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I evaluate the subsidized default insurance policy (implemented through the guarantee for Government-Sponsored Enterprises, GSEs) in the U.S. mortgage market both empirically and theoretically. Empirically, I find that the subsidy has raised mortgage interest rates for all loans strictly...
Persistent link: https://www.econbiz.de/10015257313
On January 1, 2008, the Chinese government partly reduced the privileges enjoyed by FDI firms. This policy change again put the effects of FDI into public focus. Using Chinese industry-level panel data, this paper analyzes the spillover effects of FDI from the perspective of technology gaps...
Persistent link: https://www.econbiz.de/10015257314
Consistent with the Minsky hypothesis and the “volatility paradox” (Brunnermeier and Sannikov, 2014), recent empirical evidence suggests that financial crises tend to follow prolonged periods of financial stability and investor optimism. But does financial tranquility always call for more...
Persistent link: https://www.econbiz.de/10015257463