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Taylor, Alan M. - C.E.P.R. Discussion Papers - 2012

What can history can tell us about the relationship between the banking system, financial crises, the global economy …, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than … ever before as measured by importance of credit in the economy. I term this long-run evolution “The Great Leveraging” and …

Persistent link: https://www.econbiz.de/10011084609

Informality: Causes, Consequences and Policy Responses

Kanbur, Ravi - C.E.P.R. Discussion Papers - 2015

A stylized prediction of the development economics discourse is that informality will disappear with development. And … yet in the last twenty years conventional measures of informality, far from declining, have either remained stagnant or … have actually increased. What exactly is informality and what are its magnitudes and trends? What are the causes of …

Persistent link: https://www.econbiz.de/10011207392

Informality among Formal Firms: Firm-level, Cross-country Evidence on Tax Compliance and Access to Credit

Gatti, Roberta; Honorati, Maddalena - C.E.P.R. Discussion Papers - 2007

important channel through which informality can affect productivity: access to credit and external finance. Informality is … other characteristics. We find that more tax compliance is significantly associated with more access to credit both in OLS … and in country fixed effects estimates. In particular, the link between credit and formality is stronger in high …

Persistent link: https://www.econbiz.de/10005067404

Contractual Dualism, Market Power and Informality

Basu, Arnab K; Chau, Nancy H; Kanbur, Ravi - C.E.P.R. Discussion Papers - 2011

Two stylized representations are often found in the academic and policy literature on informality and formality in …

Persistent link: https://www.econbiz.de/10009225957

Wealth Transfers, Contagion and Portfolio Constraints

Pavlova, Anna; Rigobon, Roberto - C.E.P.R. Discussion Papers - 2005

This paper examines the co-movement among stock market prices and exchange rates within a three-country Centre-Periphery dynamic equilibrium model in which agents in the Centre country face portfolio constraints. In our model, international transmission occurs through the terms of trade, through...

Persistent link: https://www.econbiz.de/10005504325

Privatization and Stock Market Liquidity

Bortolotti, Bernardo; de Jong, Frank; Nicodano, Giovanna; … - C.E.P.R. Discussion Papers - 2004

Using panel data of 19 developed economies in the period 1985-2000, we show that share issue privatization (SIP) strongly affects a fundamental aspect of financial development: market liquidity. First, we identify the channels through which a sustained SIP program boosts the liquidity of the...

Persistent link: https://www.econbiz.de/10005504346

External Adjustment, Global Imbalances and Valuation Effects

Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2013

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...

Persistent link: https://www.econbiz.de/10011083349

Sudden Spikes in Global Risk

Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2012

Recent episodes (October 2008, May 2010, August 2011) have witnessed huge spikes in equity price risk (implied volatility). Apart from their large size, several features characterize these risk panics. They are global phenomena, shared among a broad set of countries. There is substantial...

Persistent link: https://www.econbiz.de/10011084461

Sovereign Debt Rating Changes and the Stock Market

Michaelides, Alexander; Milidonis, Andreas; Nishiotis, … - C.E.P.R. Discussion Papers - 2012

Using event studies we find statistically and economically significant, negative daily abnormal stock market returns prior to sovereign debt rating downgrade announcements. Instrumental variable techniques show that these findings are more pronounced in countries with lower institutional...

Persistent link: https://www.econbiz.de/10011084556

Finance, Trade and Development: Issues in Transatlantic Cooperation

Portes, Richard - C.E.P.R. Discussion Papers - 1986

Despite current economic problems and conflicts - or perhaps as their cause - the concordance of policies among the major industrial countries in the first half of the 1980s in dealing with finance, trade and development is at a peak. This has been the result not so much of cooperation or...

Persistent link: https://www.econbiz.de/10005666448