{"title":"Turbulent Years for U.S. Banks: 2000-20","authors":"P. W. Wilson","doi":"10.20955/r.104.189-209","DOIUrl":"https://doi.org/10.20955/r.104.189-209","url":null,"abstract":"of very low interest rates, and increased regulation. The number of commercial banks operating in the United States by 51 percent during this period. This article examines the performance of U.S. commercial banks from through 2020. An overall picture is provided by examining the evolution of assets, deposits, loans, and other financial characteristics over the period. In addition, new estimates of technical inefficiency are provided, offering additional insight into banks’ performance during the recent difficult years. C14, G01, G21)","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"318 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77461226","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}
B. Ravikumar, Ana Maria Santacreu, Michael J. Sposi
{"title":"TFP, Capital Deepening, and Gains from trade","authors":"B. Ravikumar, Ana Maria Santacreu, Michael J. Sposi","doi":"10.20955/wp.2022.034","DOIUrl":"https://doi.org/10.20955/wp.2022.034","url":null,"abstract":"Using a dynamic, multicountry model with capital accumulation, we compute the exact transition paths for 93 countries following a permanent, uniform, unanticipated trade liberalization and calculate the resulting welfare gains from trade. We find that while the dynamic gains are different across countries, consumption transition paths look similar except for scale. In addition, dynamic gains accrue gradually and are about 60 percent of steady-state gains for every country. Finally, the contribution of capital accumulation to dynamic gains is four times that of total factor productivity.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84177973","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}
{"title":"Financial market reactions to the Russian invasion of Ukraine","authors":"Christopher J. Neely","doi":"10.20955/wp.2022.032","DOIUrl":"https://doi.org/10.20955/wp.2022.032","url":null,"abstract":"This article analyzes financial market reactions to the Russia-Ukraine war with a focus on the opening weeks. Markets did not completely anticipate the war, and asset price reactions strengthened from the first week— when there were hopes for a quick resolution—to the second week, when prices generally peaked and began to partially revert to prewar values. Exposure to commodity trade and trade with Russia and Ukraine determined market perceptions of the riskiness of equity and foreign exchange assets. Credit default swap prices on sovereign debt and breakeven inflation rates indicate that markets saw the war as a measurable fiscal risk even for nonbelligerents. (JEL Q02, F51, G15, G32, H56) St. Review Fourth pp. 266-96.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"643 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78995954","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}
{"title":"COVID-19: fiscal implications and financial stability in developing countries","authors":"Paulina Restrepo-Echavarria, Praew Grittayaphong","doi":"10.20955/wp.2022.028","DOIUrl":"https://doi.org/10.20955/wp.2022.028","url":null,"abstract":"The COVID-19 pandemic has been unlike any other crisis that we have experienced in that it hit all economies in the world at the same time, compromising the risk-sharing ability of nations. At the onset of the pandemic, the World Bank (WB) and the International Monetary Fund (IMF) jointly pledged 1.16 trillion U.S. dollars to help emerging economies deal with COVID-19. Would this amount have been enough to preserve financial stability in a worst case scenario, and what were the fiscal implications of the pandemic? In this article we aim to answer these questions by documenting the size of the fiscal measures implemented by different countries, the aid they received from the IMF and the WB to finance those fiscal measures, and the resulting changes in gross debt, debt composition and maturity, and fiscal deficits. We find that given the amount of debt that was maturing in Asia and Latin America in 2020 and 2021, if there had been a rollover crisis due to lack of demand for their newly issued debt, then what was pledged by the WB and IMF at the onset of the pandemic would not have been enough to preserve financial stability. However, there was no rollover crisis, and although fiscal deficits got considerably worse in 2020, they improved in 2021, albeit leaving gross debt at higher levels than those observed before the pandemic.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88396619","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}
{"title":"Venture Capital: A Catalyst for Innovation and Growth","authors":"Jeremy Greenwood, Pengfei Han, Juan M. Sánchez","doi":"10.20955/r.104.120-30","DOIUrl":"https://doi.org/10.20955/r.104.120-30","url":null,"abstract":"Venture capital (VC) is a particular type of private equity that focuses on investing in young companies with high-growth potential. The companies and products and services VC helped develop are ubiquitous in our daily lives: the Apple iPhone, Google Search, Amazon, Facebook and Twitter, Starbucks, Uber, Tesla electric vehicles, Airbnb, Instacart, and the Moderna COVID-19 vaccine. Although these companies operate in drastically different industries and with dramatically different business models, they share one common and crucial footprint in their corporate histories: All of them received major financing and mentorship support from VC investors in the early stages of their development. This article outlines the history of VC and characterizes some stylized facts about VC’s impact on innovation and growth. In particular, this article empirically evaluates the relationship between VC, firm growth, and innovation.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"63 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78358442","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}
