Title:Credit and Risk in Rural Developing Economies
Author(s):OSBORNE, TheresaDate:2006Type of Publication:ArticleAbstract:This paper examines the theory of credit as a means of raising the productivity and living standards of producer households who face significant uncertainty. A dynamic model with uncertainty is developed in which households ...
Title:Credit card borrowing, illiquid assets and self-control problems
Author(s):MILDE, ChristopherDate:2008Type of Publication:ThesisSeries/Report no.:EUI PhD thesesAbstract:The inclusion of findings from psychology into economics (see e.g. Rabin (1998)) and the increasingly available evidence of deviations from the standard model of behaviour in economics (e.g. DellaVigna (2007)) have given ...
Title:Credit Market Competition and Capital Regulation
Author(s):ALLEN, Franklin; CARLETTI, Elena; MARQUEZ, RobertDate:2009Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:It is commonly believed that equity finance for banks is more costly than deposits. This suggests that banks should economize on the use of equity and regulatory constraints on capital should be binding. Empirical evidence ...
Title:Credit Market Competition and Liquidity Crises
Author(s):CARLETTI, Elena; LEONELLO, AgneseDate:2012Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We develop a two-period model where banks invest in reserves and loans, and are subject to aggregate liquidity shocks. When banks face a a shortage of liquidity, they can sell loans on the interbank market. Two types of ...
Title:Credit within the Firm
Author(s):GUISO, Luigi; PISTAFERRI, Luigi; SCHIVARDI, FabianoDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms ...
Title:Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies
Author(s):ALLEN, Franklin; BECK, Thorsten; CARLETTI, Elena; LANE, Philip R.; SCHOENMAKER, Dirk; WAGNER, WolfDate:2011Type of Publication:BookAbstract:Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly ...
Title:Cross-Border Spillovers from Fiscal Stimulus
Author(s):CORSETTI, Giancarlo; MEIER, André; MÜLLER, Gernot J.Date:2010Type of Publication:ArticleAbstract:The global recession of 2008–09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase ...
Title:Cross-sectional Averaging and Instrumental Variable Estimation with Many Weak Instruments
Author(s):KAPETANIOS, George; MARCELLINO, MassimilianoDate:2010Type of Publication:ArticleAbstract:The present paper suggests a new way to carry out IV estimation with many instruments. Our suggestion is to cross-sectionally average the instruments and use these averages as instruments. We provide a theoretical and Monte ...
Title:Cultural Biases in Economic Exchange?
Author(s):GUISO, Luigi; SAPIENZA, Paola; ZINGALES, LuigiDate:2009Type of Publication:ArticleAbstract:How much do cultural biases affect economic exchange? We answer this question by using data on bilateral trust between European countries. We document that this trust is affected not only by the characteristics of the ...
Title:Cultural Biases in Economic Exchange?
Author(s):GUISO, Luigi; SAPIENZA, Paola; ZINGALES, LuigiDate:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:How much do cultural biases affect economic exchange? We try to answer this question
by using the relative trust European citizens have for citizens of other countries. First,
we document that this trust is affected not ...
Title:Curbing Cream-Skimming: Evidence on Enrolment Incentives
Author(s):COURTY, Pascal; KIM, Do Han; MARSCHKE, GeraldDate:2009Type of Publication:Working PaperSeries/Report no.:2009/03Abstract:Using data from a large, U.S. federal job training program, we investigate whether enrolment incentives that exogenously vary the ‘shadow prices’ for serving different demographic subgroups of clients influence case workers’ ...
Title:Current Account Theory and the Dynamics of US Net Foreign Liabilities
Author(s):CORSETTI, Giancarlo; KONSTANTINOU, Panagiotis T.Date:2005Type of Publication:Working PaperSeries/Report no.:CEPR discussion paperAbstract:This paper provides empirical evidence on the adjustment dynamics of the US net foreign liabilities, net output and consumption. We use empirical techniques that allow us to quantify the relative importance of permanent ...