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, which lower the quality of the information disclosed to financial institutions and capital markets; c) the central role of … the impact of financial intermediation on capital productivity; and d ) the low protection of minority shareholders and … raises the cost of capital, discourages financial intermediation and raises the preference for short-term and liquid …
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We evaluate the role of financial conditions as predictors of macroeconomic risk first in the quantile regression framework of Adrian et al. (2019b), which allows for non-linearities, and then in a novel linear semi-structural model as proposed by Hasenzagl et al. (2018). We distinguish between...
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Theoretical models of the Kuznets Curve have been purely analytical with little contribution towards an understanding of the timing of the process and the presence of additional mechanisms affecting its timing. This paper proposes an agent-based version of Acemoglu and Robinson's model of the...
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