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Fire Sales and Ex Ante Valuation of Systemic Risk : A Financial Equilibrium Networks Approach

Bougheas, Spiros; Spencer, Adam - 2022

We introduce endogenous fire sales into a simple network model. For any given initial distribution of shocks across the network, we develop a clearing algorithm to solve for the financial equilibrium. We then utilise the results to perform ex ante risk assessment and derive risk premia for every...

Persistent link: https://www.econbiz.de/10014241311

Optimal Threshold Taxation : An Empirical Investigation for Developing Economies

Menescal, Lucas; Alves, José - 2022

In this empirical study we assess both linear and nonlinear relationship between total taxation and several tax items with real per capita GDP growth rates for 43 developing countries between 1990 and 2019. We use panel data techniques to evaluate the effects of taxation on economic growth for...

Persistent link: https://www.econbiz.de/10014082240

Interdependencies between Countries in the Provision of Energy

Radulescu, Doina; Sulger, Philippe - 2021

Many economies are concerned with the future security of electricity supply. This is rooted in the necessity to decarbonise energy systems and in the nuclear phase-out. Hence, some economies, instead of investing in own domestic energy capacity, rely on energy production by their neighbours. At...

Persistent link: https://www.econbiz.de/10013245630

Firm-level Human Capital and Innovation: Evidence from China

Sun, Xiuli; Li, Haizheng; Ghosal, Vivek - 2017

Understanding the factors that may produce a sustained rate of innovation is important for promoting economic … development and growth. In this paper, we examine the role of human capital in firms’ innovation by using a large sample of … small and medium sized cities. Patent applications are used as the measure of innovation. Human capital indicators used …

Persistent link: https://www.econbiz.de/10011615925

Financial development and income inequality

Jauch, Sebastian; Watzka, Sebastian - 2011

We analyze the link between financial development and income inequality for a broad unbalanced dataset of 138 developed and developing countries over the years 1960 to 2008. Using credit-to-GDP as measure of financial development, our results reject theoretical models predicting a negative...

Persistent link: https://www.econbiz.de/10010280825

The role of the state in economic development

Tabellini, Guido - 2004

This paper discusses the recent literature on the role of the state in economic development. It concludes that government incentives to enact sound policies are key to economic success. It also discusses the evidence on what happens after episodes of economic and political liberalizations,...

Persistent link: https://www.econbiz.de/10010261242

Climate change mitigation strategies in fast-growing countries : the benefits of early action

Bosetti, Valentina; Carraro, Carlo; Tavoni, Massimo - 2009

investment behaviour is to anticipate the implementation of a climate policy by roughly 10 years. Investing in innovation ahead …. This is especially relevant for China, whose recent and foreseeable trends of investments in innovation are consistent with …

Persistent link: https://www.econbiz.de/10010266005

Speculative attacks: a laboratory study in continuous time

Cheung, Yin-Wong; Friedman, Daniel - 2008

their onset, and (b) contrary to some theory, success is enhanced by public access to information about either the net …

Persistent link: https://www.econbiz.de/10010264454

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone crisis countries (Greece, Portugal, Ireland, Cyprus, Spain)...

Persistent link: https://www.econbiz.de/10012866042

Cyber Attacks, Spillovers and Contagion in the Cryptocurrency Markets

Caporale, Guglielmo Maria - 2020

This paper examines mean and volatility spillovers between three major cryptocurrencies (Bitcoin, Litecoin and Ethereum) and the role played by cyber attacks. Specifically, trivariate GARCH-BEKK models are estimated which include suitably defined dummies corresponding to different types, targets...

Persistent link: https://www.econbiz.de/10012832186