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A Minimum of Rivalry: Evidence from Transition Economies on the Importance of Competition for Innovation and Growth

Carlin, Wendy; Schaffer, Mark E; Seabright, Paul - C.E.P.R. Discussion Papers - 2004

competition in market economies. We find evidence of the importance of a minimum of rivalry in both innovation and growth: the …This Paper examines the importance of competition in the growth and development of firms. We make use of the large …-scale natural experiment of the shift from an economic system without competition to a market economy to shed light on the factors …

Persistent link: https://www.econbiz.de/10005067370

Time Based Competition and Innovation

Thesmar, David; Thoenig, Mathias - C.E.P.R. Discussion Papers - 2002

By choosing their organizations, firms trade-off productive efficiency and time spent in implementing innovation. We … impact of time in firm competition: in addition to weighing costs and benefits of late adoption, firms use time as a … strategic variable through the possibility of overtaking their competitors. Due to this very specificity of time competition …

Persistent link: https://www.econbiz.de/10005067458

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century’s first global...

Persistent link: https://www.econbiz.de/10009201122

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014

This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time … liquidity is driven primarily by uncertainty (VIX), US monetary policy (term premia), and UK and Euro Area bank conditions … tools, and bank regulation. …

Persistent link: https://www.econbiz.de/10011145399

A Dynamic Model of Banking with Uninsurable Risks and Regulatory Constraints

Mankart, Jochen; Michaelides, Alexander; Pagratis, Spyros - C.E.P.R. Discussion Papers - 2014

are highly procyclical, bank failures strongly countercyclical and increasing in leverage. Tightening capital requirements …

Persistent link: https://www.econbiz.de/10011145408

Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy

Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014

behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates … income gap also predicts the sensitivity of bank lending to interest rates, both for commercial & industrial loans and for … mortgages. Quantitatively, a 100 basis point increase in the Fed funds rate leads a bank at the 75th percentile of the income …

Persistent link: https://www.econbiz.de/10011145414

Capital Regulation in a Macroeconomic Model with Three Layers of Default

Clerc, Laurent; Derviz, Alexis; Mendicino, Caterina; … - C.E.P.R. Discussion Papers - 2014

We develop a dynamic general equilibrium model for the positive and normative analysis of macroprudential policies. Optimizing financial intermediaries allocate their scarce net worth together with funds raised from saving households across two lending activities, mortgage and corporate lending....

Persistent link: https://www.econbiz.de/10011145438

Banking Integration and House Price Comovement

Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014

The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first...

Persistent link: https://www.econbiz.de/10011145450

Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability

Mariathasan, Mike; Merrouche, Ouarda; Werger, Charlotte - C.E.P.R. Discussion Papers - 2014

The recent crisis has shown that banks in distress can often expect to benefit from (implicit) government guarantees. This paper analyzes a panel of 781 banks from 90 countries to test whether the expectation of individual and systemic government support induces moral hazard. It shows that banks...

Persistent link: https://www.econbiz.de/10011145454

Option-Based Credit Spreads

Culp, Christopher L.; Nozawa, Yoshio; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2014

of asset uncertainty, and bank-related rollover risk. …

Persistent link: https://www.econbiz.de/10011145468