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We test whether financial fluctuations affect firms' decisions, through their impact on banks' cost of funding. We exploit two shocks to Italian bank CDS spreads and equity valuations: the 2007-2009 financial crisis and the 2010-2012 sovereign debt crisis. Using newly available data linking over...
Persistent link: https://www.econbiz.de/10010229932
current account balance and gross capital formation. The 15-24 age group appears to be one of the key age groups in these …
Persistent link: https://www.econbiz.de/10003900319
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012178610
existing jobs. We argue that with well-developed capital markets, firms will have an incentive to rely more on liquidity, and … in normal times deep capital markets lead to tight labor markets. After an adverse liquidity shock, firms that rely much …
Persistent link: https://www.econbiz.de/10009613676
dependent on foreign finance and more resilient to capital flow volatility. The main risk that increasing financial openness … poses for these economies is that capital flows exacerbate vulnerabilities arising from weak domestic policies and …
Persistent link: https://www.econbiz.de/10009516951
denied credit, i.e. applications to finance working capital, debt or new investments. Yet, estimates also show that credit …
Persistent link: https://www.econbiz.de/10011785728
and biophysical attributes. Measures of emotion self‐regulation and interoceptive ability are informative, as is cognitive …
Persistent link: https://www.econbiz.de/10011870688
The gravity model has provided a tractable empirical framework to account for bilateral flows not only of manufactured goods, as in the case of merchandise trade, but also of financial flows. In particular, recent literature has emphasized the role of information costs in preventing larger...
Persistent link: https://www.econbiz.de/10009787347
models predict. Our model ascribes the "bias" to endogenous information acquisition bolstered by investors' human capital. We … develop discriminating hypotheses about the influence of "specific" and "general" human capital endowments and direct and … understanding the global financial crisis of 2007-09. -- private information ; human capital ; home bias ; financial markets ; risky …
Persistent link: https://www.econbiz.de/10009516904
This paper examines the impact of capital market integration (CMI) on higher education and economic growth. We take … increases (decreases) the incentives to participate in higher education in capital-importing (-exporting) economies, all other …. Using foreign direct investment (FDI) as a measure for capital flows, we present empirical evidence which largely confirms …
Persistent link: https://www.econbiz.de/10003291728