{"title":"The Blockchain Revolution: Decoding Digital Currencies","authors":"D. Andolfatto, F. Martin","doi":"10.20955/r.104.149-65","DOIUrl":"https://doi.org/10.20955/r.104.149-65","url":null,"abstract":"Cryptocurrencies decentralized bitcoin article presents an of cryptocurrencies, blockchain technology, and their applications, explaining the of the enterprise and We discuss money, digital money, and payments; cryptocurrencies, blockchain, and the double-spending problem of digital money; decentralized finance; and central bank digital currency. (JEL E42, E44, E58, G21, G23, G28, G34) Quarter","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78937544","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}
{"title":"Further Evidence on Greenspan’s Conundrum","authors":"Cletus C. Coughlin, D. Thornton","doi":"10.20955/r.104.70-77","DOIUrl":"https://doi.org/10.20955/r.104.70-77","url":null,"abstract":"During his February 2005 congressional testimony, Alan Greenspan noted that despite the fact that the Federal Open Market Committee (FOMC) had increased the federal funds rate 150 basis points since June 2004, the 10-year Treasury yield remained essentially unchanged. He posited several possible explanations for what he believed was the aberrant behavior of long-term Treasury yields. Rejecting each in turn, he called it a conundrum. Not surprisingly, Greenspan’s observation and ruminations stimulated much research. Several researchers (Backus and Wright, 2007; Kim and Wright, 2005; Rosenberg, 2007; Rudebusch and During his February 2005 congressional testimony, Alan Greenspan identified what he termed a conundrum. Despite the fact that the Federal Open Market Committee (FOMC) had increased the federal funds rate 150 basis points since June 2004, the 10-year Treasury yield remained essentially unchanged. Greenspan considered several explanations for his observation but rejected each. Thornton (2018) showed that the relationship between the 10-year Treasury yield and the federal funds rate changed in the late 1980s, many years prior to Greenspan’s observation. Moreover, he showed that the relationship changed because the FOMC began using the federal funds rate as its policy instrument. The federal funds rate moved only when the FOMC changed its target for it, while, in contrast, the 10-year Treasury yield continued to respond to news as before. As a consequence of this change in the FOMC’s operating procedure, the correlation between changes in the funds rate and the 10-year Treasury yield declined—effectively to zero. There is no obvious reason that the U.S. experience should be unique. Hence, we explore the experiences of two other countries that implemented a policy of targeting a short-term rate. We find that, as in the United States, the correlation between the policy rate and the long-term sovereign bond yield declined effectively to zero for both the Bank of England and the Reserve Bank of New Zealand after they began using a short-term rate as their policy instrument. (JEL E43, E52, E58)","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85427706","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}
{"title":"Credit Expansion and Markups","authors":"YiLi Chien, Hyun-Gil Lee, Junsang Lee","doi":"10.20955/r.104.297-316","DOIUrl":"https://doi.org/10.20955/r.104.297-316","url":null,"abstract":"This article documents new empirical facts about the effects of credit expansion on the aggregate markup and markup dispersion in the United States. We use U.S. macroeconomic data and Jordà’s local projection and single-equation estimation methods. The results for both methods show that the aggregate markup and markup dispersion increase in response to both a firm debt shock and a household debt shock. The previous literature mostly focused on the effect of firm debt financing on firm markups. Extending previous research, our study shows that household credit expansion also plays a role in firm markups. This finding calls for further theoretical and analytical studies to understand the underlying mechanism regarding the effect of household credit expansion on firm markups. (JEL E31, E51, L11) St. Louis Fourth 297-316.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91087229","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}
{"title":"Subjective Assessment of Managerial Performance and Decisionmaking in Banking","authors":"D. Dahl, D. Coster","doi":"10.20955/r.104.210-23","DOIUrl":"https://doi.org/10.20955/r.104.210-23","url":null,"abstract":"We examine subjective supervisory assessments of managerial performance in the banking industry. Results of empirical tests show that better assessments are (i) positively associated with decisions made by examiners to upgrade relatively objective bank performance ratings; (ii) negatively associated with decisions made by examiners to downgrade relatively objective bank performance ratings; and (iii) positively associated with decisions made by bank holding company managers to distribute resources among subsidiary banks. These results are consistent with the finding that soft information generated in the supervisory process is validated by subsequent decisionmaking both internally (by bankers) and externally (by examiners). (JEL G28, G21, L14) Federal Reserve Bank of St. Louis Review , Third Quarter 2022, 104 (3), pp. 210-23.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85853928","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}
{"title":"The Economic Impact of COVID-19 around the World","authors":"Juan M. Sánchez, Olivia Wilkinson, F. Martin","doi":"10.20955/wp.2022.030","DOIUrl":"https://doi.org/10.20955/wp.2022.030","url":null,"abstract":"This article provides an account of the worldwide economic impact of the COVID-19 shock. In 2020, it severely impacted output growth and employment, particularly in middle-income countries. Governments responded pri-marily by increasing expenditure, supported by an expansion of the supply of money and debt. These policies did not put upward pressure on prices until 2021. International trade was severely disrupted across all regions in 2020 but subsequently recovered. For 2021, we find that the adverse effects of the COVID-19 shock on output and prices were significant and persistent, especially in emerging and developing countries.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"374 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77984965","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}
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