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Economic Policy Uncertainty and the Credit Channel : Aggregate and Bank Level U.S. Evidence over Several Decades

Bordo, Michael D. - 2016

Economic policy uncertainty affects decisions of households, businesses, policy makers and Financial intermediaries. We first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank entity level data to gauge the effects of policy...

Persistent link: https://www.econbiz.de/10012456652

The US as the "Demander of Last Resort" and its Implications on China's Current Account

Aizenman, Joshua - 2008

This paper evaluates the degree to which current account patterns are explained by the variables suggested by the literature, and reflects on possible future patterns. We start with panel regressions explaining the current account of 69 countries during 1981-2006. We identify an asymmetric...

Persistent link: https://www.econbiz.de/10012464194

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises

Wei, Shang-Jin - 2001

Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...

Persistent link: https://www.econbiz.de/10012470539

House Valuations and Economic Growth : Some International Evidence

Aizenman, Joshua - 2016

This paper evaluates the relation between house prices and economic growth. Using a dataset that covers house prices for 19 countries from the first quarter of 1975 to the third quarter of 2013. We find that house price appreciations are positively associated with economic growth, while the...

Persistent link: https://www.econbiz.de/10012455981

The Real Exchange Rate in the Long Run : Balassa-Samuelson Effects Reconsidered

Bordo, Michael D. - 2014

Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson...

Persistent link: https://www.econbiz.de/10012458398

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

Bai, Jennie - 2012

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one … reason for why international investment in private companies has to take into account the sovereign risk. But the likelihood … of a transfer from the sovereign risk to corporate default risks may be mitigated by legal institutions that provide …

Persistent link: https://www.econbiz.de/10012460062