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What if firms could borrow more? : evidence from a natural experiment

Brown, James R.; Martinsson, Gustav; Thomann, Christian - 2015

We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...

Persistent link: https://www.econbiz.de/10011300345

What went wrong? : the Puerto Rican debt crisis, the "Treasury Put," and the failure of market discipline

Chirinko, Robert S.; Chiu, Ryan; Henderson, Shaina - 2019

risk premium, even though the macroeconomic fundamentals were dismal? Why did financial markets fail to exercise market … discipline and restrict capital flows to Puerto Rico? Given gloomy macroeconomic fundamentals and relatively low risk premia … cases, with the exact same maturity. The associated bond price data allow for an accurate computation of the risk premia on …

Persistent link: https://www.econbiz.de/10011987046

Uncertainty shocks and financial crisis indicators

Hristov, Nikolay; Roth, Markus - 2019

The current paper broadens the understanding of the role played by uncertainty in the context of macroeconomic fluctuations. It focuses on the implications of uncertainty shocks for indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area...

Persistent link: https://www.econbiz.de/10012103607

Systemic risk in banking, fire sales, and macroeconomic disasters

Bougheas, Spiros P.; Harvey, David I.; Kirman, Alan P.; … - 2024

We develop a dynamic computational network model of the banking system where fire sales provide the amplification mechanism of financial shocks. Each period a finite number of banks offers a large, but finite, number of loans to households. Banks with excess liquidity also offer loans to other...

Persistent link: https://www.econbiz.de/10014490902

Investors' trading behaviour and stock market volatility during crisis periods : a dual long-memory model for the Korean stock exchange

Caporale, Guglielmo Maria; Karanasos, Menelaos; Yfanti, … - 2019

This study examines the impact of investors' buy and sell trades on Korean stock market volatility across two crisis events, the Asian crisis of 1997 and the 2008 global financial crash. We investigate the trading behaviour of domestic vs. foreign and institutional vs. individual investors. Our...

Persistent link: https://www.econbiz.de/10012138660

Ten years after : Iceland's unfinished business

Thorvaldur Gylfason - 2018

This study discusses the economic, political, and judicial aftermath of Iceland's financial collapse in 2008. It considers lessons learned, or not learned, with emphasis on unsettled issues concerning the distribution of incomes and wealth, banking, and politics. The study makes three main...

Persistent link: https://www.econbiz.de/10011926337

Iceland : how could this happen?

Thorvaldur Gylfason - 2014

This paper reviews economic developments in Iceland following its financial collapse in 2008, focusing on causes and consequences of the crash. The review is presented in the context of the Nordic region, with broad comparisons also with developments elsewhere on the periphery of Europe, in...

Persistent link: https://www.econbiz.de/10010235815

Firm exports, foreign ownership, and the global financial crisis

Eppinger, Peter S.; Smolka, Marcel - 2020

The exceptional export performance of foreign-owned firms is a well-established stylized fact, but the underlying mechanism is not yet fully understood. In this paper, we provide theory and empirical evidence demonstrating that this fact can be explained by ownership differences in access to...

Persistent link: https://www.econbiz.de/10012404685

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

Networks of volatility spillovers among stock markets

Baumöhl, Eduard; Kočenda, Evžen; Lyócsa, Štefan; … - 2017

In our network analysis of 40 developed, emerging and frontier stock markets during 2006-2014, we describe and model volatility spillovers during global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by fitting a spatial model incorporating several...

Persistent link: https://www.econbiz.de/10011654569

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