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International endogenous growth, macro anomalies, and asset prices

Grüning, Patrick - 2015 - This version: January 22, 2015

This paper studies a two-country production economy with complete and frictionless financial markets and international trade of final goods in which competition in R&D leads to endogenous new firm creation and economic growth. Current monopolists ("incumbents") and potential new firms...

Persistent link: https://www.econbiz.de/10010468546

International endogenous growth, macro anomalies, and asset prices

Grüning, Patrick - 2016 - This version: July 20, 2016

This paper studies a two-country production economy with complete and frictionless financial markets and international trade in which competition in R&D leads to endogenous new firm creation and economic growth. Current monopolists ("incumbents") and potential new firms ("entrants") compete in...

Persistent link: https://www.econbiz.de/10012061634

Heterogeneity in the Internationalization of R&D : implications for anomalies in finance and macroeconomics

Grüning, Patrick - 2017 - This version: October 17, 2017

Empirical evidence suggests that investments in research and development (R&D) by older and larger firms are more spread out internationally than R&D investments by younger and smaller firms. In this paper, I explore the quantitative implications of this type of heterogeneity by assuming that...

Persistent link: https://www.econbiz.de/10011736423

Innovation dynamics and fiscal policy : implications for growth, asset prices, and welfare

Donadelli, Michael; Grüning, Patrick - 2017 - This version: April 13, 2017

, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations … by entrants. The Schumpeterian growth model features heterogeneous innovations: "incremental" innovations by incumbents … and "radical" innovations by entrants. The government levies taxes on labor income and corporate profits and supplies …

Persistent link: https://www.econbiz.de/10011637958

Bank regulation, lending and patenting : evidence from the EBA capital exercise

Krzyzanowski, Jan; Walz, Uwe - 2021

We analyze the impact of decreases in available lending resources on quantitative and qualitative dimensions of firms' patenting activities. We thereby make use of the European Banking Authority?s capital exercise to carve out the causal effect of bank lending on firm innovation. In order to do...

Persistent link: https://www.econbiz.de/10012697737

Regulatory influence on market conditions in the banking union : the cases of macro-prudential instruments and the bail-in tool

Tröger, Tobias - 2015

This paper looks into the specific influence that the European banking union will have on (future) bank client relationships. It shows that the intended regulatory influence on market conditions in principle serves as a powerful governance tool to achieve financial stability objectives. From...

Persistent link: https://www.econbiz.de/10010530583

How do insured deposits affect bank risk? : evidence from the 2008 emergency economic stabilization act

Lambert, Claudia; Noth, Felix; Schüwer, Ulrich - 2013

This paper tests whether an increase in insured deposits causes banks to become more risky. We use variation introduced by the U.S. Emergency Economic Stabilization Act in October 2008, which increased the deposit insurance coverage from $100,000 to $250,000 per depositor and bank. For some...

Persistent link: https://www.econbiz.de/10010226538

Bank rescues and bailout expectations : the erosion of market discipline during the financial crisis

Hett, Florian; Schmidt, Alexander - 2013

We show that market discipline, defined as the extent to which firm specific risk characteristics are re ected in market prices, eroded during the recent financial crisis in 2008. We design a novel test of changes in market discipline based on the relation between firm specific risk...

Persistent link: https://www.econbiz.de/10010226557

The single supervisory mechanism : panacea of quack banking regulation? ; Preliminary assessment of the evolving regime for the prudential supervision of banks with ECB involvement

Tröger, Tobias - 2013

This paper analyzes the evolving architecture for the prudential supervision of banks in the euro area. It is primarily concerned with the likely effectiveness of the SSM as a regime that intends to bolster financial stability in the steady state. By using insights from the political economy of...

Persistent link: https://www.econbiz.de/10010226707

Financial regulation in the EU : cross-border capital flows, systemic risk and the European Banking Union as reference points for EU financial market integration

Haar, Brigitte - 2014

This is a chapter for a forthcoming volume Oxford Handbook of Financial Regulation (Oxford University Press 2014) (eds. Eilís Ferran, Niamh Moloney, and Jennifer Payne). It provides an overview of EU financial regulation from the first banking directive up until its most recent developments in...

Persistent link: https://www.econbiz.de/10010372581