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Yan Bai

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Cristina Arellano & Yan Bai & Gabriel P. Mihalache, 2020. "Deadly Debt Crises: COVID-19 in Emerging Markets," NBER Working Papers 27275, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Emerging markets

Working papers

  1. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2020. "Deadly Debt Crises: COVID-19 in Emerging Markets," Staff Report 603, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Valentin Lang & David Mihalyi & Andrea F. Presbitero, 2023. "Borrowing Costs after Sovereign Debt Relief," American Economic Journal: Economic Policy, American Economic Association, vol. 15(2), pages 331-358, May.
    2. Jagriti Srivastava & Aravind Sampath & Balagopal Gopalakrishnan, 2021. "Is CSR the key to unlocking debt financing during COVID-19? A multicountry perspective," Working papers 481, Indian Institute of Management Kozhikode.
    3. Hinterlang, Natascha & Moyen, Stephane & Röhe, Oke & Stähler, Nikolai, 2023. "Gauging the effects of the German COVID-19 fiscal stimulus package," European Economic Review, Elsevier, vol. 154(C).
    4. Harjoto, Maretno Agus & Rossi, Fabrizio & Lee, Robert & Sergi, Bruno S., 2021. "How do equity markets react to COVID-19? Evidence from emerging and developed countries," Journal of Economics and Business, Elsevier, vol. 115(C).
    5. Mr. Edward F Buffie & Mr. Christopher S Adam & Luis-Felipe Zanna & Mr. Kangni R Kpodar, 2022. "Loss-of-Learning and the Post-Covid Recovery in Low-Income Countries," IMF Working Papers 2022/025, International Monetary Fund.
    6. Kalemli-Özcan, Sebnem & Baskaya, Soner, 2016. "Sovereign Risk and Bank Lending: Evidence from 1999 Turkish Earthquake," CEPR Discussion Papers 11313, C.E.P.R. Discussion Papers.
    7. Shah, Sayar Ahmad & Garg, Bhavesh, 2023. "Identifying efficient policy mix under different targeting regimes: A tale of two crises," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 975-994.
    8. David E. Bloom & Michael Kuhn & Klaus Prettner, 2022. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 85-131, March.
    9. Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
    10. Betty C. Daniel, Christos Shiamptanis, 2019. "Identifying Countries at Risk of Fiscal Crisis: High-Debt Developed Countries," LCERPA Working Papers bm0125, Laurier Centre for Economic Research and Policy Analysis, revised 2021.
    11. Hale, Galina & Juvenal, Luciana, 2023. "External Balance Sheets and the COVID-19 Crisis," Santa Cruz Department of Economics, Working Paper Series qt00p8f01t, Department of Economics, UC Santa Cruz.
    12. Hale, Galina & Juvenal, Luciana, 2023. "External Balance Sheets and the COVID-19 Crisis," Journal of Banking & Finance, Elsevier, vol. 147(C).
    13. Yasen Dimitrov & Ivo Vlaev, 2022. "Messages Committing You to Reciprocate: A Field Experiment With “Contactless” Debtors," International Journal of Applied Behavioral Economics (IJABE), IGI Global, vol. 11(1), pages 1-10, January.
    14. Zaremba, Adam & Kizys, Renatas & Tzouvanas, Panagiotis & Aharon, David Y. & Demir, Ender, 2021. "The quest for multidimensional financial immunity to the COVID-19 pandemic: Evidence from international stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 71(C).
    15. Central Bank of Chile, 2022. "The Central Bank of Chile´s policy response to the Covid-19 crisis," BIS Papers chapters, in: Bank for International Settlements (ed.), The monetary-fiscal policy nexus in the wake of the pandemic, volume 122, pages 57-72, Bank for International Settlements.
    16. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2021. "COVID-19 Vaccination and Financial Frictions," Staff Report 632, Federal Reserve Bank of Minneapolis.
    17. Tiwari, Aviral Kumar & Abakah, Emmanuel Joel Aikins & Karikari, Nana Kwasi & Gil-Alana, Luis Alberiko, 2022. "The outbreak of COVID-19 and stock market liquidity: Evidence from emerging and developed equity markets," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    18. Emilio Espino & Julian Kozlowski & Fernando M. Martin & Juan M. Sanchez, 2020. "Domestic Policies and Sovereign Default," Working Papers 2020-017, Federal Reserve Bank of St. Louis, revised 06 Sep 2023.
    19. Hale, Galina & Juvenal, Luciana, 2020. "External Balance Sheets and the COVID-19 Crisis," CEPR Discussion Papers 15170, C.E.P.R. Discussion Papers.
    20. Alba Carlos & Cuadra Gabriel & Hernández Juan R. & Ibarra-Ramírez Raúl, 2021. "Capital Flows to Emerging Economies and Global Risk Aversion during the COVID-19 Pandemic," Working Papers 2021-17, Banco de México.
    21. Juan C. Hatchondo & Leonardo Martinez & César Sosa-Padilla, 2020. "Sovereign Debt Standstills," NBER Working Papers 28292, National Bureau of Economic Research, Inc.
    22. Cakici, Nusret & Zaremba, Adam, 2021. "Who should be afraid of infections? Pandemic exposure and the cross-section of stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    23. Paczos, Wojtek & Shakhnov, Kirill, 2022. "Defaulting on Covid debt," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    24. Shah, Sayar Ahmad & Garg, Bhavesh, 2023. "Testing policy effectiveness during COVID-19: An NK-DSGE analysis," Journal of Asian Economics, Elsevier, vol. 84(C).
    25. Enrico Mallucci, 2020. "Natural Disasters, Climate Change, and Sovereign Risk," International Finance Discussion Papers 1291r1, Board of Governors of the Federal Reserve System (U.S.), revised 14 Oct 2020.
    26. Zaremba, Adam & Kizys, Renatas & Aharon, David Y. & Umar, Zaghum, 2022. "Term spreads and the COVID-19 pandemic: Evidence from international sovereign bond markets," Finance Research Letters, Elsevier, vol. 44(C).
    27. Juan Alberto Vázquez Muñoz & Nancy Ivonne Muller Durán & Josué Zavaleta González, 2021. "Public Deficits in USMCA Economies During the COVID-19 Economic Crisis," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 16(3), pages 1-21, Julio - S.
    28. Juan C. Méndez-Vizcaíno & Nicolás Moreno-Arias, 2021. "A Global Shock with Idiosyncratic Pains: State-Dependent Debt Limits for LATAM during the COVID-19 pandemic," Borradores de Economia 1175, Banco de la Republica de Colombia.
    29. Ioana-Laura Țibulcă, 2021. "Debt Sustainability: Can EU Member States Use Environmental Taxes to Regain Fiscal Space?," Sustainability, MDPI, vol. 13(11), pages 1-15, May.
    30. Yacoub Alatrash & Gani Nurmukhametov, 2021. "Fiscal Policy Effectiveness Under Different Debt Regimes: The Case of Egypt," Working Papers 1527, Economic Research Forum, revised 20 Dec 2021.
    31. Richters, Oliver & Siemoneit, Andreas, 2021. "Making markets just: Reciprocity violations as key intervention points," ZOE Discussion Papers 7, ZOE. institute for future-fit economies, Bonn.
    32. Umar, Zaghum & Manel, Youssef & Riaz, Yasir & Gubareva, Mariya, 2021. "Return and volatility transmission between emerging markets and US debt throughout the pandemic crisis," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    33. Kocaarslan, Baris & Soytas, Ugur, 2023. "The role of major markets in predicting the U.S. municipal green bond market performance: New evidence from machine learning models," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    34. Julio L. Ortiz, 2022. "Spread Too Thin: The Impact of Lean Inventories," International Finance Discussion Papers 1342, Board of Governors of the Federal Reserve System (U.S.).
    35. Francisco Jareño & María-Isabel Martínez-Serna & María Chicharro, 2023. "Government Bonds and COVID-19. An International Evaluation Under Different Market States," Evaluation Review, , vol. 47(3), pages 433-478, June.
    36. Candelon, Bertrand & Moura, Rubens, 2023. "Sovereign yield curves and the COVID-19 in emerging markets," LIDAM Reprints LFIN 2023010, Université catholique de Louvain, Louvain Finance (LFIN).
    37. Cesar Salinas, 2021. "Epidemics and Informality in Developing Countries," CAEPR Working Papers 2021-002 Classification-E, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    38. Enrique G. Mendoza & Eugenio I. Rojas & Linda L. Tesar & Jing Zhang, 2020. "A Macroeconomic Model of Healthcare Saturation, Inequality and the Output-Pandemia Tradeoff," NBER Working Papers 28247, National Bureau of Economic Research, Inc.
    39. Gubareva, Mariya, 2021. "The impact of Covid-19 on liquidity of emerging market bonds," Finance Research Letters, Elsevier, vol. 41(C).
    40. Menna Bizuneh & Menelik Geremew, 2021. "Assessing the Impact of Covid-19 Pandemic on Emerging Market Economies’ (EMEs) Sovereign Bond Risk Premium and Fiscal Solvency," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(4), pages 519-545, October.
    41. Zaremba, Adam & Kizys, Renatas & Aharon, David Y., 2021. "Volatility in International Sovereign Bond Markets: The role of government policy responses to the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 43(C).
    42. Claudiu Tiberiu Albulescu & Eugenia Grecu, 2023. "Government Interventions and Sovereign Bond Market Volatility during COVID-19: A Quantile Analysis," Mathematics, MDPI, vol. 11(5), pages 1-14, February.
    43. Sanjay Kumar Rout & Hrushikesh Mallick, 2022. "Sovereign Bond Market Shock Spillover Over Different Maturities: A Journey from Normal to Covid-19 Period," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 697-734, December.
    44. Ozili, Peterson K., 2023. "The COVID-19 global debt crisis: how to avoid it," MPRA Paper 115831, University Library of Munich, Germany.
    45. Kalamov, Zarko Y. & Zimmermann, Karl J., 2023. "GDP-linked bonds and economic growth," Journal of International Money and Finance, Elsevier, vol. 137(C).
    46. Yusuf Soner Başkaya & Bryan Hardy & Ṣebnem Kalemli-Özcan & Vivian Z. Yue, 2023. "Sovereign Risk and Bank Lending: Theory and Evidence from a Natural Disaster," FRB Atlanta Working Paper 2023-01, Federal Reserve Bank of Atlanta.
    47. Medeiros, Mike & Nai, Alessandro & Erman, Ayşegül & Young, Elizabeth, 2022. "Personality traits of world leaders and differential policy responses to the COVID-19 pandemic," Social Science & Medicine, Elsevier, vol. 311(C).
    48. Bao Cong Nguyen To & Tam Van Thien Nguyen & Nham Thi Hong Nguyen & Hoai Thu Ho, 2022. "Responses of the International Bond Markets to COVID-19 Containment Measures," JRFM, MDPI, vol. 15(3), pages 1-11, March.
    49. Emmanuel Joel Aikins Abakah & Guglielmo Maria Caporale & Luis A. Gil-Alana, 2021. "The Impact of Containment Measures and Monetary and Fiscal Responses on US Financial Markets during the Covid-19 Pandemic," CESifo Working Paper Series 9163, CESifo.

