This paper develops a theoretical model as a foundation of empirical analysis of the transmission channel of non-performing loans (NPLs) on bank cost of capital, credit and liquidity creation in the Eurozone. Empirical results confirm the model's predictions and suggest that holding...

The analysis of external shocks of real nature, such as the oil shock, requires an intertemporal framework to properly investigate through saving and investment decision the outcome of the balance of trade. By now there are quite few works replying on such an approach, M. Obstfeld (1980), J....

Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori...