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Public and Private Insurance with Costly Transactions
Bertola, Giuseppe - 2010
We characterize how public insurance schemes are constrained by hidden financial transactions. When non-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private transactions, and can influence consumption allocation. We show...
Persistent link: https://www.econbiz.de/10013137517
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Trade as a Wage Disciplining Device
Persyn, Damiaan - 2021
We estimate how trade openness affects the relationship between wages, labour productivity and foreign wages using sector-level time series for several EU member states. In some countries wages became less responsive to foreign wages as trade costs declined. We show this counter-intuitive result...
Persistent link: https://www.econbiz.de/10013324883
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Leader Networks and Transaction Costs : A Chinese Experiment in Interjurisdictional Contracting
Chau, Nancy H. - 2016
Do leader networks promote efficient intergovernmental contracts? We examine a groundbreaking policy in China where subprovincial governments freely traded land conversion quotas, and investigate the role of leader networks on the boundary between jurisdictions that embrace trade versus autarky....
Persistent link: https://www.econbiz.de/10013001319
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Checkerboards and Coase : Transactions Costs and Efficiency in Land Markets
Akee, Randall - 2021
The Coase theorem emphasizes the role transactions costs play in efficient market outcomes. We document inefficient outcomes, in the presence of a transactions cost, in southern California land markets and the corresponding transition to efficient outcomes after the transactions cost is...
Persistent link: https://www.econbiz.de/10013317335
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Corporate Efficiency, Credit Status and Investment
Quader, Manzur - 2014
's constrained credit status changes with the improvement of its efficiency. The results further reveal that financially constrained …
Persistent link: https://www.econbiz.de/10013051438
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Transactions Costs and the Employment Contract in the US Economy
MacLeod, W. Bentley - 2013
In this paper we adapt the model of MacLeod (2007) to provide one way to formally implement some of Williamson's ideas regarding the effect of transactions costs upon employment relationship. We then explore the empirical implications of this model with a data set that measures job...
Persistent link: https://www.econbiz.de/10013083747
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Detecting Mortgage Delinquencies
Askitas, Nikos - 2012
Economic hardship is strongly reflected by the housing market. It is the concern of much research, but its analysis is often obstructed by insufficient lagged data. This paper evaluates search intensity for "hardship letter" from Google Insights to detect ensuing mortgage delinquencies. Such...
Persistent link: https://www.econbiz.de/10013114318
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10013119292
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The Value of Business Networks in Emerging Economies : An Analysis of Firms' External Financing Opportunities
Owolabi, Oluwarotimi Ayokunnu - 2011
The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...
Persistent link: https://www.econbiz.de/10013124471
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Gambling and the Use of Credit : An Individual and Household Level Analysis
Brown, Sarah - 2010
use of credit, at the individual and household level using representative pooled cross-section data drawn from the UK … Expenditure and Food Surveys (EFS), 2001 to 2007. Gambling and the use of credit are shown to be positively correlated at the … between gambling and the use of credit is remarkably stable across household income. In addition to our household level …
Persistent link: https://www.econbiz.de/10013146840