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  • 1
    Online Resource
    Online Resource
    What Does Financial Heterogeneity Say About the Transmission of Monetary Policy? (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1806643359
    Format: 1 Online-Ressource (77 p)
    Content: Do financial constraints determine the transmission of monetary policy? I examine this question using the staggered enactment of anti-recharacterization legislation as a source of exogenous variation in creditor rights that loosens firm financial constraints. Treatment effect estimates indicate constraints matter. A 25 basis-point expansionary monetary policy shock results in a 2 percentage-point higher investment growth among treated (unconstrained) firms, reflecting their flatter marginal cost curves for financing which amplifies responses to shifts in the marginal benefit curve. This relationship reverses during economic downturns when investment opportunities are scarce. I rationalize these findings in a static model with convex financing costs
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 25, 2020 erstellt
    Language: English
    DOI: 10.2139/ssrn.3559650
    URL: kostenfrei
    URL: kostenfrei
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  • 2
    Online Resource
    Online Resource
    Banking Networks and Economic Growth : From Idiosyncratic Shocks to Aggregate Fluctuations (2020)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1790338638
    Format: 1 Online-Ressource (92 p)
    Content: The objective of this paper is to explore the transmission of non-bank capital shocks through banking networks. We develop a methodology to construct non-bank capital shocks, idiosyncratic shocks, using labor productivity shocks to large firms. We document a change in the relationship between (foreign) idiosyncratic shocks in state j and (domestic) economic growth in state i between 1978 and 2000 wherein the relation changes from positive to negative over this period. We show that the contemporaneous changes in banking integration across states is a key driver of this phenomenon. This is driven by geographically diversified banks diverting funds away from economies experiencing negative shocks towards other unaffected economies. Hence, the relation between foreign idiosyncratic shocks and domestic aggregate fluctuations is negative. This result operates through changes in bank loan supply. Our instrumental variable estimates suggest that a 1% increase in the bank loan supply is associated with a 0.05-0.26 pp increase in economic growth. Lastly, we argue that this mechanism can explain the decrease in the covariance of state-level fluctuations, potentially explaining the Great Moderation, the period of relatively low aggregate volatility
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 25, 2020 erstellt
    Language: English
    DOI: 10.2139/ssrn.3556299
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  • 3
    Online Resource
    Online Resource
    Safety Nets, Credit, and Investment : Evidence from a Guaranteed Income Program (2022)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1840245115
    Format: 1 Online-Ressource (148 p)
    Content: Do safety nets affect investment? If so, how? Combining a natural experiment that gives guaranteed income to landowning farmers in India with transaction-level bank data and loan-level credit bureau data, we evaluate the impact of unconditional and perpetual guaranteed income on small farmer entrepreneurs. We find that $1 of guaranteed income each year increases income by an additional $1.7. We then study the mechanisms behind this effect. We find that instead of reducing ambition and initiative, guaranteed income allows recipients to work differently. Guaranteed income provides protection against downside risk, which increases demand for credit and allows farmers to invest in a more capital-intensive mode of production. We estimate that a $1 guaranteed income each year increases credit demand by $15.7. Survey evidence suggests that guaranteed income increases credit demand by reducing the probability and severity of financial distress. Our results indicate that the uninsured risk inherent in an entrepreneurial venture may be a binding demand-side constraint inhibiting growth. The availability of basic income support increases entrepreneurs' risk-bearing ability and significantly improves their credit demand and production activity
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 1, 2022 erstellt
    Language: English
    DOI: 10.2139/ssrn.4265112
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  • 4
    Online Resource
    Online Resource
    What Explains the Geographic Variation in Corporate Investment? (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1806314584
    Format: 1 Online-Ressource (76 p)
    Content: We show that history can explain the geographic concentration of investment over and above traditional agglomerative forces, geography, and expectations. We use spatial variation in direct and indirect British rule to identify differences in historical circumstances. Using this within-country variation in historical circumstances, combined with a local identification approach and instrumental variable strategy, we explain the spatial differences in investment. Differences in historical origins can explain 13% of total geographic variation in investment. Moreover, investment is 8-10% lower in direct ruled areas. Our results indicate that history can have long-run consequences through its effect on economic organizations and state capacity
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 22, 2021 erstellt
    Language: English
    DOI: 10.2139/ssrn.3851008
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  • 5
    Online Resource
    Online Resource
    Banking Networks and Economic Growth : From Idiosyncratic Shocks to Aggregate Fluctuations (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)181047776X
    Format: 1 Online-Ressource (103 p)
