Annual Conference

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Real Estate and Urban Economics

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May 2019

Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms

Alessandro REBUCCI , Peter BEDNAREK, Daniel MARCEL TE KAAT, Chang MA
We study how capital flows affects German cities’ GDP growth depending on the state of their real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in nondevelopable area for the construction of an exposure measure to real...
Keywords: Cross-border flows, capital flows, Collateral, City Business Cycles, Credit, Germany, GIPS Spread, Real estate, tangible assets
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Annual Conference

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Economic Transformation of Asia

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May 2015

Impacts of Village Banking in Poor Villages in China: Evidence from a Randomized Control Trial

Albert PARK , Cai SHU, Sangui WANG
This study evaluates the impact of a randomized control trial (RCT) in China that introduced externally funded village credit funds in poor, rural villages. In contrast to recent RCT-based studies that have failed to find evidence of significant increases in income from microfinance interventions, w...
Keywords: Microfinance, program evaluations, randomized control trial
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Annual Conference

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Accounting

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May 2015

Political Standards Accounting for Legitimacy

Karthik RAMANNA
I develop the notion of “thin political markets.” These are esoteric areas of market rule-making where corporate managers possess the technical expertise necessary for informed regulation, enjoy strong economic interests in the outcome, and face little political opposition. The motivating phenom...
Keywords: Political standards, Political economy, M&A, auditing, accounting
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

Commodity Prices and Labour Market Dynamics in Small Open Economies

Christoph THOENISSEN
We show that a model of an advanced small open economy with exports in commodities and search and matching frictions in the labour market can match the impulse responses from a panel vector autoregression to an identified commodity price shock. Using a minimum distance strategy, we find that interna...
Keywords: Commodity prices, Search and matching unemployment
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

The Economics of Debt, Bailouts and the Eurozone Crisis

Pierre-Olivier GOURINCHAS , Philippe MARTIN
Despite a formal 'no-bailout clause', we estimate significant net present value transfers from the European Union to Cyprus, Greece, Ireland, Portugal and Spain, ranging from roughly 0.5% (Ireland) to 43% (Greece) of 2011 output during the recent Eurozone crisis. We propose a model to analyze and un...
Keywords: sovereign debt, Bailouts, Eurozone Crisis
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