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The Neoclassical Growth of China
Fernández-Villaverde, Jesús; Ohanian, Lee E.; Yao, Wen - 2023
This paper studies China’s four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China’s growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...
Persistent link: https://www.econbiz.de/10014347723
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Carbon Default Swap - Disentangling the Exposure to Carbon Risk Through CDS
Blasberg, Alexander; Kiesel, Ruediger; Taschini, Luca - 2022
Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that carbon risk affects firms’ credit spread. The effect is larger for European than North American firms and varies substantially across industries, suggesting the market recognises...
Persistent link: https://www.econbiz.de/10014243102
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The Political Economy of the G20 Agenda on Financial Regulation
Schuknecht, Ludger - 2020
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
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Regulation, Financial Crises, and Liberalization Traps
Marchionne, Francesco - 2019
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
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Financial Policymaking after Crises : Public vs. Private Interests
Saka, Orkun; Ji, Yuemei; De Grauwe, Paul - 2021
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
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Quantifying Domestic Violence in Times of Crisis
Anderberg, Dan; Rainer, Helmut; Siuda, Fabian - 2021
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
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Multinational Production and Global Shock Propagation During the Great Recession
Li, Haishi - 2023
. 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
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Sectoral Okun's Law and Cross-Country Cyclical Differences
Goto, Eiji - 2020
We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the US, the UK, Japan, and Switzerland to test several hypotheses that may explain why the aggregate Okun's coeffcients are different across countries. Specifically, we show that...
Persistent link: https://www.econbiz.de/10012841145
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Inequality Undermines Democracy and Growth
Gylfason, Thorvaldur - 2019
growth across the globe. In a large sample of countries, equality in the distribution of income as measured by the World Bank … and by The Standardized World Income Inequality Database are seen to be correlated with economic diversification, the rule … in the World Values Survey, and democracy, all of which are good for growth as reflected in the purchasing power of per …
Persistent link: https://www.econbiz.de/10012892099
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Top Lights - Bright Cities and Their Contribution to Economic Development
Bluhm, Richard - 2019
The commonly-used satellite images of nighttime lights fail to capture the true brightness of most cities. We show that night lights are a reliable proxy for economic activity at the city level, provided they are first corrected for top-coding. We present a stylized model of urban luminosity and...
Persistent link: https://www.econbiz.de/10012892172