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Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans
Giannetti, Mariassunta; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2008
We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that lead banks offer smaller loans at a higher interest rate to more culturally distant borrowers. Furthermore, lead...
Persistent link: https://www.econbiz.de/10005792327
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War and Relatedness
Spolaore, Enrico; Wacziarg, Romain - C.E.P.R. Discussion Papers - 2009
that affect conflict, including measures of trade and democracy. …We develop a theory of interstate conflict in which the degree of genealogical relatedness between populations has a … positive effect on their conflict propensities because more closely related populations, on average, tend to interact more and …
Persistent link: https://www.econbiz.de/10005061475
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When is Democracy an Equilibrium? Theory and Evidence from Colombia's La Violencia
Chacón, Mario; Robinson, James A; Torvik, Ragnar - C.E.P.R. Discussion Papers - 2006
The conventional wisdom in political science is that for a democracy to be consoliated, all groups must have a chance … to attain power. If they do not then they will subvert democracy and choose to fight for power. In this paper we show … model, we show that democracy may never be consolidated in such a situation. Rather, democracy may only be stable when one …
Persistent link: https://www.econbiz.de/10005656168
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Democratization and Civic Capital
Guiso, Luigi; Pinotti, Paolo - C.E.P.R. Discussion Papers - 2012
and civic culture differs across communities. We also find that extension of voting rights to non-elites results in a …
Persistent link: https://www.econbiz.de/10011084163
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The Impact of Economics Blogs
McKenzie, David J.; Özler, Berk - C.E.P.R. Discussion Papers - 2011
There is a proliferation of economics blogs, with increasing numbers of economists attracting large numbers of readers, yet little is known about the impact of this new medium. Using a variety of experimental and non-experimental techniques, we try to quantify some of their effects. First, links...
Persistent link: https://www.econbiz.de/10009293990
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Comparing the Early Research Performance of PhD Graduates in Labour Economics in Europe and the USA
Cardoso, Ana Rute; Guimaraes, Paulo; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2009
This paper analyzes the early research performance of PhD graduates in labor economics, addressing the following questions: Are there major productivity differences between graduates from American and European institutions? If so, how relevant is the quality of the training received (i.e....
Persistent link: https://www.econbiz.de/10004979475
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008692318
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Micro, Macro, and Strategic Forces in International Trade Invoicing
Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2009
The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter’s invoicing choice reflects structural aspects of her industry, such as market share and...
Persistent link: https://www.econbiz.de/10008496452
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Whence Policy? Government Policies, Finance, and Economic Integration
Bertola, Giuseppe; Lo Prete, Anna - C.E.P.R. Discussion Papers - 2010
Economic integration may directly increase the need for private funding of consumption and investment, and should make it difficult for national governments to repress financial markets and to enforce redistribution policies that substitute private contractual arrangements. We analyze the...
Persistent link: https://www.econbiz.de/10008468654
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The Macroeconomic Costs and Benefits of the EMU and other Monetary Unions: An Overview of Recent Research
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2009
This article provides an overview of recent research into the macroeconomic costs and benefits of monetary unification. We are primarily interested in Europe’s monetary union. Given that unification entails the loss of a policy instrument its potential benefits have to be found elsewhere....
Persistent link: https://www.econbiz.de/10008477181