  2. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2020. "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Staff Report 592, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Mehmet Ulug & Sayım Işık & Mehmet Mert, 2023. "The effectiveness of ultra-loose monetary policy in a high inflation economy: a time-varying causality analysis for Turkey," Economic Change and Restructuring, Springer, vol. 56(4), pages 2855-2887, August.
    2. Kirchner, Markus & Rieth, Malte, 2020. "Sovereign default risk, macroeconomic fluctuations and monetary-fiscal stabilisation," IWH Discussion Papers 22/2020, Halle Institute for Economic Research (IWH).
    3. Xing Guo & Pablo Ottonello & Diego J. Perez, 2023. "Monetary Policy and Redistribution in Open Economies," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(1), pages 191-241.
    4. Xiang Fang & Bryan Hardy & Karen K. Lewis, 2022. "Who Holds Sovereign Debt and Why It Matters," NBER Working Papers 30087, National Bureau of Economic Research, Inc.
    5. Sahibzada, Irfan Ullah & Rizwan, Muhammad Suhail & Qureshi, Anum, 2022. "Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation," Journal of Banking & Finance, Elsevier, vol. 145(C).
    6. Cristina Arellano & Yan Bai & Gabriel P. Mihalache, 2020. "Deadly Debt Crises: COVID-19 in Emerging Markets," NBER Working Papers 27275, National Bureau of Economic Research, Inc.
    7. Keiichiro Kobayashi & Kozo Ueda, 2017. "Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis," CIGS Working Paper Series 17-012E, The Canon Institute for Global Studies.
    8. François Le Grand & Xavier Ragot, 2017. "Sovereign Default and Liquidity: the Case for a World Safe Asset," SciencePo Working papers Main hal-03471758, HAL.
    9. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    10. Emilio Espino & Julian Kozlowski & Fernando M. Martin & Juan M. Sanchez, 2020. "Domestic Policies and Sovereign Default," Working Papers 2020-017, Federal Reserve Bank of St. Louis, revised 06 Sep 2023.
    11. James Costain & Galo Nuño & Carlos Thomas, 2022. "The Term Structure of Interest Rates in a Heterogeneous Monetary Union," Working Papers 2223, Banco de España.
    12. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    13. Javier Bianchi, 2019. "Monetary Independence and Rollover Crises," 2019 Meeting Papers 1367, Society for Economic Dynamics.
    14. Javier Bianchi & César Sosa-Padilla, 2020. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," NBER Working Papers 27323, National Bureau of Economic Research, Inc.
    15. Ignacio Lozano-Espitia & Fernando Arias-Rodríguez, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Risk Channel," Borradores de Economia 1196, Banco de la Republica de Colombia.
    16. Marina Azzimonti & Laura Karpuska & Gabriel Mihalache, 2020. "Bargaining over Mandatory Spending and Entitlements," Department of Economics Working Papers 20-02, Stony Brook University, Department of Economics.
    17. Lozano-Espitia, Ignacio & Arias-Rodríguez, Fernando, 2022. "The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(4).
    18. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    19. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    20. Tenreyro, Silvana & Drechsel, Thomas & McLeay, Michael, 2019. "Monetary policy for commodity booms and busts," CEPR Discussion Papers 14030, C.E.P.R. Discussion Papers.
    21. Marina Azzimonti & Gabriel P. Mihalache & Laura Karpuska, 2020. "Bargaining over Taxes and Entitlements," NBER Working Papers 27595, National Bureau of Economic Research, Inc.

