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The cost of decentralization : linguistic polarization and the provision of education

Cinnirella, Francesco; Schüler, Ruth M. - 2016

In this paper we argue that different preferences in a decentralized system lead to under provision of public goods. We analyze the provision of public primary education in nineteenth-century Prussia which was characterized by a linguistically polarized society and a decentralized education...

Persistent link: https://www.econbiz.de/10011474691

Systemic risk and the great depression

Das, Sanjiv R.; Mitchener, Kris; Vossmeyer, Angela - 2018

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … commercial banking system (i.e., the network's topology) created more inherent fragility, but systemic risk was nevertheless … banking crisis that occurred between 1930-33 raised systemic risk per bank by 33% and increased the riskiness of the very …

Persistent link: https://www.econbiz.de/10011952053

How do financial crises redistribute risk?

Mitchener, Kris; Vossmeyer, Angela - 2023

We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...

Persistent link: https://www.econbiz.de/10014323137