Search results for "CAPI"
showing 10 items of 2622 documents
Predicting failure in the U.S. banking sector: An extreme gradient boosting approach
2019
Abstract Banks play a central role in developed economies. Consequently, systemic banking crises destabilize financial markets and hamper global economic growth. In this study, extreme gradient boosting was used to predict bank failure in the U.S. banking sector. Key variables were identified to anticipate and prevent bank defaults. The data, which spanned the period 2001 to 2015, consisted of annual series of 30 financial ratios for 156 U.S. national commercial banks. Identifying leading indicators of bank failure is vital to help regulators and bank managers act swiftly before distressed financial institutions reach the point of no return. The findings indicate that lower values for retai…
Integrated capital shares
2019
In empirical macroeconomics, inter-dependencies between countries are often analysed using cross-country correlations or graphical investigation of time series. This study shows that applying an alternative methodological approach - identification of common unobservable factors and using them as explanatory variables for country-specific time series - indicates a stronger cross-country integration of functional income distributions than the standard methods. The results vary only little between different samples, where both the country and year coverage change. Moreover, the main findings are not sensitive to the way capital depreciation is taken into account. The primary driving factor see…
The devil is in the details : Capital stock estimation and aggregate productivity growth : an application to the Spanish economy
2020
The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for…
El papel de las cooperativas de crédito en el sostenimiento de la España vaciada a través del capital social
2021
El sistema bancario viene experimentando grandes transformaciones, marcadas por la disminución del número de entidades y la concentración del negocio. Las cooperativas de crédito han logrado mantenerse relativamente aisladas de las turbulencias financieras de la pasada crisis gracias a políticas de inversión prudentes y la clara vocación territorial y de proximidad con el entorno, características que, junto con su carácter cooperativo, se han convertido en las principales fortalezas de este tipo de entidades de crédito. Por otra parte, la creciente desatención del sistema bancario hacia los territorios en retroceso demográfico ha propiciado la exclusión financiera de sus habitantes. En este…
Do robots complement or substitute for older workers?
2021
Abstract The impact of robotization on labor market outcomes has been recently empirically investigated along several directions, including employment, wages and labor productivity. This work contributes to this literature by looking for heterogeneous effects of robots on the workforce, analyzed by age cohorts. Relying on a panel of data from IFR (2019) and EU KLEMS (2009) over the years 1994–2005, we find consistent evidence of higher complementarity between robots and older workers (hours worked by employees aged 50 and over), and a greater substitutability among robots and younger cohorts of the labor market. These findings are robust to age group disaggregation and specific capital pric…
Basel II and bank lending to emerging markets: Evidence from the German banking sector
2007
Abstract This paper investigates whether the new Basel Accord will induce a change in bank lending to emerging markets using a comprehensive new data set on German banks’ foreign exposure. We test two interlinked hypotheses on the conditions under which the change in the regulatory capital would leave lending flows unaffected. This would be the case if (i) the new regulatory capital requirement remains below the economic capital and (ii) banks’ economic capital to emerging markets already adequately reflects risk. On both accounts the evidence indicates that the new Basel Accord should have a limited effect on lending to emerging markets.
REMITTANCES IMPACTS ON SCHOOLING IN JORDAN: ANALYSES WITH RESPECT TO MIGRANT DESTINATION
2019
The two channels that explain how migration of a household member affects human capital formation of those left-behind are income and family disruption effects. In this study, remittances and migration impacts on human capital formation in Jordan is researched with respect to preferred migrant destinations and to the originating governorates of migrants. Jordan’s Labour Market Panel Survey-2010 is used to carry out the analyses. Remittances are found to have a positive impact on “schooling”, and findings do not change significantly across households with respect to the host country. There is no solid evidence of family disruption, except in households where both parents are absent; however,…
How does learning affect market liquidity? A simulation analysis of a double-auction financial market with portfolio traders
2007
We study the relationship between liquidity and prices in an artificial financial market where portfolio traders with limited resources interact through a continuous, electronic open book. We depart from the standard asset pricing framework in two ways. First, we assume that investors have incomplete information about the distribution of returns. Second, we model the portfolio choice problem using prospect-type preferences. We model the utility function in terms of deviations of the portfolio growth rate from a specified target growth rate, and we assume that investors are more sensitive to downside movements. We show that the parameters defining the learning process affect the price dynami…
GDP clustering: A reappraisal
2012
Abstract This note explores clustering in cross country GDP per capita using recently developed model based clustering methods for panel data. Previous research characterizing the components of the overall distribution of output either use ad hoc methods, or methods which ignore/subvert the panel nature of the data. These new methods allow the characterization of the possible autoregressive relationship of output between time points. We show that traditional static clustering decade by decade gives mixed results regarding clustering over time, while the application of longitudinal mixtures presents three distinct clusters at all periods of time.
Determinants of sub-central European government debt
2017
Abstract The aim of this paper is to analyze the determinants of sub-central government debt in Europe (Italy, France, Austria, Germany, Belgium and Spain) through estimation for each State based on corresponding panel data from 1996 to 2010. Furthermore, we estimate the debt model using a joint sample, consolidating conclusions on the most influential variables in terms of public debt. A comparative analysis of institutional frameworks in Europe shows that relationships between central and sub-central tax authorities have common traits, although the extent of change in each country remains unknown. In sum, this study shows that sub-sovereign government budgets are counter-cyclical, that ec…