PSN: Responses to Financial Crises (Development) (Topic)最新文献_第2页

Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession? 《美国复苏与再投资法案》是否帮助了受大衰退影响最严重的县?

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-12-01 DOI: 10.2139/ssrn.3435919

Mario J. Crucini, Nam T. Vu

引用次数: 2

Greece: Still in the Woods 希腊:还在森林里

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-11-30 DOI: 10.2139/ssrn.3084094

G. C. Bitros

{"title":"Greece: Still in the Woods","authors":"G. C. Bitros","doi":"10.2139/ssrn.3084094","DOIUrl":"https://doi.org/10.2139/ssrn.3084094","url":null,"abstract":"Greece went bankrupt in 2009 presumably because it run an exorbitant public deficit and had accumulated a huge public debt. However, in reality Greece went bankrupt because its model of social and economic organization has been surpassed by European and international developments. To avoid this tragedy, Greece had been given by EEC initially and EU later on enough time to prepare before integrating into the Eurozone. From the treaties it signed Greece ought to have introduced structural transformations to render its economy consistent with the four European freedoms. Instead, time and again successive governments procrastinated and employed all sorts of gimmicks to protect the model of state socialism they had erected on the pillars of the 1975 Constitution. But time and circumstances caught up with their policies and now the cost for confronting the challenges that lie ahead has become enormous. Hopefully, sooner than later, those responsible for the bankruptcy of Greece and the hardships that have befell on the Greek people will discover that their self-interest coincides with that of the country and they will take the lead in the replacement of the present hard core statist model with one based on free and open markets and outward looking entrepreneurship.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116341782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Middle Class Is Getting Out of the Crisis, but Has Apprehensions About the Future 中产阶级正在走出危机，但对未来感到担忧

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-10-23 DOI: 10.2139/ssrn.3057298

E. Avraamova, D. Loginov

引用次数: 0

The Employment Effects of Mexican Repatriations: Evidence from the 1930&Apos;S 墨西哥遣返对就业的影响:来自20世纪30年代的证据

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-09-01 DOI: 10.3386/w23885

Jongkwan Lee, G. Peri, Vasil Yasenov

{"title":"The Employment Effects of Mexican Repatriations: Evidence from the 1930&Apos;S","authors":"Jongkwan Lee, G. Peri, Vasil Yasenov","doi":"10.3386/w23885","DOIUrl":"https://doi.org/10.3386/w23885","url":null,"abstract":"During the period 1929-34 a campaign forcing the repatriation of Mexicans and Mexican Americans was carried out in the U.S. by states and local authorities. The claim of politicians at the time was that repatriations would reduce local unemployment and give jobs to Americans, alleviating the local effects of the Great Depression. This paper uses this episode to examine the consequences of Mexican repatriations on labor market outcomes of natives. Analyzing 893 cities using full count decennial Census data in the period 1930-40, we find that repatriation of Mexicans was associated with small decreases in native employment and increases in native unemployment. These results are robust to the inclusion of many controls. We then apply an instrumental variable strategy based on the differential size of Mexican communities in 1930, as well as a matching method, to estimate a causal \"average treatment effect.\" Confirming the OLS regressions, the causal estimates do not support the claim that repatriations had any expansionary effects on native employment, but suggest instead that they had no effect on, or possibly depressed, their employment and wages.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114460112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 14

Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis 罪犯还是旁观者?离岸司法管辖区与全球金融危机

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-06-30 DOI: 10.2139/ssrn.2870744

Daniel Haberly, D. Wójcik

{"title":"Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis","authors":"Daniel Haberly, D. Wójcik","doi":"10.2139/ssrn.2870744","DOIUrl":"https://doi.org/10.2139/ssrn.2870744","url":null,"abstract":"Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore’ sites. However, there has not been a systematic investigation of the offshore geography of crisis-implicated securitization. Here we fill this gap by constructing the first comprehensive jurisdictional map of the largest pre-crisis Asset-Backed Commercial Paper (ABCP) programs, and examining the rationale for and impacts of this geography in detail. We show that offshore jurisdictions were disproportionately involved in producing the most unstable ABCP classes. However, this is difficult to explain in terms of the traditional role of offshore banking centers as sites for direct avoidance of onshore regulation and transparency. Rather, we propose a Minskian model of pre-crisis offshore ABCP production, wherein these jurisdictions specialized in alleviating incidental institutional frictions (e.g. double taxation) hindering onshore financial innovation. In this context, they could sometimes be legitimately described as improving the institutional ‘efficiency’ of financial markets; however, by facilitating the endogenous evolutionary instability of these markets, this apparently innocuous service had profoundly negative effects. This normative disconnect poses a conundrum for offshore reform.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133343118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 20

