World bank policy research working papers series

Supersedes Working Paper Regulators that disclose exam results bear higher monitoring costs and impose excessive capital requirements because interventions are not World bank policy research working papers series sensitive to underlying risks.

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We find evidence for this by using plausibly exogenous variations in travel-related entry costs into the Canadian consumer bankruptcy system. Inman The Great Recession and the subsequent passage of the American Recovery and Reinvestment Act returned fiscal policy, and particularly the importance of state and local governments, to the center stage of macroeconomic policymaking.

They find relatively high economywide welfare gains from allowing foreign bank entry. The authors empirically test whether processing times differ for law firms that integrate the mortgage foreclosure auction process compared with law firms that contract with independent auction companies. Banking Panics and Protracted Recessions by Daniel Sanches This paper develops a dynamic model of bank liquidity provision to characterize the ex post efficient policy response to a banking panic and study its implications for the behavior of output in the aftermath of a panic.

To begin, the author discusses the transformation of the global economy and the consequences of the transformed global economy for economic thinking and measurement.

A structural vector autoregression analysis for the U. This difference is known as the on-the-run premium. The authors estimate their model structurally using National Longitudinal Survey of Youth data from toand they find that more relaxed house financing conditions, in particular lower down payment requirements, decrease employment rates by 5 percentage points in the short run and by 2 percentage points in the long run.

However, relatively little is known about their impact on consumer credit. The author shows that a competitive regime is inherently unstable due to the properties of endogenously determined limits on private money creation. The results suggest that the HVCC has led to a reduction in the probability of inflated valuations, although valuations remained inflated on average, and induced a significant increase in the incidence of low appraisals.

The views expressed herein are solely those of the author and do not necessarily reflect the views of the Federal Reserve Bank of San Francisco or the Federal Reserve System. Adjusting for differences in coupon rates and values of embedded deflation options, the results show a small, positive premium on recently issued TIPS - averaging between one and four basis points - that persists even after new similar TIPS are issued and hence is different from the on-the-run phenomenon observed in the nominal Treasury market.

First, heterogeneity magnifies the price impact of search frictions; and second, search frictions have larger effects on price levels than on price dispersion. In this case, the members of the banking system obtain a higher return on assets, making it feasible to pay a sufficiently high return on bank liabilities.

Debt Collection Agencies and the Supply of Consumer Credit by Viktar Fedaseyeu The activities of third-party debt collectors affect millions of borrowers. The well-intentioned HVCC rule made it more difficult to obtain mortgages to purchase homes during the housing price crash, possibly exacerbating the fall in prices.

Some economists believe that measured gross domestic product GDP growth since is too low because it excludes online entertainment. The authors argue that this change would support three different perspectives from which economic activity can be viewed: Specifically, when house prices are expected to rise, holding a larger share of wealth as residential real estate tends to increase reservation wages, which deteriorates employment transitions and increases unemployment.

They apply the framework to the Mexican banking industry, which underwent a major structural change in the s as a consequence of both government policy and external shocks.

Sanches Monetary economists have long recognized a tension between the benefits of fractional reserve banking, such as the ability to undertake more profitable long-term investment opportunities, and the difficulties associated with it, such as the risk of insolvency for each bank and the associated losses to bank liability holders.

The authors provide an experimental methodology that uses previously established GDP measurement procedures to value advertising-supported entertainment around the world. The authors use this characterization for two purposes.

Nakamura and Leonard I. Thus, foreclosure process delays may have mitigated the impact of the economic downturn on credit card default, suggesting that improvement in credit card performance during the postcrisis period would likely be slowed by the removal of the temporary liquidity benefits as foreclosures reach completion.

The author argues that these theoretical predictions are consistent with the observed disparity in crisis-related output losses. When they do move, however, they are more likely to move to lower-income neighborhoods. An application to urban growth boundary is presented. For intermediate values, the recession is more severe but short lived.

The author then considers how cultural enhancement serves multiple purposes for a nation. The authors highlight two: Central government fiscal policies can best internalize these spillovers.Equal Opportunity for All A World Bank Group Flagship Report Doing Business Comparing Business Regulation for Domestic Firms in Economies 14TH EDITION.

Growth in a Time of Debt Carmen M. Reinhart and Kenneth S.

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World bank policy research working papers series
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