  3. Yan Bai & Keyu Jin & Dan Lu, 2019. "Misallocation Under Trade Liberalization," NBER Working Papers 26188, National Bureau of Economic Research, Inc.

    Cited by:

    1. Andrea Lanteri & Eugene Tan & Pamela Medina, 2019. "Capital-Reallocation Frictions and Trade Shocks," 2019 Meeting Papers 1078, Society for Economic Dynamics.
    2. Antoine Berthou & John Jong-Hyun Chung & Kalina Manova & Charlotte Sandoz Dit Bragard, 2020. "Trade, productivity and (mis)allocation," CEP Discussion Papers dp1668, Centre for Economic Performance, LSE.
    3. Richard Hornbeck & Martin Rotemberg, 2019. "Railroads, Reallocation, and the Rise of American Manufacturing," 2019 Meeting Papers 396, Society for Economic Dynamics.
    4. Tetenyi, Laszlo, 2019. "Trade, misallocation, and capital market integration," IWH-CompNet Discussion Papers 8/2019, Halle Institute for Economic Research (IWH).
    5. Anderson, Ronald W., 2020. "Who bears risk in China's non-financial enterprise debt?," LSE Research Online Documents on Economics 118879, London School of Economics and Political Science, LSE Library.
    6. Mark Bils & Peter J. Klenow & Cian Ruane, 2020. "Misallocation or Mismeasurement?," Working Papers 20-07, Center for Economic Studies, U.S. Census Bureau.
    7. Bils, Mark & Klenow, Peter J. & Ruane, Cian, 2021. "Misallocation or Mismeasurement?," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 39-56.
    8. Anderson, Ronald, 2020. "Who Bears Risk in China's Non-financial Enterprise Debt?," CEPR Discussion Papers 15135, C.E.P.R. Discussion Papers.
    9. David Kohn & Fernando Leibovici & Michal Szkup, 2021. "Financial Frictions and International Trade," Working Papers 2021-009, Federal Reserve Bank of St. Louis.
    10. Maria D. Tito & Ruoying Wang, 2021. "Misallocation in Open Economy," Finance and Economics Discussion Series 2021-007, Board of Governors of the Federal Reserve System (U.S.).
    11. Laszlo Tetenyi, 2021. "Trade, Misallocation, and Capital Market Integration," Working Papers w202119, Banco de Portugal, Economics and Research Department.
    12. Kaoru Hosono & Miho Takizawa, 2022. "Japan's productivity stagnation: Using dynamic Hsieh–Klenow decomposition," Contemporary Economic Policy, Western Economic Association International, vol. 40(1), pages 218-232, January.
    13. Huang, Yi & Sheng, Liugang & Wang, Gewei, 2021. "How did rising labor costs erode China’s global advantage?," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 632-653.
    14. Xiao Feng & Yongjin Wang & Laixun Zhao, 2022. "Export Capacity Constraints and Distortions," Discussion Paper Series DP2022-20, Research Institute for Economics & Business Administration, Kobe University.

  4. Yan Bai & Dan Lu & Xu Tian, 2018. "Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?," NBER Working Papers 24436, National Bureau of Economic Research, Inc.

    Cited by:

    1. Yan Bai & Keyu Jin & Dan Lu, 2019. "Misallocation Under Trade Liberalization," NBER Working Papers 26188, National Bureau of Economic Research, Inc.
    2. Duan, Wenjing & Martins, Pedro S., 2020. "Rent sharing in China: Magnitude, heterogeneity and drivers," GLO Discussion Paper Series 448, Global Labor Organization (GLO).
    3. Wang, Wenya & Yang, Ei, 2023. "Multi-product firms and misallocation," Journal of Development Economics, Elsevier, vol. 163(C).
    4. Fang, Jing & He, Hui & Li, Nan, 2020. "China's rising IQ (Innovation Quotient) and growth: Firm-level evidence," Journal of Development Economics, Elsevier, vol. 147(C).
    5. Marios Karabarbounis & Patrick Macnamara, 2019. "Misallocation and Credit Market Constraints: the Role of Long-Term Financing," Working Paper 19-1, Federal Reserve Bank of Richmond.
    6. Augier, Laurent & Yin, Chao, 2022. "Financial market economy vs self-financing economy and the role of risk aversion," International Economics, Elsevier, vol. 172(C), pages 15-28.
    7. Tang, Le, 2022. "The dynamic demand for capital and labor: Evidence from Chinese industrial firms," Economic Modelling, Elsevier, vol. 107(C).
    8. Ding, Haoyuan & Ni, Bei & Xue, Chang & Zhang, Xiaoyu, 2022. "Land holdings and outward foreign direct investment: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    9. Feng, Ling & Lang, Henan & Pei, Tingting, 2022. "Zombie firms and corporate savings: Evidence from Chinese manufacturing firms," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 551-564.
    10. Gu, Shijun & Jia, Chengcheng, 2022. "Firm dynamics and SOE transformation during China’s Economic Reform," Journal of International Money and Finance, Elsevier, vol. 127(C).

