Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2013

The Bright Side of Lending by Government Owned Banks: Evidence from the Financial Crisis in Japan

Yupeng LIN, Anand SRINIVASAN, Takeshi YAMADA
This paper investigates the effect of lending by government owned banks on real investment and employment for publicly traded industrial firms in Japan, focusing on a period that covers the financial crisis in the 1990s caused by the burst of the real estate bubble. We find that increases in governm...
Keywords: financial crisis, Lending, Employment, Japan
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2022

The Big Tech Lending Model

Wei XIONG, Lei LIU, Guangli LU
By comparing uncollateralized business loans made by a big tech lending program with conventional bank loans, we find that big tech loans tend to be smaller and have higher interest rates and that borrowers of big tech loans tend to repay far before maturity and borrow more frequently. This lending ...
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

The Benefits of Labor Mobility in a Currency Union

Christopher L. HOUSE, Christian PROEBSTING, Linda L. TESAR
Cyclical unemployment rates differ substantially more between countries in the euro area than between states in the United States. We find that net migration is responsive to unemployment differentials, but the response is smaller in Europe relative to the U.S. This paper explores to what extent the...
Keywords: international migration, optimal currency areas, international business cycles
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2024

The anatomy of a peg: lessons from China's parallel currencies

Saleem BAHAJ, Ricardo REIS
China's current account transactions use an offshore international currency, the CNH, that co-exists as a parallel currency with the mainland domestic currency, the CNY. The CNH is freely used, but by restricting its exchange for CNY, the authorities can enforce capital controls. Sustaining these co...
Keywords: Chinese monetary policy, Gresham’s law, Goodhart’s law, Money markets, RMB
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The (Heterogenous) Economic Effects of Private Equity Buyouts

Steven J. DAVIS, John HALTIWANGER, Kyle HANDLEY, Ben LIPSIUS, Josh LERNER, Javier MIRANDA
We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment ...
Keywords: private equity, buyouts
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