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The role of factor substitution and technical progress in China's great expansion
Manu, Ana-Simona; McAdam, Peter; Willman, Alpo - 2018
We offer a macroeconomic assessment of China’s Reform Period, highlighting several neglected channels underlining its great expansion. Estimating the supply side of the post-Reform economy reveals the relatively high (above unity) value of the elasticity of factor substitution and the...
Persistent link: https://www.econbiz.de/10011904381
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Monetary policy and capital regulation in the US and Europe
Cohen-Cole, Ethan; Morse, Jonathan - 2010
From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis began in August 2007 inflation expectations were high...
Persistent link: https://www.econbiz.de/10009640318
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Monetary policy and capital regulation in the US and Europe
Cohen-Cole, Ethan; Morse, Jonathan - 2010
From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis began in August 2007 inflation expectations were high...
Persistent link: https://www.econbiz.de/10003986675
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On the optimal control of interbank contagion in the euro area banking system
Fukker, Gábor; Kok Sørensen, Christoffer - 2021
In this paper we present a methodology of model-based calibration of additional capital needed in an interconnected financial system to minimize potential contagion losses. Building on ideas from combinatorial optimization tailored to controlling contagion in case of complete information about...
Persistent link: https://www.econbiz.de/10012519357
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Window dressing of regulatory metrics : evidence from repo markets
Bassi, Claudio; Behn, Markus; Grill, Michael; Waibel, Martin - 2023
This paper investigates both the magnitude and the drivers of bank window dressing behaviour in euro-denominated repo markets. Using a confidential transaction-level data set, our analysis illustrates that banks engineer an economically sizeable contraction in their repo transactions around...
Persistent link: https://www.econbiz.de/10013547917
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Loss sharing in central clearinghouses : winners and losers
Kubitza, Christian; Pelizzon, Loriana; Getmansky, Mila - 2023
Central clearing counterparties (CCPs) were established to mitigate default losses resulting from counterparty risk in derivatives markets. In a parsimonious model, we show that clearing benefits are distributed unevenly across market participants. Loss sharing rules determine who wins or loses...
Persistent link: https://www.econbiz.de/10014482946
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The aggregate consequences of default risk : evidence from firm-level data
Besley, Timothy; Roland, Isabelle; Van Reenen, John - 2020
This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …
Persistent link: https://www.econbiz.de/10012241111
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When losses turn into loans : the cost of undercapitalized banks
Blattner, Laura; Farinha, Luísa A.; Rebelo, Francisco - 2019
We provide evidence that a weak banking sector has contributed to low productivity growth following the European … natural experiment to study the effects of reduced bank capital adequacy on productivity. Affected banks respond not only by … the resulting increase in factor misallocation accounts for 20% of the decline in productivity in Portugal in 2012. …
Persistent link: https://www.econbiz.de/10011975387
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …
Persistent link: https://www.econbiz.de/10009636531
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Deeper, wider and more competitive? : monetary integration, Eastern enlargement and competitiveness in the European Union
Ottaviano, Gianmarco I. P. (contributor);  … - 2007
competition drives less productive firms out the market, thereby increasing average productivity as well as reducing average …
Persistent link: https://www.econbiz.de/10003635984