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Berthou, Antoine; Chung, Jong Hyun; Manova, Kalina; … - 2020

We examine the gains from globalization in the presence of firm heterogeneity and potential resource misallocation. We show theoretically that without distortions, bilateral and export liberalizations increase aggregate welfare and productivity, while import liberalization has ambiguous effects....

Persistent link: https://www.econbiz.de/10012301837

Credit misallocation and economic growth in Vietnam

Katagiri, Mitsuru - 2019

The legacy of non-performing loans and high opportunity cost of government financing of bank recapitalization impeded the efficiency of financial intermediation and are an important policy issue in Vietnam. This paper presents a theoretical and empirical analysis of the issue. An empirical...

Persistent link: https://www.econbiz.de/10012103676

Size dependent policies, informality and misallocation

Dabla-Norris, Era; Mayor, Laura Jaramillo; Lima, Frederico - 2018

We examine the effect of size-dependent policies in developing economies by focusing on a set of regulations that are applicable to firms with 20 or more formal employees in Peru. Firms can adjust to the regulations by (a) reducing their size, (b) shifting employment composition, or (c)...

Persistent link: https://www.econbiz.de/10011905879

How Does Financial Globalization Affect Risk Sharing? : Patterns and Channels

Terrones, Marco - 2007

risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different … a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and … certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing …

Persistent link: https://www.econbiz.de/10014400319

Uncertainty premia, sovereign default risk, and state-contingent debt

Roch, Francisco; Roldán, Francisco - 2021

We analyze how concerns for model misspecification on the part of international lenders affect the desirability of issuing state-contingent debt instruments in a standard sovereign default model a la Eaton and Gersovitz (1981). We show that for the commonly used threshold state-contingent bond...

Persistent link: https://www.econbiz.de/10012518920

The impact of uncertainty shocks on the UK economy

Denis, Stephanie; Kannan, Prakash - 2013

Persistent link: https://www.econbiz.de/10009726282

Capital gaps, risk dynamics, and the macroeconomy

Lipinsky, Fabian T.; Miescu, Mirela S. - 2020

develop a macro-financial structural model with two novel features. First, we include idiosyncratic and aggregate risk in a …

Persistent link: https://www.econbiz.de/10012391995

Optimal debt policy under asymmetric risk

Escolano, Julio; Gaspar, Vítor - 2016

In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks. Asymmetric risks are a feature of 200 years of data for...

Persistent link: https://www.econbiz.de/10011715345

Fear thy neighbor : spillovers from economic policy uncertainty

Biljanovska, Nina; Grigoli, Francesco; Hengge, Martina - 2017

High levels of economic policy uncertainty in various parts of the world revamped the de- bate about its impact on economic activity. With increasingly stronger economic, financial, and political ties among countries, economic agents have more reasons to be vigilant of for- eign economic policy....

Persistent link: https://www.econbiz.de/10011763593

Uncertainty, financial frictions and nominal rigidities : a quantitative investigation

Cesa-Bianchi, Ambrogio; Fernandez-Corugedo, Emilio - 2017

preserving shock to the variance of aggregate total factor productivity (macro uncertainty) and to the dispersion of …

Persistent link: https://www.econbiz.de/10011748730

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