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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
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Time-varying exchange rate basket in China from 2005 to 2009
Fidrmuc, Jarko - 2010
We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...
Persistent link: https://www.econbiz.de/10003997605
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A Q-theory of banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021
We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...
Persistent link: https://www.econbiz.de/10012649212
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Quest for the general effect size of finance on growth : a large meta-analysis of worldwide studies
Iwasaki, Ichirō; Kočenda, Evžen - 2023
growth on a world scale. For that, we perform by far the largest available meta-analysis of the finance-growth nexus using …
Persistent link: https://www.econbiz.de/10014422579
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Why do trade finance gaps persist : does it matter for trade and development
Auboin, Marc; DiCaprio, Alisa - 2017
Trade finance shortfalls now appear regularly. Does this matter for trade expansion and economic development in developing countries? Global trade finance has resumed following the 2009 global financial crisis. However, the pattern of recovery has been uneven across countries and categories of...
Persistent link: https://www.econbiz.de/10011645906
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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
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Financial stability in Europe : banking and sovereign risk
Brůha, Jan; Kočenda, Evžen - 2017
We analyze the link between banking sector quality and sovereign risk in the whole European Union over 1999–2014. We employ four different indicators of sovereign risk (including market- and opinion-based assessments), a rich set of theoretically and empirically motivated banking sector...
Persistent link: https://www.econbiz.de/10011646829
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Regulation, financial crises, and liberalization traps
Marchionne, Francesco; Pisicoli, Beniamino; Fratianni, … - 2019
To reconcile the mixed empirical results, we develop a theoretical model whose main implication is a concave impact of regulation on the probability of a crisis. We test this relationship by applying a Probit model of a non-linear specification to annual data from 1999 to 2011 drawn from 132...
Persistent link: https://www.econbiz.de/10012030889
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Financial reform and banking crises
Shehzad, Choudhry Tanveer - 2009
We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to 2002, our multivariate probit modeling results...
Persistent link: https://www.econbiz.de/10003922715
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Strategic complementarity, fragility, and regulation
Vives, Xavier - 2011 - Rev. May 2011
probabilities of insolvency and illiquidity. It is found that in a more competitive environment (with higher return on short … interpret the 2007 run on SIV and ABCP conduits. -- stress ; crises ; illiquidity risk ; insolvency risk ; leverage ratio …
Persistent link: https://www.econbiz.de/10009230899