  5. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2017. "Default Risk, Sectoral Reallocation and Persistent Recessions," Staff Report 555, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Sophie Piton, 2018. "Do Unit Labor Costs Matter? A Decomposition Exercise on European Data," Working Papers halshs-01785345, HAL.
    2. Balcilar, Mehmet & Ozdemir, Zeynel Abidin & Ozdemir, Huseyin & Aygun, Gurcan & Wohar, Mark E., 2022. "The macroeconomic impact of economic uncertainty and financial shocks under low and high financial stress," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
    3. Pozo, Jorge, 2023. "Sectoral credit reallocation: An excessive bank risk-taking explanation," Emerging Markets Review, Elsevier, vol. 54(C).
    4. Michael Olabisi, 2020. "Input–Output Linkages and Sectoral Volatility," Economica, London School of Economics and Political Science, vol. 87(347), pages 713-746, July.
    5. Olivier Cardi & Romain Restout & Peter Claeys, 2019. "Imperfect mobility of labor across sectors and fiscal transmission," Working Papers hal-02400991, HAL.
    6. Luisito Bertinelli & Olivier Cardi & Romain Restout, 2021. "Labor Market Effects of Technology Shocks Biased toward the Traded Sector," Working Papers 342990229, Lancaster University Management School, Economics Department.
    7. Keiichiro Kobayashi & Kozo Ueda, 2017. "Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis," CIGS Working Paper Series 17-012E, The Canon Institute for Global Studies.
    8. Florent Kanga GBONGUE & Lambert N’Galadjo BAMBA, 2023. "Le modèle hybride de la structure par terme des primes souveraines de crédit et de liquidité dans la zone UEMOA," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 57, pages 101-145.
    9. Furceri, Davide & Kilic Celik, Sinem & Jalles, João Tovar & Koloskova, Ksenia, 2021. "Recessions and total factor productivity: Evidence from sectoral data," Economic Modelling, Elsevier, vol. 94(C), pages 130-138.
    10. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2019. "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Department of Economics Working Papers 19-02-rev1, Stony Brook University, Department of Economics.
    11. Farah-Yacoub,Juan P. & Graf Von Luckner,Clemens Mathis Henrik & Ramalho,Rita & Reinhart,Carmen M., 2022. "The Social Costs of Sovereign Default," Policy Research Working Paper Series 10157, The World Bank.
    12. Leonardo Martinez & Francisco Roch & Francisco Roldan & Jeromin Zettelmeyer, 2022. "Sovereign Debt," Working Papers 167, Red Nacional de Investigadores en Economía (RedNIE).
    13. Minjie Deng & Chang Liu, 2021. "Sovereign Risk and Intangible Investment," Discussion Papers dp21-16, Department of Economics, Simon Fraser University.
    14. George Alessandria & Minjie Deng & Yan Bai, 2019. "Sovereign Default Risk and Migration," 2019 Meeting Papers 1085, Society for Economic Dynamics.
    15. Fornari, Fabio & Zaghini, Andrea, 2021. "It's not time to make a change: Sovereign fragility and the corporate credit risk," CFS Working Paper Series 652, Center for Financial Studies (CFS).
    16. Sophie Piton, 2017. "Economic Integration and the Non-tradable Sector: The European Experience," 2017 Papers ppi361, Job Market Papers.
    17. Hajer Dachraoui & Mounir Smida & Maamar Sebri, 2020. "Role of capital flight as a driver of sovereign bond spreads in Latin American countries," International Economics, CEPII research center, issue 162, pages 15-33.
    18. Alessandria, George & Bai, Yan & Deng, Minjie, 2020. "Migration and sovereign default risk," Journal of Monetary Economics, Elsevier, vol. 113(C), pages 1-22.
    19. Yfanti, Stavroula & Karanasos, Menelaos & Zopounidis, Constantin & Christopoulos, Apostolos, 2023. "Corporate credit risk counter-cyclical interdependence: A systematic analysis of cross-border and cross-sector correlation dynamics," European Journal of Operational Research, Elsevier, vol. 304(2), pages 813-831.

  6. Cristina Arellano & Yan Bai & Sandra Lizarazo, 2017. "Sovereign Risk Contagion," Staff Report 559, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Converse, Nathan & Mallucci, Enrico, 2023. "Differential treatment in the bond market: Sovereign risk and mutual fund portfolios," Journal of International Economics, Elsevier, vol. 145(C).
    2. Sergio De Ferra & Enrico Mallucci, 2020. "Avoiding Sovereign Default Contagion: A Normative Analysis," International Finance Discussion Papers 1275, Board of Governors of the Federal Reserve System (U.S.).
    3. Harold Cole & Daniel Neuhann & Guillermo Ordonez, 2022. "Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis," PIER Working Paper Archive 22-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    4. Bocola, Luigi & Bornstein, Gideon & Dovis, Alessandro, 2019. "Quantitative sovereign default models and the European debt crisis," Journal of International Economics, Elsevier, vol. 118(C), pages 20-30.
    5. Juan Morelli & Diego Perez & Pablo Ottonello, 2019. "Global Banks and Systemic Debt Crises," 2019 Meeting Papers 644, Society for Economic Dynamics.
    6. Cristina Arellano & Gabriel Mihalache & Yan Bai, 2018. "Inflation Targeting with Sovereign Default Risk," 2018 Meeting Papers 851, Society for Economic Dynamics.
    7. Cavusgil, S. Tamer & Deligonul, Seyda & Ghauri, Pervez N. & Bamiatzi, Vassiliki & Park, Byung Il & Mellahi, Kamel, 2020. "Risk in international business and its mitigation," Journal of World Business, Elsevier, vol. 55(2).
    8. Eberhardt, Markus, 2018. "(At Least) Four Theories for Sovereign Default," CEPR Discussion Papers 13084, C.E.P.R. Discussion Papers.
    9. Adham Jaber, 2022. "Improving the estimates of fiscal space," French Stata Users' Group Meetings 2022 16, Stata Users Group.
    10. Bahaj, Saleem, 2020. "Sovereign spreads in the Euro area: Cross border transmission and macroeconomic implications," Journal of Monetary Economics, Elsevier, vol. 110(C), pages 116-135.
    11. Jean-Marc Fournier & Manuel Bétin, 2018. "Limits to government debt sustainability in middle-income countries," OECD Economics Department Working Papers 1493, OECD Publishing.

  7. Cristina Arellano & Yan Bai & Luigi Bocola, 2017. "Sovereign Default Risk and Firm Heterogeneity," NBER Working Papers 23314, National Bureau of Economic Research, Inc.

    Cited by:

    1. Pablo D'Erasmo & Herman J. Moscoso Boedo & Maria Pia Olivero & Maximo Sangiacomo, 2019. "Relationship Networks in Banking Around a Sovereign Default and Currency Crisis," Working Papers 19-43, Federal Reserve Bank of Philadelphia.
    2. Pablo D'Erasmo & Enrique G. Mendoza, 2019. "History Remembered: Optimal Sovereign Default on Domestic and External Debt," Working Papers 19-31, Federal Reserve Bank of Philadelphia.
    3. Michal Szkup, 2020. "Online Appendix to "Preventing Self-Fulfilling Debt Crises: A Global Games Approach"," Online Appendices 19-127, Review of Economic Dynamics.
    4. Galli, Carlo, 2021. "Self-fulfilling debt crises, fiscal policy and investment," Journal of International Economics, Elsevier, vol. 131(C).
    5. Mr. Tamon Asonuma & Mr. Marcos d Chamon & Aitor Erce & Akira Sasahara, 2019. "Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel," IMF Working Papers 2019/069, International Monetary Fund.
    6. Arellano, Cristina & Bai, Yan & Mihalache, Gabriel, 2018. "Default risk, sectoral reallocation, and persistent recessions," Journal of International Economics, Elsevier, vol. 112(C), pages 182-199.
    7. Grey Gordon & Pablo Guerron-Quintana, 2018. "On Regional Borrowing, Migration, and Default," 2018 Meeting Papers 305, Society for Economic Dynamics.
    8. Francisco Buera & Sudipto Karmakar, 2022. "Real Effects of Financial Distress: The Role of Heterogeneity," The Economic Journal, Royal Economic Society, vol. 132(644), pages 1309-1348.
    9. Arce, Fernando, 2021. "Private Overborrowing under Sovereign Risk," MPRA Paper 113176, University Library of Munich, Germany.
    10. Bocola, Luigi & Bornstein, Gideon & Dovis, Alessandro, 2019. "Quantitative sovereign default models and the European debt crisis," Journal of International Economics, Elsevier, vol. 118(C), pages 20-30.
    11. Silvia Marchesi & Pietro Bomprezzi, 2021. "A firm level approach on the effects of IMF programs," Working Papers 476, University of Milano-Bicocca, Department of Economics, revised Aug 2021.
    12. Fernando Broner & Alberto Martin & Lorenzo Pandolfi & Tomas Williams, 2020. "Winners and Losers from Sovereign Debt Inflows," NBER Working Papers 27772, National Bureau of Economic Research, Inc.
    13. Alessandria, George & Bai, Yan & Deng, Minjie, 2020. "Migration and sovereign default risk," Journal of Monetary Economics, Elsevier, vol. 113(C), pages 1-22.
    14. Francesco Carli & Leonor Modesto, 2022. "Sovereign debt, fiscal policy, and macroeconomic instability," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(6), pages 1386-1412, December.
    15. Staffa, Ruben, 2022. "The effects of sovereign risk: A high frequency identification based on news ticker data," IWH Discussion Papers 8/2022, Halle Institute for Economic Research (IWH).
    16. Boris Hofmann & Nikhil Patel & Steve Pak Yeung Wu, 2022. "Original sin redux: a model-based evaluation," BIS Working Papers 1004, Bank for International Settlements.

