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US dollar credit is growing quickly outside the United States, especially in Asia, and in some economies it has … outpaced overall credit growth. Cross-border sources of credit bear watching in view of their record of outgrowing overall … credit in credit booms. Foreign currency and cross-border sources of credit raise policy issues …
Persistent link: https://www.econbiz.de/10013092207
The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to...
Persistent link: https://www.econbiz.de/10013157246
Pecking order models of international finance suggest that countries should become less reliant on international bank lending as they develop. Reduced information costs are one of the factors behind this trend towards disintermediation. This paper presents a simple model on the choice between...
Persistent link: https://www.econbiz.de/10011473710
Motivated by existing research on the informational and monitoring role of social trust, we examine how social trust affects firms’ choice between bank debt and public debt. Using firm-level data from 32 countries, we document that higher social trust is associated positively (negatively) with...
Persistent link: https://www.econbiz.de/10013405362
Persistent link: https://www.econbiz.de/10014302525
The concept of settlement balances is simple in its definition but complex when attempting to understand how they interplay between a central bank and the financial system. Settlement balances can be defined as interest-bearing deposits that belong to participants of Canada's payment system and...
Persistent link: https://www.econbiz.de/10013256950
This paper presents OVer, a framework designed to automatically analyze the behaviour of decentralized finance (DeFi) protocols when subjected to a "skewed" oracle input. OVer firstly performs a symbolic analysis on the given contract and constructs a model of constraints. Then, the framework...
Persistent link: https://www.econbiz.de/10014577871
Economists have long puzzled over the astounding differences in productivity between firms and countries. For example, looking at disaggregated data on U.S. manufacturing industries, Syverson (2004a) found that plants at the 90th percentile produced four times as much as the plant in the 10th...
Persistent link: https://www.econbiz.de/10008654267
Are some management practices akin to a technology that can explain company and national productivity, or do they simply reflect contingent management styles? We collect data on core management practices from over 11,000 firms in 34 countries. We find large cross-country differences in the...
Persistent link: https://www.econbiz.de/10011486495
We investigate whether firms' "global engagement", either in the form of exporting or opening up affiliates abroad, is related to the change in their management performance. Using new and unique data from a recent large scale firm survey of management practices in Germany, we calculate...
Persistent link: https://www.econbiz.de/10012959060