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showing 10 items of 8586 documents
Money and equity returns in the Euro area
2010
Abstract This study examines the impacts of liquidity on equity returns in the euro area during the period 1987–2001. The main contribution of the study is that the money demand is carefully considered while estimating the liquidity. We provide evidence that in part the impact of money on equity returns depended on the measure used for liquidity (real money supply, real money gap and monetary overhang). However, a unanimous inference was made that over time an increase in liquidity has a negative impact on equity returns. This is interpreted as being due to the positive impact of money on inflation. Accordingly, an increase in liquidity generated expectations of inflation, which led to a de…
Does social capital matter for European regional growth?
2015
Abstract This paper analyzes the role of different elements of social capital in economic growth for a sample of 85 European regions during the period 1995–2008. Despite the remarkable progress that social capital and European regional economic growth literatures have experienced over the last two decades, initiatives combining the two are few, and entirely yet to come for the post-1990s period. Recent improvements in data availability allow this gap in the literature to be closed, since they enable the researcher to consider the traditionally disregarded Eastern and Central European (ECE) regions. This is particularly interesting, as they are all transition economies that recently joined t…
Financial development and intergenerational education mobility
2018
Using years of education as a measure of status, we study the relationship between financial development and intergenerational mobility, focusing on human capital investments boosted by financial deepening. We consider a set of indices to capture different components of the overall intergenerational education mobility. Using a sample of 39 countries, we find that financial development is related to structural mobility but not to exchange mobility. In particular, while we detect an inverted U-shaped relationship between financial development and structural mobility, we do not find any significant relationship with exchange mobility. Keywords: Intergenerational mobility, Financial development…
Fatal attraction: Using distance to measure contagion in good times as well as bad
2007
This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous practice measures contagion using the relationship of these correlations with distance. Also in contrast to previous work, our test is good at identifying periods of “positive contagion,” in which capital flows to emerging markets in a herd-like manner largely unrelated to fundamentals. Identifying such periods of “fatal attraction” is important as they provide the essential ingredients for subsequent crises and rapid outflows of capital.
Supply chain finance: The role of credit rating and retailer effort on optimal contracts
2021
Abstract Supply chain finance aims at finding the best financing arrangements within a given buyer-supplier dyad. The source of capital can be internal (buyer or supplier) or external (financial institution) to the supply chain. So far, many studies have investigated the optimal mix of the sources of capital; our study aims at contributing to the recent literature that explores the interface of operations and finance extending the supplier-based financing models. As the Covid-19 pandemic hits economic activity, the financial constraints have ever greater importance; knock-on effects of the Covid-19 crisis urges on the critical role of a supply chain that should provide financial resources, …
Human capital in Spain and its distribution by provinces (1964-2013)
2015
The regularly-updated database “Human capital in Spain and its distribution by provinces” provides information about the accumulation of human capital in Spain over the last five decades. The human capital estimates included in this database contain a wide range of information on how education levels in Spain have evolved, classified according to the level of studies completed and other human capital indicators. The database includes information that has been updated until the second trimester of 2013. It can be accessed at http://www.ivie.es/en/banco/caphum/series.php.
The Role of Capital and Liquidity in Bank Lending: Are Banks Safer?
2020
The aim of this paper is to examine whether and to what extent bank capital requirements and liquidity standards influence the level of bank stability. Our approach is that both capital and liquidity affect lending growth, which in turn affects bank stability. We construct a panel dataset on a sample of 2,054 commercial banks from 117 developed and developing countries during the 2000–16 period. By applying a two-stage least squares (2SLS) empirical methodology, our findings show that capital and liquidity have a negative direct impact on the level of bank stability. However, this influence is counteracted by an indirect positive effect through the increased level of credit. Our results are…
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
2018
We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…
Two stories, one fate: age-heaping and literacy in Spain, 1877-1930
2021
This study looks at human capital in Spain during the early stages of modern economic growth. In order to do so, we have assembled a new dataset on ageheaping and literacy in Spain for both men and women between 1877 and 1930 based on six population censuses with information for 49 provinces. Our results show that age-heaping was less prevalent during the second half of the 19th century than previously thought and did not decrease until the early twentieth century. By contrast, literacy increased throughout the whole period. Interestingly, age-heaping and illiteracy rates depict similar spatial patterns which confirm the stark differences in human capital within Spain. Lastly, we raise crit…
International competition in the first wave of globalization: new evidence on the margins of trade
2015
We pose a seemingly ageless question in economic history. To what extent did new entrants in the late nineteenth‐century cotton‐textile industry threaten the customary markets of the European core? Exploiting a newly constructed dataset on textile imports to Spain, we find that as trade costs fell, new rivals began to sell a greater variety of products. Along this dimension, competition can be said to have increased. In response, producers in Europe adjusted the type and number of goods exported. By 1914, specialization mapped onto endowments of skilled labour, capital, and access to raw materials. While firms in new industrializing countries exported low‐end varieties, incumbents in the co…