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The Finnish Great Depression : From Russia with Love

Gorodnichenko, Yuriy - 2015

During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...

Persistent link: https://www.econbiz.de/10012749804

Wall Street's First Corporate Governance Crisis : The Panic of 1826

Hilt, Eric - 2010

In July of 1826, several prominent Wall Street firms abruptly went bankrupt, amid scandalous revelations of fraudulent financial practices by their management. Although mostly forgotten today, these events represented a watershed in the early development of the corporation laws and investor...

Persistent link: https://www.econbiz.de/10012757536

Zombie Lending and Depressed Restructuring in Japan

Caballero, Ricardo J. - 2010

In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...

Persistent link: https://www.econbiz.de/10012761673

Financial Distress in the Great Depression

Graham, John R. - 2015

NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period …

Persistent link: https://www.econbiz.de/10013037628

Macroeconomic Effects of Corporate Default Crises : A Long-Term Perspective

Giesecke, Kay - 2012

Using an extensive new data set on corporate bond defaults in the U.S. from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the U.S. has experienced many severe corporate default crises...

Persistent link: https://www.econbiz.de/10013110459

Optimal Taxation in the Presence of Bailouts

Panageas, Stavros - 2010

The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown...

Persistent link: https://www.econbiz.de/10013150643

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

Home Production and the Macro Economy-Some Lessons from Pollak and Wachter and from Transition Russia

Gronau, Reuben - 2010

econometric identification problems. Furthermore, using data from the late 90s from transition Russia, it is argued that one …

Persistent link: https://www.econbiz.de/10012761348

Simulating Russia's and Other Large Economies’ Challenging and Interconnected Transitions

Benzell, Seth - 2015

This paper develops a large-scale, dynamic life-cycle model to simulate Russia's demographic and fiscal transition … under favorable and unfavorable fossil-fuel price regimes. The model includes Russia, the U.S., China, India, the EU, and … Japan+ (Japan plus Korea). The model predicts dramatic increases in tax rates in the U.S., EU, India, and Russia. Indeed …

Persistent link: https://www.econbiz.de/10013021019

The Gorbachev Anti-Alcohol Campaign and Russia's Mortality Crisis

Bhattacharya, Jay - 2012

Political and economic transition is often blamed for Russia's 40% surge in deaths between 1990 and 1994. Highlighting … the campaign's end explains a large share of the mortality crisis - implying that Russia's transition to capitalism and …

Persistent link: https://www.econbiz.de/10013096856

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