Starting around 1996, Russia witnessed a strong growth in beer consumption, leading to a fivefold growth in average beer consumption and making beer the most important alcoholic drink today. We use survey data from the Russian Longitudinal Monitoring Survey (RLMS) to analyze individual...

We examine the impact of banks’ exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis in the United States. We focus on mortgage lending to minimize the impact of confounding demand factors that could potentially be large when...

Successful implementation of macroprudential policy is contingent on the ability to identify and estimate systemic risk in real time. In this paper, systemic risk is defined as the conditional probability of a systemic banking crisis and this conditional probability is modeled in a fixed effect...

This paper relies on the ‘institutional debt rule’ implemented in Franc Zone countries to assess whether the structural vulnerability of these countries matter for their probability to enter into excessive indebtedness. This structural vulnerability is measured by retrospective ‘Economic...

Rational choice theory commonly assumes that the presence of unselected choices cannot impact which among the remaining choices is selected–-often referred to as “independence of irrelevant alternatives.†We show that such seemingly irrelevant alternatives influence choice in a...

This paper relies on the 'institutional debt rule' implemented in Franc Zone countries to assess whether the structural vulnerability of these countries matter for their probability to enter into excessive indebtedness. This structural vulnerability is measured by retrospective 'Economic...

Starting around 1996, Russia witnessed a strong growth in beer consumption, leading to a fivefold growth in average beer consumption and making beer the most important alcoholic drink today. We use survey data from the Russian Longitudinal Monitoring Survey (RLMS) to analyze individual...