We use financial information on banks from Asia, Europe, North America and Oceania to examine the role of wholesale funding on the transmission of financial crises to bank lending, as well as to study the response of financial institutions in different regions during the crises. We consider the...

Divergent interests of bank managers and financial regulators potentially compromise the efficacy of bank rescue operations. This paper analyses an agency problem encountered in a capital injection program implemented in Japan. We hypothesize that the operationfs requirement to downsize lead...

Teaching Innovations in Economics presents findings from the Teaching Innovations Program (TIP) funded by the National Science Foundation. The six-year project engaged economics professors in the use of interactive teaching in undergraduate economics courses. Each chapter offers an insightful...

We estimate the effects of unexpected changes in oil prices on output for the case of Venezuela, an oil-exporting economy. Following Hamilton (2003), Lee et al. (1995), and Mork (1989), we estimate measures of oil shocks and determine the effect of these

A case study of the Japanese bank recapitalization by Hoshi and Kashyap (2005) identified a bank that overstated the progress of required personnel downsizing by shifting employees to subsidiaries. This paper asks if the recapitalization program had a design flaw. We focus on regional banks with...

I provide evidence that the response of commercial banks’ loans to monetary policy shocks in the US has changed. In particular, using bank data from the period 1959 to 2007, I show that the effect of monetary policy shocks on banks’ credit has significantly decreased over time. My results...

Using alternative measures of the output gap, we estimate a forward-looking monetary policy reaction function, similar to those estimated by Clarida et al. (1998, 2000), for Greenspan's period as a chairman of the Board of Governors of the US Federal Reserve System. We are able to show that the...

When positive and negative income are treated asymmetrically under a corporate income tax (CIT) without allowance for group taxation, a group of affi liated corporations may engage in tax avoidance by shifting income from profi table to unprofi table subsidiaries for the sole purpose of...

Over eight million hectares of olive trees are cultivated worldwide, especially in Mediterranean countries, where more than 97% of the world's olive oil is produced. The three major olive oil producers worldwide are Spain, Italy, and Greece. Olive tree pruning residues are an autochthonous and...

When positive and negative income are treated asymmetrically under a corporate income tax (CIT) without allowance for group taxation, a group of affi liated corporations may engage in tax avoidance by shifting income from profi table to unprofi table subsidiaries for the sole purpose of...