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The nature of financial and real business cycles : the great moderation and banking sector pro-cyclicality
Égert, Balázs; Sutherland, Douglas - 2012
This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...
Persistent link: https://www.econbiz.de/10009540104
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The contribution of human capital and its policies to per capita income in Europe and the OECD
Égert, Balázs; Botev, Jarmila; Turner, David - 2020
This paper studies empirically the effect of education policies on human capital and per capita income. The results suggest for European and OECD countries that higher attendance at pre-primary education, greater autonomy of schools and universities, a lower student-to-teacher ratio, higher age...
Persistent link: https://www.econbiz.de/10012388211
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Financial system architecture and the patterns of international trade
Amissah, Emmanuel Bentum; Bougheas, Spiros P.; Defever, … - 2016
Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two way relationship between countries' financial system architecture and their comparative advantage. Countries specialising in bank dependent sectors...
Persistent link: https://www.econbiz.de/10011492076
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Cooperative credit banks and economic fluctuations : the Italian case
Caporale, Guglielmo Maria; Alessi, Matteo - 2024
This paper analyses lending behaviour and economic fluctuations in the Italian banking system as a whole and in the case of the Cooperative Credit Banks (CCBs) using time series data from 2000Q1 to 2022Q4. The specified models include the main determinants of loans to households and firms. In...
Persistent link: https://www.econbiz.de/10014478293
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Unemployment and finance : how do financial and labour market factors interact?
Gatti, Donatella; Rault, Christophe; Vaubourg, Anne-Gaël - 2009
Using annual data for 18 OECD countries over the period 1980-2004, we investigate how labour and financial factors interact to determine unemployment by estimating a dynamic panel model using the system generalized method of moments (GMM). We show that the impact of financial variables depends...
Persistent link: https://www.econbiz.de/10003923648
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Anticipated consumption and its impact on capital accumulation and growth : 'Forward-Looking' vs. 'Backward-Looking' consumption reference
Monteiro, Goncalo; Turnovsky, Stephen J. - 2013
It has long been argued that the anticipations of some future event will impact current consumption and well-being in … model, by assuming that in addition to his own current consumption, an agentś current utility depends upon a reference … consumption level that is based on expected future consumption. Two alternative specifications of the anticipated future …
Persistent link: https://www.econbiz.de/10010223402
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Religion and growth
Becker, Sascha O.; Rubin, Jared; Woessmann, Ludger - 2023
We use the elements of a macroeconomic production function-physical capital, human capital, labor, and technology-together with standard growth models to frame the role of religion in economic growth. Unifying a growing literature, we argue that religion can enhance or impinge upon economic...
Persistent link: https://www.econbiz.de/10014383297
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Investment in relationship-specific assets : does finance matter?
Strieborny, Martin; Kukenova, Madina - 2011
Existing literature sees opportunistic behaviour of contractual partners as the main reason why rational agents underinvest in relationship-specific assets. We look beyond this well-know holdup problem and argue that financial vulnerability and short-term planning horizon can also lead to such...
Persistent link: https://www.econbiz.de/10009010059
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Rent seeking, capital accumulation, and macroeconomic growth
Heijdra, Ben J.; Heijnen, Pim - 2023
production side features one sector producing the capital good and two consumption goods sectors. All sectors operate under … constant returns to scale technology with human and physical capital as inputs. One of the consumption goods sectors is a …
Persistent link: https://www.econbiz.de/10014431164
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Financial development, financial fragility, and growth
Loayza, Norman; Rancière, Romain - 2002
This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...
Persistent link: https://www.econbiz.de/10011409380