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IMF programs are often considered to carry a “stigma” that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...
Persistent link: https://www.econbiz.de/10012920590
The loans of the IMF, World Bank, and other multilateral development banks (MDBs) are excluded from debt restructuring …
Persistent link: https://www.econbiz.de/10014347019
The paper empirically examines the implementation record of international financial regulation of the banking sector. The study finds that the size of the banking sector and the presence of global systemically important banks (G-SIBs) are positively associated with a stronger implementation...
Persistent link: https://www.econbiz.de/10012824593
To reconcile the mixed empirical results, we develop a theoretical model whose main implication is a concave impact of regulation on the probability of a crisis. We test this relationship by applying a Probit model of a non-linear specification to annual data from 1999 to 2011 drawn from 132...
Persistent link: https://www.econbiz.de/10012866557
We first present a simple model of post-crisis policymaking driven by both public and private interests. Using a novel dataset covering 94 countries between 1973 and 2015, we then establish that financial crises can lead to government interventions in financial markets. Consistent with a public...
Persistent link: https://www.econbiz.de/10013224071
We propose a model that (i) provides an algorithm for measuring temporal variation in domestic violence incidence based on internet search activity and (ii) makes precise the conditions under which this measure yields less biased estimates of the domestic violence problem during periods of...
Persistent link: https://www.econbiz.de/10013315247
. The MP links significantly amplified the impact of these shocks on the rest of the world, which had a much greater impact …
Persistent link: https://www.econbiz.de/10014358332
In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time …
Persistent link: https://www.econbiz.de/10010264405
flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …
Persistent link: https://www.econbiz.de/10010266004
flexibility? to identify the optimal means of innovating to meet the given environmental objective. Thus, it can be argued that … database of patent applications from a cross-section of countries evidence is provided for the positive effect of flexibility … world economy. For a given level of policy stringency, countries with more flexible environmental policies are more likely …
Persistent link: https://www.econbiz.de/10010266020