  8. Cristina Arellano & Yan Bai, 2016. "Fiscal Austerity during Debt Crises," Staff Report 525, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Anzoategui, Diego, 2022. "Sovereign spreads and the effects of fiscal austerity," Journal of International Economics, Elsevier, vol. 139(C).
    2. Gabriel Chodorow-Reich & Loukas Karabarbounis & Rohan Kekre, 2019. "The Macroeconomics of the Greek Depression," Working Papers 758, Federal Reserve Bank of Minneapolis.
    3. Matthieu Darracq Paries & Georg Muller & Niki Papadopoulou, 2022. "Fiscal Multipliers with Sovereign Risk and Fragile Banks," Working Papers 2022-5, Central Bank of Cyprus.
    4. Farzana Alamgir & Johnny Cotoc & Alok Johri, 2022. "The Bribe Rate and Long Run Differences in Sovereign Borrowing Costs," Department of Economics Working Papers 2022-07, McMaster University.
    5. Michal Szkup, 2020. "Online Appendix to "Preventing Self-Fulfilling Debt Crises: A Global Games Approach"," Online Appendices 19-127, Review of Economic Dynamics.
    6. Galli, Carlo, 2021. "Self-fulfilling debt crises, fiscal policy and investment," Journal of International Economics, Elsevier, vol. 131(C).
    7. TRANDAFIR, Adina & NEGURIȚĂ, Octav & GUNI, Claudia, 2018. "The Impact Of Deflation On Fiscal Aggregates," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 18(3), pages 81-96.
    8. Stefan Niemann & Paul Pichler, 2017. "Optimal fiscal policy and sovereign debt crises," Working Papers 218, Oesterreichische Nationalbank (Austrian Central Bank).
    9. Francesco Pappada & Yanos Zylberberg, 2018. "Hanging off a cliff: fiscal consolidations and default risk," 2018 Meeting Papers 844, Society for Economic Dynamics.
    10. Siming Liu & Hewei Shen, 2021. "Online Appendix to "Fiscal Commitment and Sovereign Default Risk"," Online Appendices 18-490, Review of Economic Dynamics.
    11. Bernardo Guimaraes & Lucas Tumkus, 2020. "On the costs of sovereign default in quantitative models," Discussion Papers 2021, Centre for Macroeconomics (CFM).
    12. Tran-Xuan, Monica, 2023. "Optimal redistributive policy in debt constrained economies," Journal of International Economics, Elsevier, vol. 144(C).
    13. Christos Shiamptanis, 2019. "Tax Austerity: Does it avert solvency crises?," LCERPA Working Papers ec0119, Laurier Centre for Economic Research and Policy Analysis.
    14. Axelle Ferriere & Anastasios Karantounias, 2019. "Fiscal Austerity in Ambiguous Times," Post-Print halshs-02084280, HAL.
    15. Papadia, Andrea, 2017. "Sovereign defaults during the Great Depression: the role of fiscal fragility," Economic History Working Papers 68943, London School of Economics and Political Science, Department of Economic History.
    16. Cristina Arellano & Timothy J. Kehoe & Herakles Polemarchakis, 2017. "Introduction to the Special Issue on Models of Debt and Debt Crises," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(4), pages 605-610, December.
    17. Stefan Niemann & Paul Pichler, 2020. "Online Appendix to "Optimal fiscal policy and sovereign debt crises"," Online Appendices 18-382, Review of Economic Dynamics.
    18. Christos Shiamptanis, 2017. "Austerity Measures: Do they avert solvency crises?," LCERPA Working Papers 0103, Laurier Centre for Economic Research and Policy Analysis, revised 19 Jun 2017.
    19. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic policy lessons for Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 152, Hellenic Observatory, LSE.
    20. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic Policy Lessons for Greece from the Debt Crisis," CESifo Working Paper Series 8188, CESifo.
    21. Dimakopoulou, Vasiliki & Economides, George & Philippopoulos, Apostolis, 2022. "The ECB's policy, the Recovery Fund and the importance of trust and fiscal corrections: The case of Greece," Economic Modelling, Elsevier, vol. 112(C).
    22. Siming Liu & Hewei Shen, 2018. "Fiscal Commitment and Sovereign Default Risk," CAEPR Working Papers 2018-003, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    23. Timm M. Prein & Almuth Scholl, 2018. "The Impact of Bailouts on Political Turnover and Sovereign Default Risk," Working Paper Series of the Department of Economics, University of Konstanz 2018-04, Department of Economics, University of Konstanz.
    24. Victor Barros & Joao Tovar Jalles & Joaquim Miranda Sarmento, 2023. "Drivers of the Tax Effort: Evidence from a Large Panel," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 96-136, March.
    25. Darracq Pariès, Matthieu & Müller, Georg & Papadopoulou, Niki, 2023. "Fiscal multipliers within the euro area in the context of sovereign risk and bank fragility," Economic Modelling, Elsevier, vol. 126(C).
    26. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2021. "Austerity, Assistance and Institutions: Lessons from the Greek Sovereign Debt Crisis," Open Economies Review, Springer, vol. 32(3), pages 435-478, July.
    27. Francesco Carli & Leonor Modesto, 2022. "Sovereign debt, fiscal policy, and macroeconomic instability," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(6), pages 1386-1412, December.
    28. Tavares, Tiago, 2019. "Labor market distortions under sovereign debt default crises," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    29. Tamon Asonuma & Hyungseok Joo, 2021. "Public Capital and Fiscal Constraint in Sovereign Debt Crises," School of Economics Discussion Papers 0621, School of Economics, University of Surrey.
    30. Evan Cleave & Godwin Arku, 2020. "Planning for Local Economic Development: Research into Policymaking and Practice," Urban Planning, Cogitatio Press, vol. 5(3), pages 319-322.
    31. Andrea Papadia, 2024. "Fiscal policy under constraints: Fiscal capacity and austerity during the Great Depression," Economic History Review, Economic History Society, vol. 77(1), pages 90-118, February.
    32. Andrade, Sandro C. & Ekponon, Adelphe & Jeanneret, Alexandre, 2023. "Sovereign risk premia and global macroeconomic conditions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 172-197.
    33. Pei Kuang & Kaushik Mitra, 2022. "Potential Output Pessimism and Austerity in the European Union," Discussion Papers 22-08, Department of Economics, University of Birmingham.
    34. Cusato Novelli, Antonio & Barcia, Giancarlo, 2021. "Sovereign Risk, Public Investment and the Fiscal Policy Stance," Journal of Macroeconomics, Elsevier, vol. 67(C).
    35. Diego Anzoategui, 2019. "Sovereign Debt and the Effects of Fiscal Austerity," 2019 Meeting Papers 441, Society for Economic Dynamics.
    36. Passadore, Juan & Xu, Yu, 2022. "Illiquidity in sovereign debt markets," Journal of International Economics, Elsevier, vol. 137(C).

