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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
leverage, the optimum and excessive risk and the probability of a debt crisis. The theoretically founded early warning signals … crisis ; optimal leverage and debt ratios ; Congressional Oversight Panel ; Case-Shiller index …
Persistent link: https://www.econbiz.de/10003936616
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Corporate debt and stock returns : evidence from U.S. firms during the 2020 oil crash
Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022
to a 0.44 percent decline in stock prices. Second, results point to the "irrelevance" of debt in mediating the effect of … the role of debt for oil firms. …
Persistent link: https://www.econbiz.de/10013205096
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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
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Re-examining the decline in the US saving rate : the impact of mortgage equity withdrawal
Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - 2012
In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since … when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may … affect the saving rate. We estimate a Vector Error Correction (VEC) model including the saving rate, asset prices, equity …
Persistent link: https://www.econbiz.de/10009571747
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Incentives to work and performance in the public sector
Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2015
This paper develops a dynamic general equilibrium model with three distinct social groups, capitalists, private workers and public employees. After solving for the status quo equilibrium, which can mimic the advantages of employment in the public sector in most EU countries, the paper looks for...
Persistent link: https://www.econbiz.de/10010477149
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Application of stochastic optimal control to financial market debt crises
Stein, Jerome L. - 2009
recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large … capital gain, the return on capital and the interest rate. An optimal debt ratio is derived where the drift is probabilistic …, does not depend upon the actual debt/net worth per se. Instead it increases in proportion to the difference between the …
Persistent link: https://www.econbiz.de/10003807893
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Stochastic optimal control modeling of debt crises
Stein, Jerome L. - 2003
What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and … evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The … explain the implications of DP. An explicit example is the US Agricultural debt crisis. …
Persistent link: https://www.econbiz.de/10011509487
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Resolving intergenerational conflict over the environment under the Pareto criterion
Andersen, Torben M.; Bhattacharya, Joydeep; Liu, Pan - 2016 - This Version: August 10, 2016
pay off the debt, that too, in finite time. Along the transition, every generation faces less pollution, consumes more and …
Persistent link: https://www.econbiz.de/10011522140
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Does it pay to fulfill the Maastricht convergence criteria? : reflections on the public debt and growth nexus for selected European economies
Bökemeier, Bettina; Clemens, Christiane - 2016
show that growth is higher if the debt to GDP ratio is below 60 % compared to values above it. Moreover, a comparison with …
Persistent link: https://www.econbiz.de/10011557773
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Does debt maturity matter for investment decisions?
Nam, Chang-woon; Radulescu, Doina - 2004
when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial … the investment is debt-financed, the interest payment additionally reduces the corporate tax base. The research findings … optimum debt maturity tends to correlate positively with the corporate tax rate but negatively with the interest rate. In the …
Persistent link: https://www.econbiz.de/10011402695