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Switching-track after the great recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
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Ordoliberalism, pragmatism and the Eurozone crisis : how the German tradition shaped economic policy in Europe
Feld, Lars P.; Köhler, Ekkehard A.; Nientiedt, Daniel - 2015 - This version: May 18, 2015
German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper analysis of ordoliberal thinking reveals that the...
Persistent link: https://www.econbiz.de/10010528303
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10009743745
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From collapse to constitution : the case of Iceland
Thorvaldur Gylfason - 2012
article aims to show why Iceland, after its financial collapse in 2008, is now at last on the road to adopting a new …
Persistent link: https://www.econbiz.de/10009514755
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Privatization under asymmetric information
Bös, Dieter - 2000
This paper models privatization as a cooperative game between the government, a trade union and the private … shareholders. These players kno w that privatization increases the efficiency of a firm, but only the management of the firm knows …
Persistent link: https://www.econbiz.de/10009781518
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Privatization in Italy 1993-2002 : goals, institutions, outcomes, and outstanding issues
Goldstein, Andrea - 2003
This paper describes the privatization program in Italy during the 1990s and puts that policy in the context of … macroeconomic adjustment, general market deregulation, and promotion of private investment in the provision of public infrastructure … attempts at privatization of the 1980s, delaying until 1992 the start of largescale privatizations. These were imposed on …
Persistent link: https://www.econbiz.de/10011507688
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Financial reform and banking crises
Shehzad, Choudhry Tanveer - 2009
We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to 2002, our multivariate probit modeling results...
Persistent link: https://www.econbiz.de/10003922715
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Regulation, financial crises, and liberalization traps
Marchionne, Francesco; Pisicoli, Beniamino; Fratianni, … - 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/10012030889
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Risk taking, limited liability and the competition of bank regulators
Sinn, Hans-Werner - 2001
Limited liability and asymmetric information between an investment bank and its lenders provide an incentive for a bank to undercapitalise and finance overly risky business projects. To counter this market failure, national governments have imposed solvency constraints on banks. However, these...
Persistent link: https://www.econbiz.de/10011400902
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When credit dries up : job losses in the Great Recession
Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - 2013
We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks ́health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...
Persistent link: https://www.econbiz.de/10010223447