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Private debt and GDP : a short-run perspective

Cafiso, Gianluca - 2016

Mainstream economic research regards private debt as a determinant of GDP growth in the longrun. Levine (2005) surveys in details this branch of literature and explains the channels by which debt fuels growth. In this paper we switch the focus from the long to the short-run and study whether...

Persistent link: https://www.econbiz.de/10011566459

Persistence in the private debt-to-GDP ratio : evidence from 43 OECD countries

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2021

This paper investigates the degree of persistence of the private debt-to-GDP ratio in 43 OECE countries by estimating the fractional integration parameter of each series. Almost all of them are found to be highly persistent, with orders of integration around or above 1. The only exception is...

Persistent link: https://www.econbiz.de/10012433001

GDP growth, private debt and monetary policy

Cafiso, Gianluca - 2017

Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private...

Persistent link: https://www.econbiz.de/10011659392

Private debt overhang and the government spending multiplier : evidence for the United States

Bernardini, Marco; Peersman, Gert - 2015

Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...

Persistent link: https://www.econbiz.de/10010498604

Sovereigns versus banks : credit, crises, and consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Persistent link: https://www.econbiz.de/10010199757

Indebted demand

Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation that borrowers and savers differ in their marginal...

Persistent link: https://www.econbiz.de/10012199991

Consumption patterns of indebted households : unravelling the relevance of fiscal policy

Afonso, António; Rodrigues, Eduardo de Sá Fortes Leitão - 2023

We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used dynamic panel models and the GMM approach for...

Persistent link: https://www.econbiz.de/10014314290

Privatisation and institutions : a cross country analysis

Bortolotti, Bernardo; Siniscalco, Domenico; Fantini, … - 2000

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical...

Persistent link: https://www.econbiz.de/10009786716

Privatization in Italy 1993-2002 : goals, institutions, outcomes, and outstanding issues

Goldstein, Andrea - 2003

This paper describes the privatization program in Italy during the 1990s and puts that policy in the context of … attempts at privatization of the 1980s, delaying until 1992 the start of largescale privatizations. These were imposed on … analysis of the consequences of privatization on corporate governance show that, notwithstanding considerable changes in the …

Persistent link: https://www.econbiz.de/10011507688

Privatising network industries

Newbery, David M. G. - 2004

Persistent link: https://www.econbiz.de/10011402670

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