011

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

Persistent link: https://www.econbiz.de/10009372454

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...

Persistent link: https://www.econbiz.de/10008756455

Foreign Corporations and the Culture of Transparency: Evidence from Russian Administrative Data

Braguinsky, Serguey; Mityakov, Sergey V. - National Bureau of Economic Research (NBER) - 2012

Foreign-owned firms from advanced countries carry the culture of transparency in business transactions that is orthogonal to the culture of hiding and insider dealing in many developing economies and economies in transition. In this paper, we document this using administrative data on reported...

Persistent link: https://www.econbiz.de/10009401255

Generalized Agency Problems

Morck, Randall - National Bureau of Economic Research (NBER) - 2009

Agency problems in economics virtually always entail self-interested agency exhibiting "insufficient" loyalty to principal. Social psychology also has a literature, mainly derived from work by Stanley Milgram, on issues of agency, but this emphasizes excessive loyalty -- people undergoing a...

Persistent link: https://www.econbiz.de/10005660147

International Health Economics

Philipson, Tomas; Egan, Mark - National Bureau of Economic Research (NBER) - 2013

medical innovations whose returns are earned worldwide. Because world returns drive innovation and innovation is central to … countries when governments centrally price health care. Providing world returns to medical innovation under such central pricing … benefit of medical innovation. This has the direct normative implication that medical innovations have inefficiently low world …

Persistent link: https://www.econbiz.de/10010950973

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012

if wages, in addition to prices, are sticky. Finally, we compare the single country's optimum to a coordinated world …

Persistent link: https://www.econbiz.de/10010951293

International Banking and Liquidity Risk Transmission: Lessons from Across Countries

Buch, Claudia M.; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2014

Network, established in 2012, brings together researchers from around the world with access to micro-level data on individual …

Persistent link: https://www.econbiz.de/10010951408

Comovement in GDP Trends and Cycles Among Trading Partners

Blonigen, Bruce A.; Piger, Jeremy; Sly, Nicholas - National Bureau of Economic Research (NBER) - 2012

It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...

Persistent link: https://www.econbiz.de/10011271375

Capital Mobility, Distributive Conflict, and International Tax Coordination

Rodrik, Dani; Ypersele, Tanguy van - National Bureau of Economic Research (NBER) - 1999

Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as free trade in goods, there is no guarantee that capital mobility makes everyone better off. Consequently, capital mobility may be politically unsustainable even though it...

Persistent link: https://www.econbiz.de/10005248913

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