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Risk sharing, finance and institutions in international portfolios
Fratzscher, Marcel; Imbs, Jean - 2007
investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In … particular, risk sharing is prevalent even among economies with poor institutions, provided they are open to international …, capital flows headed for closed economies with poor institutions are designed and constrained so as to limit the cost incurred …
Persistent link: https://www.econbiz.de/10011604872
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Predicting Distress in European Banks
Betz, Frank - 2013
The paper develops an early-warning model for predicting vulnerabilities leading to distress in European banks using both bank and country-level data. As outright bank failures have been rare in Europe, the paper introduces a novel dataset that complements bankruptcies and defaults with state...
Persistent link: https://www.econbiz.de/10013074637
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Gender Bias and Credit Access
Ongena, Steven - 2015
bias from survey responses by descendants of US immigrants on questions about the role of women in society. We then use …
Persistent link: https://www.econbiz.de/10013019627
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On the International Spillovers of US Quantitative Easing
Fratzscher, Marcel - 2013
The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1) were highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to other...
Persistent link: https://www.econbiz.de/10013081463
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House prices, home equity and entrepreneurships
Corradin, Stefano; Popov, Alexander - 2013
% increase in home equity raises the probability of transition into entrepreneurship by up to 14%. Our results persist when we …
Persistent link: https://www.econbiz.de/10011605589
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Can government intervention make firms more investment-ready? A randomized experiment in the Western Balkans
Cusolito, Ana Paula; Dautovic, Ernest; McKenzie, David J. - 2020
Innovative firms with good ideas may still struggle to fine-tune them to the stage where they can attract outside funding. We conduct a five-country randomized experiment that tests the impact of an investment readiness program. Firms then pitched their ideas to independent judges. The program...
Persistent link: https://www.econbiz.de/10012422053
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House Prices, Home Equity and Entrepreneurships
Corradin, Stefano - 2013
% increase in home equity raises the probability of transition into entrepreneurship by up to 14%. Our results persist when we …
Persistent link: https://www.econbiz.de/10013082537
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What does the single monetary policy do? A SVAR benchmark for the European Central Bank
Monticello, Carlo; Tristani, Oreste - 1999
This paper puts forward a characterization of the structural features of the economic system relevant to the monetary-policy decisions of the European Central Bank. The econometric analysis adopts a parsimonious VAR representation of three key macroeconomic variables (interest rates, prices and...
Persistent link: https://www.econbiz.de/10011604048
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What horizon for price stability
Smets, Frank - 2000
This paper analyses in a unified framework the twin issues of the appropriate horizon for achieving price stability in the face of unexpected disturbances and the choice of a price level versus an inflation objective. Using a small estimated forward-looking model of the euro area economy, the...
Persistent link: https://www.econbiz.de/10011604070
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Are the effects of monetary policy in the euro area greater in recessions than in booms?
Peersman, Gert; Smets, Frank - 2001
This paper investigates whether monetary policy impulses have asymmetric effects on output growth in seven countries of the euro area (Germany, France, Italy, Spain, Austria, Belgium and the Netherlands). First, it is shown that these seven countries share the same business cycle. Next, strong...
Persistent link: https://www.econbiz.de/10011604098