1,721,010 research outputs found
Bank capital : lessons from the financial crisis
Full text linkUsing a multi-country panel of banks, the authors study whether better capitalized banks fared better in terms of stock returns during the financial crisis. They differentiate among various types of capital ratios: the Basel risk-adjusted ratio; the leverage ratio; the Tier I and Tier II ratios; and the common equity ratio. They find several results: (i) before the crisis, differences in capital did not affect subsequent stock returns; (ii) during the crisis, higher capital resulted in better stock performance, most markedly for larger banks and less well-capitalized banks; (iii) the relationship between stock returns and capital is stronger when capital is measured by the leverage ratio rather than the risk-adjusted capital ratio; (iv) there is evidence that higher quality forms of capital, such as Tier 1 capital, were more relevant. They also examine the relationship between bank capitalization and credit default swap (CDS) spreads.Banks&Banking Reform,Access to Finance,Debt Markets,Economic Theory&Research,Banking Law
Effets prévus et imprévus des politiques macroprudentielles : Le cas de la réglementation coréenne loan-to-value et debt-to-income
No full textCette thèse vise à examiner l'efficacité des réglementations Loan-to-Value (LTV) et Debt-to-Income (DTI), ainsi que l'arbitrage réglementaire issu de la mise en œuvre de ces deux mesures. Cette étude est motivée par le fait que notre compréhension de la réglementation en est encore à ses débuts dans ce domaine, malgré l’importance non-négligeable du rôle de ces dispositifs en termes de stabilité financière. À cette fin, notre étude traite du cas coréen qui présente un cadre approprié d'un point de vue empirique d’une part, du fait de la variation de ces réglementations en fonction de la région géographique, et d’autre part, de la disponibilité d’un historique relativement plus long de la mise en place de ces mesures. Dans cette étude, nous constatons que la réglementation est efficace pour freiner la croissance des prêts hypothécaires. Cependant, leur impact pourrait être considérablement détruits par l'arbitrage réglementaire. Plus précisément, deux fuites possibles ont été exploré : i) la migration des prêts hypothécaires vers des zones moins réglementées et ii) la compensation de la pénurie des prêts hypothécaires par des prêts non réglementés. En outre, nous montrons que la réglementation pourrait accroître le risque de crédit des prêts aux ménages au lieu de le réduire. Ce résultat inattendu pourrait être dû à leur impact s'étendant même aux prêts non réglementés: la réglementation pourrait avoir des effets négatifs, non voulus, sur le risque de crédit des prêts non réglementés, qui se transmet par l'évolution du marché des enchères de logements ; en outre, ces effets négatifs semblent dominer le résultat positif escompté découlant des prêts réglementés. De plus, cette étude confirme que les prêts non bancaires pourraient être une échappatoire du fait d’un écart de réglementation entre les secteurs bancaires et non bancaires. Ainsi, il convient de combler cette lacune en éliminant cet écart pour lutter contre l'arbitrage réglementaire qui y règne, même si ce n'est certainement pas la solution définitive dans le sens où le "cat-and-mouse game" entre les régulateurs et les régulés peut à tout moment apparaitre sous une forme différente.This dissertation aims to examine the effectiveness of the Loan-to-Value (LTV) and Debt-to-Income (DTI) regulations as well as the regulatory arbitrage associated with their implementation. This study is motivated by the fact that our understanding of the regulations is still in its infancy despite the increasing importance of their role in financial stability. To that end, the Korean regulatory experience is employed as it offers a suitable setting from an empirical perspective, thanks to the geographical-differentiated levels of the regulations and the fact of their relatively long history. In this study, we find that the regulations are effective to curb the growth of mortgages; however, their impact could be significantly offset by regulatory arbitrage. Related to this, two possible leakages are newly explored: i) the migration of mortgages into less-regulated areas and ii) complementing the shortage of mortgage loans with non-regulated loans. On the other hand, we reveal that the regulations could negatively impact the credit risk of household loans rather than improve it. This unexpected result might be due to their impact extending even to the non-regulated loans: the regulations could have unintended negative effects on the credit risk of non-regulated loans, which is transmitted through the change in the housing auction market; moreover it seems to dominate the intended positive outcome derived from the regulated loans. This study also confirms that non-bank lending could be a loophole in the presence of regulation gaps between the banking and non-banking sectors. Furthermore, to close the loophole by eliminating the regulation gap between sectors turns out to be effective in tackling the regulatory arbitrage therein. However, it is certainly not the definitive solution considering that a "cat-and-mouse game" between regulators and the regulated can continue to happen each time in a different way
Landmines and Poverty: IV Evidence from Mozambique
No full textThe International Campaign to Ban Landmines production and use estimates that there are more than 80 billion landmines in the ground in more than 80 countries. Despite the scale of the problem and large investments by OECD countries to clear mines in low income countries, the economic consequences of landmine contamination have been so far unexamined by economists working on the economics of wars, perhaps due to the lack of data thus far. This paper exploits a unique dataset on landmine contamination intensity covering 126 Mozambican districts. Because landmines (unlike other weapons) are used as a weapon of choice to protect territories, the empirical strategy uses an indicator of distance to strategic borders as an instrumental variable to correct for selection in landmine placement. Instrumental variables estimates indicate a large effect of landmine contamination on poverty and consumption several years after the ceasefire. Hence, despite the very high cost to clear a mine a conservative costbenefit evaluation of the national de-mining program indicates that the program generates a large positive return.
