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Government Intervention and Bank Market Power : Lessons from the Global Financial Crisis for the COVID-19 Crisis

Tan, Brandon; Igan, Deniz; Martinez Peria, Maria Soledad; … - 2021

The COVID-19 pandemic could result in large government interventions in the banking industry. To shed light on the possible consequences on market power, we rely on the experience of the global financial crisis and exploit granular data on government interventions in more than 800 banks across...

Persistent link: https://www.econbiz.de/10013250086

Globalization, Market Power, and the Natural Interest Rate

Natal, Jean-Marc - 2019

We argue that strong globalization forces have been an important determinant of globalreal interest rates over the last five decades, as they have been key drivers of changes inthe natural real interest rate-i.e. the interest rate consistent with output at its potentialand constant inflation. An...

Persistent link: https://www.econbiz.de/10012868461

Global Market Power and its Macroeconomic Implications

Díez, Federico J - 2018

We estimate the evolution of markups of publicly traded firms in 74 economies from 1980-2016. In advanced economies, markups have increased by an average of 39 percent since 1980. The increase is broad-based across industries and countries, and driven by the highest markup firms in each economic...

Persistent link: https://www.econbiz.de/10012913886

Trade Policy Implications of a Changing World : Tariffs and Import Market Power

Jakubik, Adam; Keck, Alexander; Piermartini, Roberta - 2023

Economic theory suggests that countries’ tariff commitments in trade agreements reflect their import market power at the time of negotiations. However, as countries grow, their market power in different sectors can change in unforeseen ways and their commitments may no longer reflect changed...

Persistent link: https://www.econbiz.de/10014262982

Fiscal Consolidation and the Cost of Credit : Evidence from Syndicated Loans

Agca, Senay - 2013

We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...

Persistent link: https://www.econbiz.de/10013086310

Unlocking Access to Finance for SMEs : A Cross-Country Analysis

Fouejieu, Armand - 2020

(SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to finance for a large sample of … countries, and identifies key policy priorities for these two regions: economic and institutional stability, competition, public … also shows that improving credit information, economic competition, the business environment along with economic …

Persistent link: https://www.econbiz.de/10012836535

Corporate Investment in Emerging Markets : Financing vs. Real Options Channel

Li, Delong - 2016

We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel originating from changes in the costs of external borrowing and (ii) a real options...

Persistent link: https://www.econbiz.de/10012998802

The Short-Term Impact of Product Market Reforms : A Cross-Country Firm-Level Analysis

Gal, Peter N. - 2016

This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level data based on Orbis. It provides four key insights. First, product market reforms...

Persistent link: https://www.econbiz.de/10012977841

How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence

Igan, Deniz - 2018

We examine the extent to which regulations of entry and credit access are related to competition using data on 28 … competition, as proxied by the price-cost margin, in the industries with a naturally high entry rate. Rigid entry regulations are … exerting a positive effect on competition. These results suggest that incumbent firms are likely to enjoy the rent and market …

Persistent link: https://www.econbiz.de/10012918554

Determinants of Bank Interest Margins in the Caucasus and Central Asia

Almarzoqi, Raja - 2015

risk, bank size, bank diversification, banking sector competition, and macroeconomic policies; but the impact depends on …In this paper, we use a bank-level panel dataset to investigate the determinants of bank interest margins in the … extensions to assess the extent to which high spreads of banks in the CCA can be related to bank-specific variables, to …

Persistent link: https://www.econbiz.de/10013022261

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