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Enforcement of banking regulation and the cost of borrowing
(01.04.2019)
Journal of Banking and Finance April
Journal of Banking and Finance April
We show that borrowing firms benefit substantially from important enforcement actions issued on U.S. banks for safety and soundness reasons. Using hand-collected data on such actions from the main three U.S. regulators and ...
Employee Treatment and Contracting with Bank Lenders : An Instrumental Approach for Stakeholder Management
(15.08.2019)
Journal of Business Ethics 4
Journal of Business Ethics 4
Adopting an instrumental approach for stakeholder management, we focus on two primary stakeholder groups (employees and creditors) to investigate the relationship between employee treatment and loan contracts with banks. ...
National culture and risk-taking : Evidence from the insurance industry
(02.01.2019)
Journal of Business Research April ; 2019
Journal of Business Research April ; 2019
The gravity of insurance within the financial sector is constantly increasing. Reasonably, after the events of the recent financial turmoil, the domain of research that examines the factors driving the risk-taking of this ...
Switching costs and financial stability
(04.03.2019)
Journal of Financial Stability April
Journal of Financial Stability April
We establish that the effect of intensified deposit market competition, measured by reduced switching costs, on the probability of bank failures depends critically on whether we focus on competition with established customer ...
Comparing Fiscal Consolidation Multipliers across Models in Europe
(15.09.2019)
International Journal of Central Banking September 2019
International Journal of Central Banking September 2019
This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the macroeconomic effects of a temporary fiscal tightening when the zero lower bound (ZLB) on monetary ...
Forecasting Quarterly Russian GDP Growth with Mixed-Frequency Data
(15.03.2019)
Russian Journal of Money and Finance 1
Russian Journal of Money and Finance 1
This paper presents a pseudo real‐time out‐of‐sample forecast exercise for short‐term forecasting and nowcasting quarterly Russian GDP growth with mixed‐frequency data. We employ a large set of indicators and study their ...
Relative Age Effects in Political Selection
(15.05.2019)
European Journal of Political Economy June
European Journal of Political Economy June
We exploit a regression discontinuity design to provide causal evidence of the relative age effect (RAE) on a long-run adult age outcome: Political selection. We find strong evidence of the RAE in politics in Finland. ...
The interaction of monetary and macroprudential policies
(17.06.2019)
Journal of Money, Credit and Banking 4 ; June
Journal of Money, Credit and Banking 4 ; June
I analyze a New Keynesian dynamic stochastic general equilibrium (DSGE) model where the financing of productive investment is affected by a moral hazard problem. I solve for jointly Ramsey‐optimal monetary and macroprudential ...
Forty Years of Chinese Reforms : An Overview
(26.08.2019)
Comparative Economic Studies 3
Comparative Economic Studies 3
This introductory essay explores some of the key issues in China's economic reforms during the past 40 years. Reforms and liberalization have progressed unevenly, but generally the trend has been towards more market-oriented ...
What Can We Learn from the Real Bills Doctrine?
(15.01.2019)
Credit and Capital Markets 1
Credit and Capital Markets 1
The historical development of bank liquidity doctrines is surveyed from the real bills doctrine and its antecedents to the present day. The underlying ideas of the succession of several dominant liquidity doctrines are ...