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What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of ristk

Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011

, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …. We find that Eurozone periphery default risk is priced much higher than the matched countries in 2010, even allowing for …

Persistent link: https://www.econbiz.de/10010287785

Bank loan supply during crises: The importance of geographic diversication

Dörr, Sebastian; Schaz, Philipp - 2019

We classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. Our results show that diversified banks maintain higher loan supply during banking crises in borrower countries. The positive loan supply effects lead to higher...

Persistent link: https://www.econbiz.de/10011993816

Academic scholarship in light of the 2008 financial crisis: Textual analysis of NBER Working Papers

Levy, Daniel; Mayer, Tamir; Raviv, Alon - 2020

Textual analysis of the NBER Working Papers published during 1999-2016 is done to assess the effects of the 2007-2009 crisis on the academic literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing,...

Persistent link: https://www.econbiz.de/10012387266

Economists in the 2008 financial crisis: Slow to see, fast to act

Levy, Daniel C.; Mayer, Tamir; Raviv, Alon - 2022

We study the economics and finance scholars' reaction to the 2008 financial crisis using machine learning language analyses methods of Latent Dirichlet Allocation and dynamic topic modelling algorithms, to analyze the texts of 14,270 NBER working papers covering the 1999-2016 period. We find...

Persistent link: https://www.econbiz.de/10014304174

"By a silken thread": Regional banking integration and pathways to financial development in Japan's Great Recession

Hoffmann, Mathias; Okubo, Toshihiro - 2012

How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...

Persistent link: https://www.econbiz.de/10010316944

What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market mispricing of risk

Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011

We estimate the pricing of sovereign risk for a large number of countries within and outside of Europe, before and after the global financial crisis, based on fiscal space and other economic fundamentals. We measure how accurately the model predicts CDS spreads based on fundamentals, and...

Persistent link: https://www.econbiz.de/10010288119

Comparative advantage and pathways to financial development: Evidence from Japan's silk-reeling industry

Hoffmann, Mathias; Okubo, Toshihiro - 2021

We exploit the natural experiment of Japan's opening to international trade to examine how comparative advantage can shape a country's long-run path towards financial development. In the late 19th century, many of Japan's prefectures had a natural comparative advantage in silk reeling. Producing...

Persistent link: https://www.econbiz.de/10012523363

The effects of a Euro exit on growth, employment, and wages

Realfonzo, Riccardo; Viscione, Angelantonio - 2015

how a country stays in the eurozone, or on how it leaves if need be. …

Persistent link: https://www.econbiz.de/10011545300

ECB worries/European woes: The economic consequences of parochial policy

Barbera, Robert J.; Holtham, Gerald - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10010318632

The State of the Indian Economy 2009-10

Joseph, Mathew - 2009

Despite signs of recovery from the global financial crisis, the GDP growth rate for the Indian economy is likely to be between 5.8 to 6.1 per cent in 2009-10, below the 6.7 per cent recorded in fiscal 2008-09. While there has been an improvement in Indian industry, particularly the manufacturing...

Persistent link: https://www.econbiz.de/10011807647

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