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Financial Reform in Israel: A Case of Gradualism
Bufman, Gil; Leiderman, Leonardo - C.E.P.R. Discussion Papers - 1994
the process of financial opening and liberalization which began shortly afterwards. In contrast to the disinflation policy … of 1985, the process of financial liberalization that started in 1987 proceeded in a slow and gradual mode. No official … deepen the reforms at the present time. This paper discusses the main elements of financial liberalization in Israel and …
Persistent link: https://www.econbiz.de/10005504427
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Banking Crises and Bank Rescues: The Role of Reputation
Corbett, Jennifer; Mitchell, Janet - C.E.P.R. Discussion Papers - 2000
This paper focuses on bank rescue packages and on the behaviour of troubled banks in light of rescue offers. A puzzling feature of experience with banking crises is that in many cases policy authorities make offers of bank rescue, and banks are reluctant to accept these offers. We study...
Persistent link: https://www.econbiz.de/10005504727
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Services Reform and Manufacturing Performance: Evidence from India
Arnold, Jens; Javorcik, Beata; Lipscomb, Molly; Mattoo, … - C.E.P.R. Discussion Papers - 2010
Conventional explanations for the post-1991 growth of India’s manufacturing sector focus on goods trade liberalization … index of services liberalization resulted in a productivity increase of 11.7 percent for domestic firms and 13.2 percent for …
Persistent link: https://www.econbiz.de/10008642887
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Economic Transformation and the Reform of the Financial System in Central and Eastern Europe
Székely, Istvan P. - C.E.P.R. Discussion Papers - 1993
The paper investigates those aspects of economic transformation and long-term economic development where financial institutions can and should make a contribution. It also investigates the financial services industry as a sector and tries to point out the conditions which can enable financial...
Persistent link: https://www.econbiz.de/10005661810
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Financial Restraints and Liberalization in Postwar Europe
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999
In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually … policies, but have undermined fiscal discipline and monetary control. Upon liberalization, the rent created by financial …
Persistent link: https://www.econbiz.de/10005067433
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Does access to credit improve productivity? Evidence from Bulgarian firms
Gatti, Roberta; Love, Inessa - C.E.P.R. Discussion Papers - 2008
Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth at the microeconomic level is scant. Using data from a cross section of Bulgarian firms, we estimate the impact of access to credit, as...
Persistent link: https://www.econbiz.de/10005791591
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Uncertainty Aversion and Systemic Risk
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
We propose a new theory of systemic risk based on Knightian uncertainty (or "ambiguity"). We show that, due to uncertainty aversion, beliefs on future asset returns are endogenous, and bad news on one asset class induces investors to be more pessimistic about other asset classes as well. This...
Persistent link: https://www.econbiz.de/10011213303
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Insolvency After the 2005 Bankruptcy Reform
Albanesi, Stefania; Nosal, Jaromir - C.E.P.R. Discussion Papers - 2015
Using a comprehensive panel data set on U.S. households, we study the effects of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), the most substantive reform of personal bankruptcy in the United States since the Bankruptcy Reform Act of 1978. The 2005 legislation...
Persistent link: https://www.econbiz.de/10011252618
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Bank Networks: Contagion, Systemic Risk and Prudential Policy
Aldasoro, Iñaki; Delli Gatti, Domenico; Faia, Ester - C.E.P.R. Discussion Papers - 2015
We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded quantities are determined by means of a...
Persistent link: https://www.econbiz.de/10011252622
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Government Guarantees and Financial Stability
Allen, Franklin; Carletti, Elena; Goldstein, Itay; … - C.E.P.R. Discussion Papers - 2015
Government guarantees to financial institutions are intended to reduce the likelihood of runs and bank failures, but are also usually associated with distortions in banks’ risk taking decisions. We build a model to analyze these trade-offs based on the global-games literature and its...
Persistent link: https://www.econbiz.de/10011266536