The long term effect of education spending decentralization on human capital in Spain
No full textIn 1980, seven out of the seventeen Spanish regions were devolved education
spending responsibility. Using a difference-in-differences approach, which I show
to be particularly credible in this context, I evaluate the long term effect of
this reform on human capital. I find no robust evidence to corroborate the
theoretically predicted benefits of decentralization
The Long Term Effect of Education Spending Decentralization on Human Capital in Spain
No full textIn 1980, seven out of the seventeen Spanish regions were devolved education spending responsibility. Using a difference-in-differences approach, which I show to be particularly credible in this context, I evaluate the long term effect of this reform on human capital. I find no robust evidence to corroborate the theoretically predicted benefits of decentralization.Decentralization; Education; Difference-in-differences estimator
Two essays in empirical public policy economics
No full textDefence date: 13 July 2005Examining board: Prof. Massimo Motta, Supervisor, EUI ; Prof. Eliana La Ferrara, Università Bocconi ; Prof. Theresa Osborne, visiting EUI ; Prof. Francis Vella, EUIPDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017-- War, poverty and aid : evidence from a large landmine clearance program in Mozambique
-- Public infrastructure and development : instrumental variable evidence from darn construction in India 19G0-1992
-- Public infrastructure and dvelopment : instrumental variable evidence from darn construction in India 19G0-199
The Long Term Effect of Education Spending Decentralization on Human Capital in Spain [Elektronisk resurs]
No full textIn 1980, seven out of the seventeen Spanish regions were devolved education spending responsibility. Using a difference-in-differences approach, which I show to be particularly credible in this context, I evaluate the long term effect of this reform on human capital. I find no robust evidence to corroborate the theoretically predicted benefits of decentralization. </p
The long term effect of education spending decentralization on human capital in Spain
Full text linkIn 1980, seven out of the seventeen Spanish regions were devolved education
spending responsibility. Using a difference-in-differences approach, which I show
to be particularly credible in this context, I evaluate the long term effect of
this reform on human capital. I find no robust evidence to corroborate the
theoretically predicted benefits of decentralization
Landmines, poverty and recovery : instrumental variables evidence from Mozambique
Full text linkThe International Campaign to Ban Landmines production and use estimates that there are more than 80 billion landmines in the ground in more than 80 countries. Despite the scale of the problem and large investments by OECD countries to clear mines in low income countries, the economic consequences of landmine contamination have been so far unexamined by economists working on the economics of wars, perhaps due to the lack of data thus far. This paper exploits a unique dataset on landmine contamination intensity covering 126 Mozambican districts. Because landmines (unlike other weapons) are used as a weapon of choice to protect territories, the empirical strategy uses an indicator of distance to strategic borders as an instrumental variable to correct for selection in landmine placement. Instrumental variables estimates indicate a large effect of landmine contamination on poverty and consumption several years after the ceasefire. Hence, despite the very high cost to clear a mine a conservative costbenefit evaluation of the national demining program indicates that the program generates a large positive return.Lavoisier Fellowship, Ministry of Foreign Affairs, France)Marie Curie Research Training Network
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