Climate risk refers to the risks associated with climate change and has already started to impact various sectors of the economy. In this work, we focus on the impact of physical risk on the probability of default for a firm in the agribusiness sector. The probability of default is estimated...

This paper proposes an estimator for the endogenous switching regression models with fixed effects. The decision to switch from one regime to the other may depend on unobserved factors, which would cause the state, such as being credit constrained, to be endogenous. Our estimator allows for this...

Many countries subsidize low-income employments or small jobs. These subsidies and their phasing out can generate labor market frictions and distort incentives. The German Minijob program subsidizes low-income jobs. It generates a "Minijob trap" with substantial bunching along the earnings...

This study attempts to analyze the driving factors of tax morale in selected North African countries over the period 1984-2022. For this purpose, we use simulated ARDL and Frequency Domain Causality for time-series analysis and GMM-QR for dynamic panel analysis. According to long-run empirical...

Purpose - Knowing financial and economic information beforehand benefits in planning and developing policies for every country especially for a developing country like Thailand and for other Asian countries. Unfortunately, missing data or non-response plays an essential role in many areas of...

We apply the growth-at-risk model of Adrian et al. (2019) to the German commercial real estate (CRE) market. We derive a distribution for CRE price growth four quarters ahead conditional on macro-financial variables. This approach allows us to make probability statements about the downside risk...

China has gradually established pilot free trade zones and implemented certain specific policies for its enterprises to deepen the economic system reform and expand the degree of market opening to the outside world. The establishment of a Free Trade Area exerts spillover effects and positive...