  9. Yan Bai & Seon Tae Kim & Gabriel P. Mihalache, 2015. "The Maturity and Payment Schedule of Sovereign Debt," NBER Working Papers 20896, National Bureau of Economic Research, Inc.

    Cited by:

    1. Eidam, Frederik, 2020. "Gap-filling government debt maturity choice," ESRB Working Paper Series 110, European Systemic Risk Board.
    2. Matteo Crosignani & Miguel Faria-e-Castro & Luis Fonseca, 2017. "The (Unintended?) Consequences of the Largest Liquidity Injection Ever," Working Papers 2017-039, Federal Reserve Bank of St. Louis.
    3. Yurdagul, Emircan & Dvorkin, Maximiliano & Sanchez, Juan M. & ,, 2022. "Improving Sovereign Debt Restructurings," CEPR Discussion Papers 17223, C.E.P.R. Discussion Papers.
    4. Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1697-1755, Elsevier.
    5. Maximiliano Dvorkin & Emircan Yurdagul & Horacio Sapriza & Juan Sanchez, 2018. "Sovereign Debt Restructuring: A Dynamic Discrete Choice Approach," 2018 Meeting Papers 1273, Society for Economic Dynamics.
    6. Mihalache, Gabriel, 2020. "Sovereign default resolution through maturity extension," Journal of International Economics, Elsevier, vol. 125(C).
    7. Maximiliano Dvorkin & Juan M. Sánchez & Horacio Sapriza & Emircan Yurdagul, 2021. "Sovereign Debt Restructurings," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(2), pages 26-77, April.
    8. Juan M. Sanchez & Horacio Sapriza & Emircan Yurdagul, 2014. "Sovereign Default and the Choice of Maturity," Working Papers 2014-31, Federal Reserve Bank of St. Louis.
    9. Kim, Jiseob & Lim, Taejun, 2021. "Cost-effective mortgage modification program to reduce mortgage defaults," Economic Modelling, Elsevier, vol. 96(C), pages 220-241.
    10. Luís Fonseca, 2015. "Central Bank Interventions, Demand for Collateral, and Sovereign Borrowing Costs," Working Papers w201509, Banco de Portugal, Economics and Research Department.
    11. Corsetti, G. & Erce, A. & Uy, T., 2018. "Debt Sustainability and the Terms of Official Support," Cambridge Working Papers in Economics 1864, Faculty of Economics, University of Cambridge.
    12. Beetsma, Roel & Giuliodori, Massimo & Hanson, Jesper & de Jong, Frank, 2019. "The Maturity of Sovereign Debt Issuance in the Euro Area," CEPR Discussion Papers 13729, C.E.P.R. Discussion Papers.
    13. Luigi Bocola & Alessandro Dovis, 2016. "Self-Fulfilling Debt Crises: A Quantitative Analysis," NBER Working Papers 22694, National Bureau of Economic Research, Inc.
    14. Dvorkin, Maximiliano & Sánchez, Juan M. & Sapriza, Horacio & Yurdagul, Emircan, 2020. "News, sovereign debt maturity, and default risk," Journal of International Economics, Elsevier, vol. 126(C).
    15. Eidam, Frederik, 2018. "Gap-filling government debt maturity choice," ZEW Discussion Papers 18-025, ZEW - Leibniz Centre for European Economic Research.
    16. Sánchez, Juan M. & Sapriza, Horacio & Yurdagul, Emircan, 2018. "Sovereign default and maturity choice," Journal of Monetary Economics, Elsevier, vol. 95(C), pages 72-85.

  10. Cristina Arellano & Yan Bai, 2014. "Renegotiation Policies in Sovereign Defaults," Staff Report 495, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Aloisio Araujo & Marcia Leon & Rafael Santos, 2016. "Bargained Haircuts and Debt Policy Implications," Working Papers Series 416, Central Bank of Brazil, Research Department.
    2. Sasha Indarte, 2017. "Contagion via Financial Intermediaries in Pre-1914 Sovereign Debt Markets," 2017 Meeting Papers 1141, Society for Economic Dynamics.
    3. Victor Leão Borges de Almeida & Carlos Esquivel & Juan Pablo Nicolini & Timothy Kehoe, 2018. "Did the 1980s in Latin America Need to Be a Lost Decade?," 2018 Meeting Papers 829, Society for Economic Dynamics.
    4. Passadore, Juan & Xu, Yu, 2022. "Illiquidity in sovereign debt markets," Journal of International Economics, Elsevier, vol. 137(C).

  11. Jose-Victor Rios-Rull & Yan Bai, 2013. "Demand shocks and open economy puzzles," 2013 Meeting Papers 523, Society for Economic Dynamics.

    Cited by:

    1. Wei Li & Yulei Luo & Jun Nie, 2015. "Elastic attention, risk sharing, and international comovements," Research Working Paper RWP 15-16, Federal Reserve Bank of Kansas City.
    2. Pawel Borys & Pawel Doligalski & Pawel Kopiec, 2021. "The Quantitative Importance of Technology and Demand Shocks for Unemployment Fluctuations in a Shopping Economy," Bristol Economics Discussion Papers 21/743, School of Economics, University of Bristol, UK.
    3. Eleni Iliopulos & Erica Perego & Thepthida Sopraseuth, 2019. "International Business Cycles: Information Matters," Working Papers 2019-03, CEPII research center.
    4. Cavallari, Lilia, 2022. "The international real business cycle when demand matters," Journal of Macroeconomics, Elsevier, vol. 73(C).
    5. Dudley Cooke, 2019. "Consumer Search, Incomplete Exchange Rate Pass‐Through, and Optimal Interest Rate Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(2-3), pages 455-484, March.
    6. Ruling Hong & Mengxun Liu & Haoming Yang & Qianqian Zhang, 2023. "What Drives China’s Exports: Evidence from a Domestic Consumption Expansion Policy," Sustainability, MDPI, vol. 15(4), pages 1-15, February.
    7. Rafael Dix-Carneiro & Sharon Traiberman, 2022. "Globalization, Trade Imbalances and Inequality," NBER Working Papers 30188, National Bureau of Economic Research, Inc.
    8. Jonathan J. Adams & Mr. Philip Barrett, 2017. "Why are Countries’ Asset Portfolios Exposed to Nominal Exchange Rates?," IMF Working Papers 2017/291, International Monetary Fund.
    9. Caliendo, Lorenzo, 2023. "A comment on: Globalization, trade imbalances and inequality," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 73-76.
    10. Le Riche, Antoine & Lloyd-Braga, Teresa & Modesto, Leonor, 2022. "Intra-industry trade, involuntary unemployment and macroeconomic stability," Journal of Mathematical Economics, Elsevier, vol. 99(C).
    11. Crespo, Aranzazu; Muñoz-Sepulveda, Jesus A., 2015. "The Role of Physical and Financial Constraints in Export Dynamics," Economics Working Papers MWP2015/17, European University Institute.
    12. Ling Sun, 2018. "Delayed Output Response to Productivity Shocks in a Monetary Search Model," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(3), pages 251-266, September.
    13. Jiang, Mingming, 2017. "On demand shocks and international business cycle puzzles," Economics Letters, Elsevier, vol. 160(C), pages 29-32.

