Abstract We use data from the two leading US platforms, Prosper and Lending Club, to explore the drivers of the growing consumer demand for peer-to-peer (P2P) credit. Despite the online nature of new entrants, we rely on the spatial autoregressive model because spatial effects play an important...

Abstract This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.

Abstract In mid-2013 the macroeconomic situation in European crisis economies started to show signs of recovery. In the political debate, improving economic conditions were often attributed to recently enacted structural reforms. In this paper, we use empirical business cycle models to...

Since the 1997 financial crisis in Korea, the incidence of felonies such as murder, robbery, arson, and rape has doubled. We found that the Korean government has not taken adequate countermeasures against the crime-inducing environments, which contributed to the growth of felonies. Resource...