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Consumption risk sharing over the business cycle: the role of small firms' access to credit markets

Hoffmann, Mathias; Shcherbakova, Iryna - 2009

firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …

Persistent link: https://www.econbiz.de/10010264555

On the influence of oil prices on stock markets : evidence from panel analysis in GCC countries

Arouri, Mohamed El Hedi; Rault, Christophe - 2009

This paper implements recent bootstrap panel cointegration techniques and Seemingly Unrelated regression (SUR) methods to investigate the existence of a long-run relationship between oil prices and Gulf Corporation Countries (GCC) stock markets. Since GCC countries are major world energy market...

Persistent link: https://www.econbiz.de/10010270599

Hoarding of international reserves: Mrs Machlup's wardrobe and the joneses

Cheung, Yin-Wong; Qian, Xingwang - 2007

Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...

Persistent link: https://www.econbiz.de/10010276301

Hoarding of International Reserves : Mrs Machlup's Wardrobe and the Joneses

Cheung, Yin-Wong; Qian, Xingwang - 2021

Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping-up-with-the-Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...

Persistent link: https://www.econbiz.de/10013316903

Does the Chinese interest rate follow the US interest rate?

Cheung, Yin-Wong; Tam, Dickson; Yiu, Matthew S. - 2007

One argument for floating the Chinese renminbi (RMB) is to insulate China's monetary policy from the US effect. However, we note that both theoretical considerations and empirical results do not offer a definite answer on the link between exchange rate arrangement and policy dependence. We...

Persistent link: https://www.econbiz.de/10010264088

Does high inflation cause central bankers to lose their job?: evidence based on a new data set

Dreher, Axel; Sturm, Jan-Egbert; de Haan, Jakob - 2007

This paper introduces new data on the term in office of central bank governors in 137 countries for 1970-2004. Our panel models show that the probability that a central bank governor is replaced in a particular year is positively related to the share of the term in office elapsed, political and...

Persistent link: https://www.econbiz.de/10010274039

Does High Inflation Cause Central Bankers to Lose Their Job? Evidence Based on a New Data Set

Dreher, Axel; Sturm, Jan-Egbert; de Haan, Jakob - 2021

Persistent link: https://www.econbiz.de/10013316991

Firms' financial choices and thin capitalization rules under corporate tax competition

Haufler, Andreas; Runkel, Marco - 2008

Thin capitalization rules have become an important element in the corporate tax systems of developed countries. This paper sets up a model where national and multinational firms choose tax-efficient financial structures and countries compete for multinational firms through statutory tax rates...

Persistent link: https://www.econbiz.de/10010264461

On the Capital Structure of Foreign Subsidiaries : Evidence from a Panel Data Quantile Regression Model

Miniaci, Raffaele; Panteghini, Paolo - 2021

This paper studies how variations in tax rates and profitability affect the (unconditional) quantiles of the distribution of the leverage of European foreign owned subsidiaries in the presence of unobserved company characteristics, possibly correlated with their observable dimensions. To achieve...

Persistent link: https://www.econbiz.de/10013226660

Real convergence, price level convergence and inflation differentials in Europe

Égert, Balázs - 2007

root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors … important drivers of inflation rates in an enlarged Europe. House prices matter to some extent in the euro area, whereas the …

Persistent link: https://www.econbiz.de/10010264234