  12. Cristina Arellano & Yan Bai, 2013. "Linkages across sovereign debt markets," Staff Report 491, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Filippo Brutti & Philip Sauré, 2012. "Transmission of Sovereign Risk in the Euro Crisis," Working Papers 12.01, Swiss National Bank, Study Center Gerzensee.
    2. Marina Azzimonti & Vincenzo Quadrini, 2019. "International Spillovers and Bailouts," Department of Economics Working Papers 19-06, Stony Brook University, Department of Economics.
    3. Jing Cheng & Meixing Dai & Frédéric Dufourt, 2014. "Banking and Sovereign Debt Crises in a Monetary Union Without Central Bank Intervention," AMSE Working Papers 1428, Aix-Marseille School of Economics, France, revised Jun 2014.
    4. Saleem A. Bahaj, 2014. "Systemic Sovereign Risk: Macroeconomic Implications in the Euro Area," Working Papers 191, Oesterreichische Nationalbank (Austrian Central Bank).
    5. Engler, Philipp & Grosse Steffen, Christoph, 2015. "Sovereign risk, interbank freezes, and aggregate fluctuations," Working Paper Series 1840, European Central Bank.
    6. Welburn, Jonathan William & Hausken, Kjell, 2015. "A Game-Theoretic Model with Empirics of Economic Crises," UiS Working Papers in Economics and Finance 2015/7, University of Stavanger.
    7. Jonathan William Welburn & Kjell Hausken, 2017. "Game Theoretic Modeling of Economic Systems and the European Debt Crisis," Computational Economics, Springer;Society for Computational Economics, vol. 49(2), pages 177-226, February.
    8. Jonathan W. Welburn, 2020. "Crises Beyond Belief: Findings on Contagion, the Role of Beliefs, and the Eurozone Debt Crisis from a Borrower–Lender Game," Computational Economics, Springer;Society for Computational Economics, vol. 56(2), pages 263-317, August.
    9. Natalia Kovrijnykh & Igor Livshits, 2013. "Screening as a Unified Theory of Delinquency, Renegotiation, and Bankruptcy," Carlo Alberto Notebooks 340, Collegio Carlo Alberto.
    10. Cristina Arellano & Juan Carlos Conesa & Timothy J. Kehoe, 2012. "Chronic sovereign debt crises in the Eurozone, 2010-2012," Economic Policy Paper 12-4, Federal Reserve Bank of Minneapolis.
    11. Park, JungJae, 2013. "Contagion of Sovereign Default Risk: the Role of Two Financial Frictions," MPRA Paper 55197, University Library of Munich, Germany.
    12. Welburn, Jonathan & Hausken, Kjell, 2014. "Game-Theoretic Perspectives on Financial Crises," UiS Working Papers in Economics and Finance 2014/22, University of Stavanger.
    13. Welburn, Jonathan & Hausken, Kjell, 2014. "A Game Theoretic Model of Economic Crises," UiS Working Papers in Economics and Finance 2014/23, University of Stavanger.
    14. Anubha Goel & Aparna Mehra, 2019. "Analyzing Contagion Effect in Markets During Financial Crisis Using Stochastic Autoregressive Canonical Vine Model," Computational Economics, Springer;Society for Computational Economics, vol. 53(3), pages 921-950, March.
    15. Marina Azzimonti & Vincenzo Quadrini, 2019. "International spillovers and `ex-ante' efficient bailouts," 2019 Meeting Papers 318, Society for Economic Dynamics.
    16. Canhui Hong, 2018. "Flight-to-quality debt crises," 2018 Meeting Papers 166, Society for Economic Dynamics.