User's Perceptions of Motivations and Risks in Crowdfunding with Financial Returns 用户对具有财务回报的众筹动机和风险的认知

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2017-01-16 DOI: 10.2139/ssrn.2968912

N. Daskalakis, Wei Yue

引用次数: 31

Adapting to Changing Prices before and after the Crisis: The Case of US Commercial Banks 危机前后对价格变化的适应:以美国商业银行为例

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-10-26 DOI: 10.2139/ssrn.2859850

L. Spierdijk, Sherrill Shaffer, Timothy J. Considine

{"title":"Adapting to Changing Prices before and after the Crisis: The Case of US Commercial Banks","authors":"L. Spierdijk, Sherrill Shaffer, Timothy J. Considine","doi":"10.2139/ssrn.2859850","DOIUrl":"https://doi.org/10.2139/ssrn.2859850","url":null,"abstract":"For banks, cost management has gained importance in the current environment of low interest rates. In this environment, banks' revenues from interest are under pressure, leading to renewed interest in the substitutability of banks' input factors. Substitution elasticities typically depend on two factors: cost technology and economic conditions (relative input prices or cost shares). Technological shifts and policy changes are therefore expected to affect firms' elasticities of substitution. This study estimates U.S. commercial banks' substitution elasticities during the 2000-2013 period. It analyzes the total effects of the technological shifts and policy changes on banks' substitution elasticities during that period. An endogenous-break test divides the sample into a precrisis period (2000-2008) and a crisis period (2009-2013). During the pre-crisis period, banks' inputs are inelastic substitutes. After the onset of the crisis, especially the long-run substitutability of most input factors decreases to even lower levels due to changes in both cost technology and economic conditions. At the same time, banks' response to input price changes becomes more sluggish. The results indicate that the availability of substitutes is substantially worse during the (post-) crisis period, which limits banks' possibilities for cost management.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127437074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Nothing Left to Lose? Changes Experienced by Detroit Low- and Moderate-Income Households During the Great Recession 没什么好失去的?大衰退期间底特律中低收入家庭经历的变化

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-09-08 DOI: 10.2139/SSRN.2836589

Michael S. Barr, Daniel Schaffa

引用次数: 1

On the Distribution of the Welfare Losses of Large Recessions 论大衰退中福利损失的分配

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-07-01 DOI: 10.3386/w22458

Dirk Krueger, K. Mitman, F. Perri

{"title":"On the Distribution of the Welfare Losses of Large Recessions","authors":"Dirk Krueger, K. Mitman, F. Perri","doi":"10.3386/w22458","DOIUrl":"https://doi.org/10.3386/w22458","url":null,"abstract":"How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuring household income and wealth heterogeneity that matches micro data from the Panel Study of Income Dynamics (PSID). We document how these losses are distributed across households and how they are affected by social insurance policies. We find that the welfare cost of losing one's job in a severe recession ranges from 2% of lifetime consumption for the wealthiest households to 5% for low-wealth households. The cost increases to approximately 8% for low-wealth households if unemployment insurance benefits are cut from 50% to 10%. The fact that welfare losses fall with wealth, and that in our model (as in the data) a large fraction of households has very low wealth, implies that the impact of a severe recession, once aggregated across all households, is very significant (2.2% of lifetime consumption). We finally show that a more generous unemployment insurance system unequivocally helps low-wealth job losers, but hurts households that keep their job, even in a version of the model in which output is partly demand determined, and therefore unemployment insurance stabilizes aggregate demand and output.","PeriodicalId":286175,"journal":{"name":"PSN: Responses to Financial Crises (Development) (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127154809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 41

The 2015 Stock Panic of China 2015年中国股市恐慌

PSN: Responses to Financial Crises (Development) (Topic) Pub Date : 2016-06-14 DOI: 10.2139/SSRN.2795543

J. Qian

引用次数: 7