-
作者：Cao, Jin; Juelsrud, Ragnar E.; Sondershaus, Talina
作者单位：Norges Bank
摘要：We use the introduction of covered bonds in Norway in 2007 together with administrative and supervisory data at the bank and loan level to investigate the effect of asset encumbrance, that is, pledging assets as collateral, on the composition of bank balance sheets and bank risk. We show that covered bonds-despite being collateralized with mortgages-lead to a shift in bank lending from mortgages to corporate loans. The marginal corporate borrower is young and low-rated, suggesting that overall...
-
作者：Bigoni, Maria; Camera, Gabriele; Casari, Marco
作者单位：University of Bologna; Chapman University System; Chapman University
摘要：Historically, shocks originating in the financial sector often spilled over into the real sector with dramatic consequences. We study in the lab how interventions targeting disclosure and capital requirements of financial intermediaries can reduce insolvencies or prevent their negative effects from propagating to the broader economy. In our two-sector economy, consumers and producers can fund financial intermediaries, who, in turn, provide them with liquidity to settle trades. However, interme...
-
作者：Ponzetto, Giacomo A. M.; Troiano, Ugo Antonio
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); University of California System; University of California Riverside
摘要：This paper shows that social capital increases economic growth by raising government investment in human capital through better political incentives and selection. We provide empirical evidence that a greater share of output is spent on public education where social capital is higher, both across countries and across U.S. states. We develop a theoretical model of stochastic endogenous growth with imperfect political agency. Only some people correctly anticipate the future returns to current sp...
-
作者：Eichengreen, Barry; Saka, Orkun
作者单位：University of California System; University of California Berkeley
摘要：Cultural trust biases (i.e., stereotypes) play an important role in shaping multinational banks' cross-border exposures. Exploiting a unique identification strategy and combining European regulatory data on banks' sovereign debt portfolios with existing and new surveys across 30 European countries, we show that multinational banks are more likely to lend to the government of a country when the residents of the countries where they operate exhibit more trust in the residents of that country. Th...
-
作者：Eliaz, Kfir; Galperti, Simone; Spiegler, Ran
作者单位：Tel Aviv University; Utah System of Higher Education; University of Utah; University of California System; University of California San Diego
摘要：We present an equilibrium model of politics in which political platforms compete over public opinion. A platform consists of apolicy, a coalition of social groups with diverse intrinsic attitudes to policies, and a narrative. We conceptualize narratives as subjective models that attribute a commonly valued outcome to (potentially spurious) postulated causes. When quantified against empirical observations, these models generate a shared belief among coalition members over the outcome as a funct...
-
作者：Kosse, Fabian; Rajan, Ranjita; Tincani, Michela
作者单位：University of Wurzburg; University of London; University College London; University of London; London School Economics & Political Science
摘要：We present the first causal evidence on the persistent impact of enduring competition on prosociality. Inspired by the literature on tournaments within firms, which shows that competitive compensation schemes reduce cooperation in the short-run, we explore if enduring exposure to a competitive environment persistently attenuates prosociality. Based on a large-scale randomized intervention in the education context, we find lower levels of prosociality for students who just experienced a 2-year ...
-
作者：Antras, Pol
作者单位：Harvard University
摘要：The field of international trade has undergone significant theoretical and empirical advancements over the last 25 years. A key breakthrough has been the emergence of firm-level approaches to studying exporting, importing, and global value chains. The field has also experienced a quantitative revolution, driven by medium-scale models that rapidly assess the implications of trade cost shocks on real income. Additionally, a branch of the empirical literature has unshackled itself from the discip...
-
作者：Bandiera, Oriana; Buehren, Niklas; Goldstein, Markus; Rasul, Imran; Smurra, Andrea
作者单位：University of London; London School Economics & Political Science; The World Bank; University of London; University College London; University of London; London School Economics & Political Science
摘要：Adolescent girls across low-income countries face disadvantages stemming from limited agency over their bodies and barriers to investing in their human capital. We study how these outcomes are shaped in times of aggregate crisis, in the context of the 2014-2016 Ebola epidemic in Sierra Leone. This is a setting in which adolescent girls have long faced disadvantage because of a high prevalence of sexual exploitation and violence towards them. Our study is based around an evaluation of a club-ba...
-
作者：Firooz, Hamid; Heins, Gunnar
作者单位：North Carolina State University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; State University System of Florida; University of Florida
摘要：This paper develops a multisector, multicountry model of international trade and profit shifting that embeds imperfect competition into Eaton and Kortum (2002)'s Ricardian trade model and allows markup distributions for both imports and exports to vary across sectors and countries. We first show theoretically how the gains from trade liberalization depend on the markup distribution for imported relative to exported goods. To bring the model to the data, we estimate both trade elasticities and ...
-
作者：Attanasio, Orazio; Augsburg, Britta; De Haas, Ralph
