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Is finance good for growth? : new evidence from China
Chen, Jingzhu; Ji, Yuemei - 2022
We study the relationship between finance and growth using a sample of 275 Chinese cities during 2009-2018. We exclude a large amount of bank loans to local governments through the local government financing vehicles (LGFVs). This allows us to construct a new and better financial development...
Persistent link: https://www.econbiz.de/10013337564
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Securitization of mortgage debt, asset prices and international risk sharing
Hoffmann, Mathias; Nitschka, Thomas - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption risk sharing: we find that countries with the most...
Persistent link: https://www.econbiz.de/10003806732
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Risk-sharing and contagion in networks
Cabrales, Antonio; Gottardi, Piero; Vega-Redondo, Fernando - 2014 - This version: January 15, 2014
We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs resulting from an increased risk exposure. We find that when the shock distribution displays "fat" tails, extreme segmentation into small components is optimal, while minimal...
Persistent link: https://www.econbiz.de/10010260030
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Bank bonus pay as a risk sharing contract
Efing, Matthias; Hau, Harald; Kampkötter, Patrick; … - 2019
We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs earnings shocks....
Persistent link: https://www.econbiz.de/10011966886
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Competition and risk taking in local bank markets : evidence from the business loans segment
Canta, Chiara; Nilsen, Øivind Anti; Ulsaker, Simen A. - 2023
This paper studies empirically the relationship between competition and risk taking in banking markets. We exploit an unique dataset providing information about all bank loans to Norwegian firms over several years. Rather than relying on observed market shares, we use the distance between bank...
Persistent link: https://www.econbiz.de/10014284697
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'By a silken thread' : regional banking integration and pathways to financial development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - 2013
How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...
Persistent link: https://www.econbiz.de/10009691621
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Modelling the Egyptian shadow economy : a currency demand and a MIMIC model approach
Hassan, Mai; Schneider, Friedrich - 2016 - January, 20th 2016, Preliminary draft
estimate the size of the shadow economy in Egypt during the last four decades (1976 to 2013). In addition to the standard …
Persistent link: https://www.econbiz.de/10011418009
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A macroeconomic analysis of energy subsidies in a small open economy
Glomm, Gerhard; Jung, Jürgen - 2015
sector production. The model is calibrated to Egypt and used to study reforms such as reductions in energy subsidies with …
Persistent link: https://www.econbiz.de/10010479353
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Between hope and despair : Egypt's revolution and migration intentions
Giesing, Yvonne; Hassan, Reem - 2021
Young People in Egypt (HSYPE). Difference-in-difference estimations show that the revolution significantly decreased the …
Persistent link: https://www.econbiz.de/10012602185
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Energy expenditure in Egypt : empirical evidence based on a quantile regression approach
Belaïd, Fateh; Rault, Christophe - 2021
This paper investigates the key factors affecting household energy expenditure in Egypt. Based upon the latest 2015 … Egypt are mainly due to variations in income, household size, and housing type. Our findings document substantial … policy implications regarding residential energy efficiency and carbon emissions reduction in Egypt. …
Persistent link: https://www.econbiz.de/10012415423