Private investment in advanced economies contracted sharply during the most recent financial crisis. Using firm-level data from Denmark, this paper argues that the high leverage, which was build up by some firms before the crisis, contributed to the reduction in investment during the crisis, in...

This paper analyses the role of bank-specific and business cycle factors in explaining the development of credit standards and loan volumes of the larger Danish banks during the recent financial crisis. The analysis is based on a unique panel data set combining the individual answers from the...

This paper analyses the development in relative efficiency of Danish banks in the period 2001-2012. Using Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA) techniques, we find that mean relative efficiency increased during the expansive period 2003-2007, while it decreased...

Microfinance programs have become increasingly popular instruments in development policy. Many microfinance programs are supported or subsidized by donors, a fact which calls for detailed analyses of their impacts in order to inform policymakers allocating a limited budget. Fertility reduction...

Private investment in advanced economies contracted sharply during the most recent financial crisis. Using firm-level data from Denmark, this paper argues that the high leverage, which was build up by some firms before the crisis, contributed to the reduction in investment during the crisis, in...

Using Danish household level data, we find that a relatively large share of total interest-only mortgage debt is held by families with few liquid assets and high loan to value ratios. This may arise because families with interest-only loans do not fully use the lower instalments to increase...

Purpose: Private investment in advanced economies contracted sharply during the downturn that followed the global financial crisis. A substantial debt overhang has been one proposed explanation for this development. This paper evaluates the role of debt overhang for the slow recovery in...

This paper aims to test the microfoundations of consumption models and quantify the macro implications of heterogeneity in consumption behavior. We propose a new empirical method to estimate the sensitivity of consumption to permanent and transitory income shocks for different groups of...

We explore the consistency at household-level between register-imputed and survey-based consumption figures for Denmark over the period 2002-15. Furthermore, we analyse the differences between consumption functions estimated on the basis of the two types of microdata. We find that there is a...