    Series Statement: ESRB: Working Paper Series 2021/128
    Content: This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and domestic economic growth between 1978 and 2000. Contemporaneous changes in banking integration drive this phenomenon as geographically diversified banks divert funds away from economies experiencing negative shocks towards other unaffected economies. Our GIV estimates suggest that a 1% increase in bank loan supply is associated with a 0.05-0.26 pp increase in economic growth. Lastly, this can potentially explain the Great Moderation
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 1, 2021 erstellt
    Language: English
    DOI: 10.2139/ssrn.3975942
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    URL: kostenfrei
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  • 6
    Online Resource
    Online Resource
    Banking networks and economic growth : from idiosyncratic shocks to aggregate fluctuations (2021)
    Frankfurt am Main : ESRB | Hannover : Technische Informationsbibliothek
    Details
    UID:
    (DE-603)491808976
    Format: 1 Online Ressource (101 Seiten)
    ISBN: 9789294722355
    Series Statement: ESRB Working Paper Series Vol. No 128 / December 2021
    Language: English
    DOI: 10.2849/203552
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  • 7
    Online Resource
    Online Resource
    Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations (2021)
    Frankfurt am Main, Germany : European Systemic Risk Board
    Details
    UID:
    (DE-627)1780701179
    Format: 1 Online-Ressource (circa 103 Seiten) , Illustrationen
    ISBN: 9789294722355
    Series Statement: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision no 128 (December 2021)
    Content: This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and domestic economic growth between 1978 and 2000. Contemporaneous changes in banking integration drive this phenomenon as geographically diversified banks divert funds away from economies experiencing negative shocks towards other unaffected economies. Our GIV estimates suggest that a 1% increase in bank loan supply is associated with a 0.05-0.26 pp increase in economic growth. Lastly, this can potentially explain the Great Moderation.
    Language: English
    Keywords: Graue Literatur
    DOI: 10.2849/203552
    URL: kostenfrei
    URL: kostenfrei
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  • 8
    Online Resource
    Online Resource
    Political Voice and (Mortgage) Market Participation : Evidence from Minority Disenfranchisement (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1805789406
    Format: 1 Online-Ressource (81 p)
    Content: This paper documents the link between political voice and economic decision-making. Combining the repeal of Section 5 of the Voting Rights Act as a shock to the enfranchisement of black Americans with granular data on the US mortgage market, we document a 14% decline in mortgage origination for black Americans. This is driven by their self-selection out of the mortgage market rather than a change in denial rate. Additionally, we observe a flight of black demand to black lenders, indicating an increase in racial homophily. Our results indicate that disenfranchisement reduces demand directly by increasing uncertainty, violence, and borrowing constraints and indirectly by increasing the threat of rejection
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 23, 2021 erstellt
    Language: English
    DOI: 10.2139/ssrn.3891961
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  • 9
    Online Resource
    Online Resource
    The Deposits Channel of Aggregate Fluctuations (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)180570317X
    Format: 1 Online-Ressource (74 p)
    Content: This paper presents a new mechanism through which the geography of bank deposits increases financial fragility. We document the within-bank geographic concentration of deposits -- 30% of bank deposits are concentrated in a single county. We combine this within-bank geographic concentration of deposits with local natural-disaster-induced property damages to construct novel bank deposit shocks. On aggregate, these shocks can explain 3.30% of variation in economic growth. Local disaster shocks result in aggregate fluctuations through their effect on deposits, which negatively affect bank lending. Financial frictions such as regulatory constraints, informational advantages, and borrower constraints are critical for the aggregation of shocks
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 9, 2021 erstellt
    Language: English
    DOI: 10.2139/ssrn.3883605
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  • 10
    Online Resource
    Online Resource
    Political Power-Sharing, Firm Entry, and Economic Growth : Evidence from Multiple Elected Representatives (2021)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)181047258X
    Format: 1 Online-Ressource (74 p)
    Content: Should political institutions concentrate power in more hands or a single hand? This paper provides microeconomic evidence on the relationship between multiple elected representatives and economic growth. We find that increasing the number of politicians governing an area leads to greater firm entry and real economic activity. The identification strategy exploits uneven overlap of electoral and administrative boundaries, leading to a quasi-random variation in the number of politicians governing adjacent administrative units. This setup allows us to implement a geographic regression discontinuity design across boundaries separating a split (multiple politicians) unit from an unsplit (single politician) unit. Greater state efficiency, lower regulatory costs, and reduced cronyism due to increased checks and balances among multiple non-aligned politicians is the primary driver of higher firm entry
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 21, 2021 erstellt
    Language: English
    DOI: 10.2139/ssrn.3968562
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