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The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012455214
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination...
Persistent link: https://www.econbiz.de/10012465262
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
We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be smaller in size, shorter in maturity, or lower in...
Persistent link: https://www.econbiz.de/10012481987
Urban flooding poses danger to people and places. People can adapt to this risk by moving to safer areas or by … investing in private self-protection. Places can offset some of the risk through urban planning and infrastructure investment …. By constructing a global city data set that covers the years 2012 to 2018, we test several flood risk adaptation …
Persistent link: https://www.econbiz.de/10013334356
world real GDP per capita by 7.22 percent by 2100. On the other hand, abiding by the Paris Agreement, thereby limiting the …
Persistent link: https://www.econbiz.de/10012480113
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
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
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
In recent years, Californians have voted on two key pieces of low carbon regulation. The resulting voting patterns provide an opportunity to examine the demand for carbon mitigation efforts. Household voting patterns are found to mirror the voting patterns by the U.S Congress on national carbon...
Persistent link: https://www.econbiz.de/10012458699