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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - National Bureau of Economic Research (NBER) - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010951167
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Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth
Morck, Randall; Nakamura, Masao - National Bureau of Economic Research (NBER) - 2007
Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...
Persistent link: https://www.econbiz.de/10005579952
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Why did Countries Adopt the Gold Standard? Lessons from Japan
Weidenmier, Marc; Mitchener, Kris James; Shizume, Masato - National Bureau of Economic Research (NBER) - 2009
Why did policymakers adopt the gold standard? Although previous research has identified ex post effects of gold standard adoption on trade and bond yields, few studies have sought to understand whether these were the actual outcomes of interest to policymakers at the time of adoption. We examine...
Persistent link: https://www.econbiz.de/10005087486
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Advertising Expensive Mortgages
Gurun, Umit G.; Matvos, Gregor; Seru, Amit - National Bureau of Economic Research (NBER) - 2013
We use a unique dataset that combines information on advertising by subprime lenders and mortgages originated by them from 2002 to 2007 to study the relationship between advertising and the nature of mortgages obtained by consumers. We exploit the richness of our data and measure the relative...
Persistent link: https://www.econbiz.de/10010950963
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The Real Value of China's Stock Market
Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F. - National Bureau of Economic Research (NBER) - 2015
China is the world’s largest investor and greatest contributor to global economic growth by wide margins, and will … sustain this growth. This paper shows that China’s stock market has a crucial role to play. Since the reforms of the last … decade, China’s stock market has become as informative about future corporate profits as in the US. Moreover, though it is a …
Persistent link: https://www.econbiz.de/10011185010
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Land Policy: Founding Choices and Outcomes, 1781-1802
Grubb, Farley - National Bureau of Economic Research (NBER) - 2009
Victory in the War for Independence brought a vast amount of land within the grasp of the new American nation -- territory stretching from the Appalachian Mountains to the Mississippi River between the southern shores of the Great Lakes and Spanish Florida. These lands were initially claimed by...
Persistent link: https://www.econbiz.de/10005025634
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Markets and Housing Finance
Warnock, Veronica Cacdac; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2007
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/10005064838
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Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era
Eichengreen, Barry; Hatase, Mariko - National Bureau of Economic Research (NBER) - 2005
profits and damage investment. For China this suggests starting with a modest band widening and a limited increase in …
Persistent link: https://www.econbiz.de/10005084521
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Current Account Reversals: Always a Problem?
Eichengreen, Barry; Adalet, Muge - National Bureau of Economic Research (NBER) - 2005
Using panel data and case studies, we analyze the pre-1970 history of international capital flows and current account reversals. Considering a sample of emerging markets and advanced economies with per capita GDPs at least 60 per cent those of the lead country, we show that the incidence of...
Persistent link: https://www.econbiz.de/10005089053
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Self-Fulfilling Credit Market Freezes
Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010
This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...
Persistent link: https://www.econbiz.de/10008635935