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The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...
Persistent link: https://www.econbiz.de/10011548057
-recognizes learning and innovation in agriculture and its crossover supplier segments with manufacturing. The sections analyze …. It then analyzes the learning implications of two theories - unlimited labor and induced innovation - on economic … models that connect learning and innovation to growth require closer attention and have important developmental consequences …
Persistent link: https://www.econbiz.de/10012057489
What began as a financial crisis in the United States in 2007-2008 quickly evolved into a massive crisis of the global real economy. We investigate the importance of the bank lending and firm borrowing channel in the international transmission of bank distress to the real economy - in...
Persistent link: https://www.econbiz.de/10011346644
This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....
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We estimate time series of option implied Probabilities of Default (PoDs) for 19 major US financial institutions from 2002 to 2012. These PoDs are estimated as mass points of entropy based risk neutral densities and subsequently corrected for maturity dependence. The obtained time series are...
Persistent link: https://www.econbiz.de/10009674908
In this paper, we examine the macro-to-micro-transition of cluster externalities to firms and how it is affected by the macroeconomic instability caused by the recessionary shock of 2008/2009. Using data from 16,166 manufacturing and business services firms nested in 390 German regions, we...
Persistent link: https://www.econbiz.de/10011985889
The current paper broadens the understanding for the role of uncertainty in the context of a macroeconomic environment. It focuses on the implications of uncertainty shocks on indicators that tend to precede financial crises. In an empirical analysis we show for a set of four euro area countries...
Persistent link: https://www.econbiz.de/10012102657