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Fiscal and Financial Crises
Bordo, Michael D. - 2016
Interconnections between banking crises and fiscal crises have a long history. We document the long-run evolution from classic banking panics towards modern banking crises where financial guarantees are associated with crisis resolution. Recent crises feature a feedback loop between bank...
Persistent link: https://www.econbiz.de/10012456615
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Debt and Deficits : Fiscal Analysis with Stationary Ratios
Campbell, John Y.; Gao, Can; Martin, Ian - National Bureau of Economic Research - 2023
We study cointegrating relationships among fiscal variables and output and use them to introduce a new measure of the government's fiscal position. In the US since World War II, we find that the primary surplus-GDP ratio and the government debt-GDP ratio are nonstationary, which invalidates...
Persistent link: https://www.econbiz.de/10014287325
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Risks in China’s Financial System
Song, Zheng Michael - 2018
Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need to evaluate these risks within China's unique...
Persistent link: https://www.econbiz.de/10012453483
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Macroprudential Regulation Versus Mopping Up After the Crash
Jeanne, Olivier - 2013
We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....
Persistent link: https://www.econbiz.de/10012459987
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...
Persistent link: https://www.econbiz.de/10012464179
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How Does the Government (Want to) Fund Science? Politics, Lobbying and Academic Earmarks
de Figueiredo, John M. - 2007
review of the evidence on the supply of earmarks by legislators. It then discusses the role of university lobbying for …
Persistent link: https://www.econbiz.de/10012465189
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Special Interest Groups and the Allocation of Public Funds
Singhal, Monica - 2006
A long-standing puzzle in the fiscal federalism literature is the empirical non-equivalence in government spending from grants and other income. I propose a fully rational model in which violations of fungibility arise from dynamic interactions between politicians and interest groups with the...
Persistent link: https://www.econbiz.de/10012466632
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Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier
Choi, Joonkyu; Penciakova, Veronika; Saffie, Felipe - National Bureau of Economic Research - 2024
We study the role of firms' political influence on the effectiveness of government spending using ARRA as a laboratory. Through an IV approach, we show that a 10 percentage points increase in the share of politically connected spending lowers the job creation effect of stimulus by 33 percent at...
Persistent link: https://www.econbiz.de/10014576603
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A Fistful of Dollars : Lobbying and the Financial Crisis
Igan, Deniz - 2011
Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on … financial institutions' lobbying and mortgage lending activities to answer this question. We find that lobbying was associated … with more risk-taking during 2000-07 and with worse outcomes in 2008. In particular, lenders lobbying more intensively on …
Persistent link: https://www.econbiz.de/10012461582
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Measuring financial contagion using general social interaction model with trade network structure
Li, Bingqing; Wang, Han; Xiao, Xinrong - In: Applied economics letters 21 (2014) 7/9, pp. 631-635
Persistent link: https://www.econbiz.de/10010414758