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What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, Joshua - 2011
We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …
Persistent link: https://www.econbiz.de/10012461251
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Fiscal Stimulus and Commercial Bank Lending Under COVID-19
Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022
We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...
Persistent link: https://www.econbiz.de/10013172181
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Intrinsic Openness and Endogenous Institutional Quality
Jiao, Yang - 2017
Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or exogenous trade opportunities) affects its incentives in investing in better institutions. We...
Persistent link: https://www.econbiz.de/10012453661
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When Is Quality of Financial System a Source of Comparative Advantage?
Ju, Jiandong - 2008
Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional parameters (cost of financial intermediation,...
Persistent link: https://www.econbiz.de/10012464662
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Domestic Institutions and the Bypass Effect of Financial Globalization
Ju, Jiandong - 2007
the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012465505
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How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
Kim, Woochan - 2008
Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …
Persistent link: https://www.econbiz.de/10012464925
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Population Aging and Economic Growth : From Demographic Dividend to Demographic Drag?
Kotschy, Rainer; Bloom, David E. - National Bureau of Economic Research - 2023
throughout much of the world. Expansions of labor supply due to improvements in functional capacity among older people can …
Persistent link: https://www.econbiz.de/10014337818
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Modern Infectious Diseases : Macroeconomic Impacts and Policy Responses
Bloom, David E. - 2020
We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late 20th century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we...
Persistent link: https://www.econbiz.de/10012481305
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Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020
Jinjarak, Yothin - 2020
announcements, rather than traditional determinants like fiscal space and systematic risk, drove CDS adjustment over this period … mitigate the short-run fear of the worst economic outcomes, temporarily pushing away concerns over fiscal risk …
Persistent link: https://www.econbiz.de/10012481646
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The Long-Term Cognitive and Schooling Effects of Childhood Vaccinations in China
Oskorouchi, Hamid R. - 2020
By exploiting rich retrospective data on childhood immunization, socioeconomics, and health status in China (the China Health and Retirement Longitudinal Study), we assess the long-term effects of childhood vaccination on cognitive and educational outcomes in that country. To do so, we apply...
Persistent link: https://www.econbiz.de/10012481800