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Debt recovery in firm liquidations : do liquidation trustees matter?

Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

Persistent link: https://www.econbiz.de/10011518156

The Greek debt crisis : likely causes, mechanics and outcomes

Arghyrou, Michael Georgiou; Tsoukalas, John D. - 2010

We use insights from the literature on currency crises to offer an analytical treatment of the crisis in the market for Greek government bonds. We argue that the crisis itself and its escalating nature are very likely to be the result of: (a) steady deterioration of Greek macroeconomic...

Persistent link: https://www.econbiz.de/10008757569

Measuring inflation expectations in interwar Britain

Lennard, Jason; Meinecke, Finn; Solomou, Solomos - 2021

What caused the recovery from the British Great Depression? A leading explanation - the "expectations channel" - suggests that a shift in expected inflation lowered real interest rates and stimulated consumption and investment. However, few studies have measured, or tested the economic...

Persistent link: https://www.econbiz.de/10012669620

Secular stagnation : is immigration part of the solution?

Alves, José; Morgado, Sandro - 2022

In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the current macroeconomic dynamics faced by developed economies. Based in the existing literature, we elaborate on a workable definition of secular stagnation founded on four pillars:...

Persistent link: https://www.econbiz.de/10012815750

Disorganization and financial collapse

Marin, Dalia; Schnitzer, Monika - 2000

Recently, Blanchard and Kremer (BK) argued that disorganization has led to the output decline in the former Soviet Union. In this paper we introduce liquidity and credit constraints into the BK model and show how these problems can alleviate the hold-up problem. We argue further that barter...

Persistent link: https://www.econbiz.de/10009781618

Subprime crisis and board (in-)competence : private vs. public banks in Germany

Hau, Harald; Thum, Marcel - 2009

We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...

Persistent link: https://www.econbiz.de/10003850179

Analysis of monetary policy and financial stability : a new paradigm

Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009

This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...

Persistent link: https://www.econbiz.de/10003923247

Insurers monitor shocks to collateral : micro evidence from mortgage-backed securities

Fetzer, Thiemo; Guin, Benjamin; Netto, Felipe; Saidi, Farzad - 2024

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized assets. We address this question in the context of commercial real estate cash flow shocks, which are informationally opaque to holders of commercial mortgage-backed securities...

Persistent link: https://www.econbiz.de/10015061135

Europe's great depression : coordination failure after the first World War

Wolf, Nikolaus - 2010

In this paper I survey and reinterpret the extensive literature on Europe's Great Depression. I argue that Europe could not exploit her vast economic potential after 1918, because the war had not yet come to an end - indeed it did not end before 1945. Both, domestic and international...

Persistent link: https://www.econbiz.de/10008696770

Overvalued : Swedish monetary policy in the 1930s

Rathke, Alexander; Straumann, Tobias; Woitek, Ulrich - 2011

This paper reconsiders the role of monetary policy in Sweden's strong recovery from the Great Depression. The Riksbank in the 1930s is sometimes seen as an example of a central bank that was relatively innovative in terms of the conduct of monetary policy. To consider this analytically, we...

Persistent link: https://www.econbiz.de/10009489289

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