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Credit-Less Recoveries : The Role of Investment-Savings Imbalances
Malliaropulos, Dimitris; Balfoussia, Hiona - 2022
determining the probability that an economy experiences a credit-less recovery, following a recession. The investment–savings gap … determines the need for “external” finance of the private sector in the form of either bank credit or capital market financing …. Using a broad dataset covering 96 countries and 272 recovery episodes, we provide empirical evidence that credit …
Persistent link: https://www.econbiz.de/10014078951
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The determination of wages of newly hired employees : survey evidence on internal versus external factors
Nicolitsas, Daphne; Galuscak, Kamil; Keeney, Mary; … - 2022
This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests...
Persistent link: https://www.econbiz.de/10014080113
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Quantitative Easing and Sovereign Bond Yields : A Global Perspective
Malliaropulos, Dimitris; Migiakis, Petros M. - 2022
We document the existence of a global monetary policy factor in sovereign bond yields in a panel of 45 countries, consisting of both developed and emerging economies. This global factor is related to the size of the aggregate balance sheet of the four major central banks (Fed, ECB, Bank of Japan...
Persistent link: https://www.econbiz.de/10013491889
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Disrupted Lending Relationship and Borrower's Strategic Default : Evidence from the Tourism Industry During the Greek Economic Crisis
Malliaropulos, Dimitris; Avramidis, Panagiotis; … - 2022
Using a sample of bank loans to firms operating in the tourism industry for the period 2010-2015, and regional variation of tourism activities to identify the strategic defaulted firms, we examine the impact of Greek banks consolidation on the firms’ payment behavior. We show that a...
Persistent link: https://www.econbiz.de/10014078069
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Group Affiliation in Periods of Credit Contraction and Bank's Reaction : Evidence from the Greek Crisis
Avramidis, Panagiotis; Asimakopoulos, Ioannis; … - 2022
evidence that firms affiliated with groups are less likely to default on their bank loan during a credit crunch, compared to …
Persistent link: https://www.econbiz.de/10013492539
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Moral Hazard and Strategic Default : Evidence from Greek Corporate Loans
Malliaropulos, Dimitris; Asimakopoulos, Ioannis; … - 2022
based on the internal credit ratings of banks, we provide evidence that one out of six firms with non-performing loans are …
Persistent link: https://www.econbiz.de/10013492697