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The Liquidation of Government Debt
Reinhart, Carmen M. - 2011
Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of "financial repression." Financial repression includes directed lending to government by captive...
Persistent link: https://www.econbiz.de/10013128286
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The Great Trade Collapse
Bems, Rudolfs - 2012
on trade. In addition, shocks to credit supply constrained export supply further exacerbating the decline in trade. Most …
Persistent link: https://www.econbiz.de/10013096140
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Two Monetary Tools : Interest Rates and Haircuts
Ashcraft, Adam B. - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10013138470
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Financial Regulation in General Equilibrium
Goodhart, Charles; Kashyap, Anil K.; Tsomocos, Dimitrios P. - 2021
This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a "shadow banking system" that each help...
Persistent link: https://www.econbiz.de/10013224399
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Why World Exports are so Susceptible to the Economic Crisis --The Prevailing "Export Overshooting" Phenomenon
Liu, Bih Jane - 2011
This paper provides some evidence of the "export overshooting" phenomenon, i.e., the unusually large deviation of … exports from their long-run level. We study the export trends of a sample of 37 countries including both OECD and non …. Moreover, the extent of export overshooting was increasing in more recent crisis, which can be attributed to an increase in …
Persistent link: https://www.econbiz.de/10013128969
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The Role of Extensive and Intensive Margins and Export Growth
Besedes, Tibor - 2010
We investigate and compare countries' export growth based on their performance at the extensive and intensive export … export markets but shortly exit when it learns its per- period fixed costs. We apply this insight to disaggregated export … data and confirm that indeed most export relationships are very short lived. We then show that the survival issue is a …
Persistent link: https://www.econbiz.de/10012759664
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Capital Market Integration and Wages
Henry, Peter Blair - 2010
For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries. The temporary increase in...
Persistent link: https://www.econbiz.de/10013151651
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The Two Crises of International Economics
Dooley, Michael P. - 2010
In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The...
Persistent link: https://www.econbiz.de/10012759976
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How Do Firm Financial Conditions Affect Product Quality and Pricing?
Phillips, Gordon M. - 2011
We analyze the interaction of firm product quality and pricing decisions with financial distress and bankruptcy in the airline industry. We consider an airline's choices of quality and price as dynamic decisions that trade off current cash flows for future revenue. We examine how airline...
Persistent link: https://www.econbiz.de/10013122187
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Monetary Policy, Liquidity, and Growth
Aghion, Philippe - 2012
In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reactivity of real short term interest rates to the business cycle and industry-level measures of financial constraints. Financial constraints are...
Persistent link: https://www.econbiz.de/10013106665