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Crime and Punishment in the "American Dream"
Di Tella, Rafael - 2010
We observe that countries where belief in the quot;American dreamquot; (i.e., effort pays) prevails also set harsher punishment for criminals. We know from previous work that beliefs are also correlated with several features of the economic system (taxation, social insurance, etc). Our objective...
Persistent link: https://www.econbiz.de/10012760591
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An Economic Analysis of Transnational Bankruptcies
Bebchuk, Lucian A. - 2008
This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy -- with a regime of universality are adjudicated in a...
Persistent link: https://www.econbiz.de/10012774901
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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...
Persistent link: https://www.econbiz.de/10012956372
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Debt Enforcement Around the World
Djankov, Simeon - 2010
We present insolvency practitioners from 88 countries with an identical case of a hotel about to default on its debt …
Persistent link: https://www.econbiz.de/10012760474
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Debt Intolerance
Reinhart, Carmen M.; Rogoff, Kenneth; Savastano, Miguel A. - 2021
This paper introduces the concept of debt intolerance,' which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that safe' external debt-to-GNP thresholds for debt intolerant countries are...
Persistent link: https://www.econbiz.de/10013249721
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Covid-19 and SME Failures
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021
We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage points, representing 4.6 percent of private sector...
Persistent link: https://www.econbiz.de/10013244116
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Markets and Housing Finance
Warnock, Veronica Cacdac - 2015
We examine the extent to which markets enable the provision of housing finance across a wide range of countries. Housing is a major purchase requiring long-term financing, and the factors that are associated with well functioning housing finance systems are those that enable the provision of...
Persistent link: https://www.econbiz.de/10012750378
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"Beauty is the Promise of Happiness"?
Hamermesh, Daniel S. - 2011
, the U.K., and Germany, we construct beauty measures in different ways that allow placing lower bounds on the effects of …
Persistent link: https://www.econbiz.de/10013121060
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Structural and Cyclical Forces in the Labor Market During the Great Recession : Cross-Country Evidence
Sala, Luca - 2012
price and wage rigidities to study four countries (the U.S., the U.K., Sweden, and Germany) during the financial crisis and … factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less … important in the U.K. and Sweden than in the U.S., but matching efficiency improved in Germany, helping to keep unemployment low …
Persistent link: https://www.econbiz.de/10013099824
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Labor Laws and Innovation
Acharya, Viral V. - 2014
Stringent labor laws can provide firms a commitment device to not punish short-run failures and thereby spur their employees to pursue value-enhancing innovative activities. Using patents and citations as proxies for innovation, we identify this effect by exploiting the time-series variation...
Persistent link: https://www.econbiz.de/10013069108