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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View
Schnabl, Gunther; Hoffmann, Andreas - 2021
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...
Persistent link: https://www.econbiz.de/10013316825
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Excessive Herding in the Laboratory : The Role of Intuitive Judgments
March, Christoph - 2018
actions that contradict their high quality signals they herd more extensively than predicted by Bayes-rational herding …-Bayesian updating and informational misinferences are the two channels that drive excessive herding, while the strong (resp. mild … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …
Persistent link: https://www.econbiz.de/10012924978
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Reputational Herding in Financial Markets : A Laboratory Experiment
Roider, Andreas - 2015
We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat (2008 …
Persistent link: https://www.econbiz.de/10013029493
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Government Guarantees and Bank Risk Taking Incentives
Fischer, Markus - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10013055384
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Do Natural Hazards Cause International Migration?
Gröschl, Jasmin - 2016
per year. While not all of the affected move across borders, international migration potentially provides an adaptation … mechanism to natural hazards. The aim of this paper is to assess whether natural hazards induce international migration from a … with the World Bank's Global Bilateral Migration Database. Overall, our results suggest little evidence that natural …
Persistent link: https://www.econbiz.de/10012978452
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International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus K. - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10013028913
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Financing Higher Education in a Mobile World
Demange, Gabrielle - 2012
This paper analyzes how integrated labor markets affect the financing of higher education. For this, we employ a general-equilibrium model with overlapping generations and individuals who differ in their abilities. At the first stage, governments can choose the quality of education and the...
Persistent link: https://www.econbiz.de/10013104571
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The Effect of Terrorist Incidents on Capital Flows
Filer, Randall K. - 2013
Current literature shows a significant negative impact of terrorism on countries economies. We explore this relationship in more detail. Using an unbalanced panel of over 160 countries for up to 25 years and the Global Terrorism Database (GTD) we show a decrease in FDI as a consequence of...
Persistent link: https://www.econbiz.de/10013089605
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Human Capital and the Feldstein-Horioka Puzzle
Katsimi, Margarita - 2007
In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader …
Persistent link: https://www.econbiz.de/10012777642
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International Portfolio Flows and Exchange Rate Volatility for Emerging Markets
Caporale, Guglielmo Maria - 2015
This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over...
Persistent link: https://www.econbiz.de/10013009868