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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V; Drechsler, Itamar; Schnabl, Philipp - C.E.P.R. Discussion Papers - 2011
-financial sector to fund the bailout may be inefficient since it weakens its incentive to invest, decreasing growth. Instead, the …
Persistent link: https://www.econbiz.de/10009365002
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The Geography of Development within Countries
Desmet, Klaus; Henderson, J Vernon - C.E.P.R. Discussion Papers - 2014
This chapter describes how the spatial distribution of economic activity changes as economies develop and grow. We start with the relation between development and rural-urban migration. Moving beyond the coarse rural-urban distinction, we then focus on the continuum of locations in an economy...
Persistent link: https://www.econbiz.de/10011084674
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Optimal capital requirements over the business and financial cycles
Malherbe, Frédéric - C.E.P.R. Discussion Papers - 2015
I propose a simple theory of intertwined business and financial cycles, where financial regulation both optimally responds to and influences the cycles. In this model, banks do not internalize the effect of their credit expansion on other banks’ expected bankruptcy costs, which leads to...
Persistent link: https://www.econbiz.de/10011165665
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Local Bias and Stock Market Conditions
Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2012
We show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of heightened market uncertainty, such as during financial crises. Similarly, the local bias is less pronounced in periods when market sentiment is strong. These results do...
Persistent link: https://www.econbiz.de/10011084583
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Debt Relief
Hayri, Aydin - C.E.P.R. Discussion Papers - 1997
This paper develops a model for pricing sovereign debt under continuous time uncertainty, allowing creditors to carry out debt reductions. Focusing on the sovereign’s willingness to pay rather than on their ability to pay, it models debt reductions as a non-cooperative game. The formulae...
Persistent link: https://www.econbiz.de/10005123716
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Sovereign Interference in Private Sector Foreign debt, examples in the 1980'S.
Applegate, C. - Research School of Economics, College of Business and … - 1993
Persistent link: https://www.econbiz.de/10004992970
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Wage Structure and Public Sector Employment: Sweden versus the United States 1970-2002
Domeij, David; Ljungqvist, Lars - C.E.P.R. Discussion Papers - 2006
Swedish census data and tax records reveal an astonishing wage compression; the Swedish skill premium fell by more than 30 percent between 1970 and 1990 while the U.S. skill premium, after an initial decline in the 1970s, rose by 8-10 percent. Since then both skill premia have increased by...
Persistent link: https://www.econbiz.de/10005661889
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Religion and Innovation
Bénabou, Roland; Ticchi, Davide; Vindigni, Andrea - C.E.P.R. Discussion Papers - 2015
In earlier work (Bénabou, Ticchi and Vindigni 2013) we uncovered a robust negative association between religiosity and patents per capita, holding across countries as well as US states, with and without controls. In this paper we turn to the individual level, examining the relationship between...
Persistent link: https://www.econbiz.de/10011213308
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The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
Desmet, Klaus; Nagy, David Krisztián; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2015
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with …
Persistent link: https://www.econbiz.de/10011252617
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Growth, Colonization, and Institutional Development: In and Out of Africa
Bertocchi, Graziella - C.E.P.R. Discussion Papers - 2011
This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader … institutional development. After reporting results from standard growth regressions, I analyze the role of Africa’s peculiar history …, which has been marked by its colonization experience. Next I discuss the potential growth impact of state fragility, a …
Persistent link: https://www.econbiz.de/10009225960