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Business Conditions and Default Risks Across Countries

Pflüger, Michael - 2011

The risk of default that business firms face is very significant and differs widely across countries. This paper explores the links between countries' business conditions and international trade embedment and the default risk at the country level from a theoretical point of view. Our main...

Persistent link: https://www.econbiz.de/10013128748

Asset Integration, Risk Taking and Loss Aversion in the Laboratory

Morrison, William G. - 2019

We report on a laboratory experiment testing for the presence of loss aversion, as separate from risk aversion …, utilizing an asset integration protocol designed to ensure that a loss of cash provided by the experimenter is viewed as a real … loss by experimental participants. Our experimental design augments the Holt-Laury risk preference elicitation methodology …

Persistent link: https://www.econbiz.de/10012870215

The Labor Market Consequences of Adverse Financial Shocks

Boeri, Tito - 2012

The recent financial crises, alongside a dramatic rise in unemployment on both sides of the Atlantic, suggest that financial shocks do translate into the labor markets. In this paper we first document that financial recessions amplify labor market volatility and Okun's elasticity over the...

Persistent link: https://www.econbiz.de/10013099747

Effects of Credit Supply on Unemployment and Inequality

Bandyopadhyay, Subhayu - 2016

The Great Recession, which was preceded by the financial crisis, resulted in higher unemployment and inequality. We propose a simple model where firms producing varieties face labor-market frictions and credit constraints. In the model, tighter credit leads to lower output, lower number of...

Persistent link: https://www.econbiz.de/10012987688

Repayment Versus Investment Conditions and Exclusivity in Lending Contracts

Bougheas, Spiros - 2010

Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action ('investment'). We build an...

Persistent link: https://www.econbiz.de/10013149943

The Welfare Effects of Law Enforcement in the Illegal Money Lending Market

Leong, Kaiwen; Li, Huailu; Pavanini, Nicola; Walsh, … - 2022

We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the welfare effects of alternative law enforcement strategies. We find that a large...

Persistent link: https://www.econbiz.de/10013405845

A Cautionary Note on Using Industry Affiliation to Predict Income

Pischke, Jörn-Steffen - 2012

Many literatures investigate the causal impact of income on economic outcomes, for example in the context of intergenerational transmission or well-being and health. Some studies have proposed to use employer wage differentials and in particular industry affiliation as an instrument for income....

Persistent link: https://www.econbiz.de/10013099731

Prediction Markets for Economic Forecasting

Snowberg, Erik C. - 2012

Prediction markets – markets used to forecast future events – have been used to accurately forecast the outcome of political contests, sporting events, and, occasionally, economic outcomes. This chapter summarizes the latest research on prediction markets in order to further their...

Persistent link: https://www.econbiz.de/10013103480

What Predicts a Successful Life? A Life-Course Model of Well-Being

Layard, Richard - 2013

If policy-makers care about well-being, they need a recursive model of how adult life-satisfaction is predicted by childhood influences, acting both directly and (indirectly) through adult circumstances. We estimate such a model using the British Cohort Study (1970). The most powerful childhood...

Persistent link: https://www.econbiz.de/10013073851

Forecasting with Spatial Panel Data

Baltagi, Badi H. - 2009

This paper compares various forecasts using panel data with spatial error correlation. The true data generating process is assumed to be a simple error component regression model with spatial remainder disturbances of the autoregressive or moving average type. The best linear unbiased predictor...

Persistent link: https://www.econbiz.de/10013158526

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