  13. Cristina Arellano & Yan Bai & Patrick J. Kehoe, 2012. "Financial frictions and fluctuations in volatility," Staff Report 466, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Kovalenko, Tim, 2021. "Uncertainty shocks and employment fluctuations in Germany: The role of establishment size," Discussion Papers 119, Friedrich-Alexander University Erlangen-Nuremberg, Chair of Labour and Regional Economics.
    2. Gian Paulo Soave, 2023. "A panel threshold VAR with stochastic volatility-in-mean model: an application to the effects of financial and uncertainty shocks in emerging economies," Applied Economics, Taylor & Francis Journals, vol. 55(4), pages 397-431, January.
    3. Carstensen, Kai & Bachmann, Rüdiger & Schneider, Martin & Lautenbacher, Stefan, 2018. "Uncertainty is Change," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181572, Verein für Socialpolitik / German Economic Association.
    4. Eran Hoffmann, 2018. "The Cyclical Composition of Startups," 2018 Meeting Papers 553, Society for Economic Dynamics.
    5. Saijo, Hikaru, 2017. "The uncertainty multiplier and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 78(C), pages 1-25.
    6. Aubhik Khan & Julia K. Thomas, 2011. "Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity," NBER Working Papers 17311, National Bureau of Economic Research, Inc.
    7. Stéphane Lhuissier & Fabien Tripier, 2019. "Regime-Dependent Effects of Uncertainty Shocks: A Structural Interpretation," Working papers 714, Banque de France.
    8. Violante, Giovanni & , & Engbom, Niklas & Mongey, Simon, 2019. "Firm and Worker Dynamics in a Frictional Labor Market," CEPR Discussion Papers 14246, C.E.P.R. Discussion Papers.
    9. Shaofeng Xu, 2017. "Volatility Risk and Economic Welfare," Staff Working Papers 17-20, Bank of Canada.
    10. Yahong Zhang, 2011. "Financial Factors and Labour Market Fluctuations," Staff Working Papers 11-12, Bank of Canada.
    11. Collard, Fabrice & Dellas, Harris & Angeletos, George-Marios, 2020. "Business Cycle Anatomy," TSE Working Papers 20-1065, Toulouse School of Economics (TSE).
    12. Dlugoszek, Grzegorz, 2018. "Macroeconomic Effects of Financial Uncertainty," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181596, Verein für Socialpolitik / German Economic Association.
    13. Tingli Liu & Xiao Chen & Jianing Liu, 2023. "Economic Policy Uncertainty and Enterprise Financing Efficiency: Evidence from China," Sustainability, MDPI, vol. 15(11), pages 1-27, May.
    14. Iván Alfaro & Nicholas Bloom & Xiaoji Lin, 2024. "The Finance Uncertainty Multiplier," Journal of Political Economy, University of Chicago Press, vol. 132(2), pages 577-615.
    15. Tarek A Hassan & Stephan Hollander & Laurence van Lent & Ahmed Tahoun, 2019. "Firm-Level Political Risk: Measurement and Effects," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(4), pages 2135-2202.
    16. Alexander Richter & Nathaniel Throckmorton, 2018. "A New Way to Quantify the Effect of Uncertainty," 2018 Meeting Papers 565, Society for Economic Dynamics.
    17. Fabio Bertolotti & Massimiliano Marcellino, 2019. "Tax shocks with high and low uncertainty," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(6), pages 972-993, September.
    18. Piergiorgio Alessandri & Andrea Gazzani & Alejandro Vicondoa, 2021. "The Real Effects of Financial Uncertainty Shocks: A Daily Identification Approach," Documentos de Trabajo 559, Instituto de Economia. Pontificia Universidad Católica de Chile..
    19. Kim, Youngju & Lee, Seohyun & Lim, Hyunjoon, 2023. "Uncertainty, credit and investment: Evidence from firm-bank matched data," Journal of Banking & Finance, Elsevier, vol. 154(C).
    20. Barraza, Santiago & Civelli, Andrea, 2020. "Economic policy uncertainty and the supply of business loans," Journal of Banking & Finance, Elsevier, vol. 121(C).
    21. Ngene, Geoffrey M. & Tah, Kenneth A., 2023. "How are policy uncertainty, real economy, and financial sector connected?," Economic Modelling, Elsevier, vol. 123(C).
    22. Tyler Atkinson & Michael D. Plante & Alexander W. Richter & Nathaniel A. Throckmorton, 2020. "Complementarity and Macroeconomic Uncertainty," Working Papers 2009, Federal Reserve Bank of Dallas.
    23. Jung, Seungho & Lee, Jongmin & Lee, Seohyun, 2021. "The impact of geopolitical risk on stock returns: Evidence from inter-Korea geopolitics," MPRA Paper 108006, University Library of Munich, Germany.
    24. Bonciani, Dario & Oh, Joonseok Jason, 2019. "The long-run effects of uncertainty shocks," Bank of England working papers 802, Bank of England.
    25. Grimme, Christian, 2017. "Uncertainty and the Cost of Bank vs. Bond Finance," MPRA Paper 79852, University Library of Munich, Germany.
    26. Sangyup Choi & David Furceri & Prakash Loungani & Myungkyu shim, 2021. "Inflation Anchoring and Growth: The Role of Credit Constraints," Working papers 2021rwp-188, Yonsei University, Yonsei Economics Research Institute.
    27. Hirakata, Naohisa & Sunakawa, Takeki, 2019. "Financial frictions, capital misallocation and structural change," Journal of Macroeconomics, Elsevier, vol. 61(C), pages 1-1.
    28. Martin Seneca, 2020. "Risk Shocks and Monetary Policy in the New Normal," International Journal of Central Banking, International Journal of Central Banking, vol. 16(6), pages 185-232, December.
    29. Gkougkousi, Xanthi & John, Kose & Radhakrishnan, Suresh & Sadka, Gil & Saunders, Anthony, 2022. "Cross-sectional dispersion and bank performance," Journal of Banking & Finance, Elsevier, vol. 138(C).
    30. Takeshi Shinohara & Tatsushi Okuda & Jouchi Nakajima, 2020. "Characteristics of Uncertainty Indices in the Macroeconomy," Bank of Japan Working Paper Series 20-E-6, Bank of Japan.
    31. Rüdiger Bachmann & Peter Zorn, 2013. "What Drives Aggregate Investment? Evidence from German Survey Data," NBER Working Papers 18990, National Bureau of Economic Research, Inc.
    32. Miguel H. Ferreira, 2023. "Aggregate Implications of Corporate Bond Holdings by Nonfinancial Firms," Working Papers 967, Queen Mary University of London, School of Economics and Finance.
    33. Danilo Leiva-Leon & Lorenzo Ductor, 2019. "Fluctuations in Global Macro Volatility," Working Papers 1925, Banco de España.
    34. Carriero, Andrea & Clark, Todd E. & Marcellino, Massimiliano, 2021. "Using time-varying volatility for identification in Vector Autoregressions: An application to endogenous uncertainty," Journal of Econometrics, Elsevier, vol. 225(1), pages 47-73.
    35. Popp, Aaron & Zhang, Fang, 2016. "The macroeconomic effects of uncertainty shocks: The role of the financial channel," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 319-349.
    36. Giuseppe Fiori & Filippo Scoccianti, 2021. "The Economic Effects of Firm-Level Uncertainty: Evidence Using Subjective Expectations," International Finance Discussion Papers 1320, Board of Governors of the Federal Reserve System (U.S.).
    37. Dean Corbae & Pablo D'Erasmo, 2020. "Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics," Working Papers 769, Federal Reserve Bank of Minneapolis.
    38. Tino Berger & Sibylle Grabert & Bernd Kempa, 2016. "Global and Country-Specific Output Growth Uncertainty and Macroeconomic Performance," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(5), pages 694-716, October.
    39. Bachmann, Rüdiger & Born, Benjamin & Elstner, Steffen & Grimme, Christian, 2019. "Time-varying business volatility and the price setting of firms," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 82-99.
    40. Jesús Fernández-Villaverde & Pablo A. Guerrón-Quintana, 2020. "Uncertainty Shocks and Business Cycle Research," NBER Working Papers 26768, National Bureau of Economic Research, Inc.
    41. Occhino, Filippo & Pescatori, Andrea, 2015. "Debt overhang in a business cycle model," European Economic Review, Elsevier, vol. 73(C), pages 58-84.
    42. Bachman, RÜdiger & Bai, Jinhui & Lee, Minjoon & Zhang, Fudong, 2020. "The Welfare and Distributional Effects of Fiscal Volatility: A Quantitative Evaluation," Working Papers 2020-2, School of Economic Sciences, Washington State University.
    43. Kıvanç Karaman, K. & Yıldırım-Karaman, Seçil, 2019. "How does financial development alter the impact of uncertainty?," Journal of Banking & Finance, Elsevier, vol. 102(C), pages 33-42.
    44. Pedro Bordalo & Nicola Gennaioli & Andrei Shleifer, 2022. "Overreaction and Diagnostic Expectations in Macroeconomics," NBER Working Papers 30356, National Bureau of Economic Research, Inc.
    45. Haichao Fan & Guangyu Nie & Zhiwei Xu, 2023. "Market Uncertainty and International Trade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 450-478, December.
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    194. Lyu, Yongjian & Wei, Yu & Hu, Yingyi & Yang, Mo, 2021. "Good volatility, bad volatility and economic uncertainty: Evidence from the crude oil futures market," Energy, Elsevier, vol. 222(C).
    195. Theophilopoulou, Angeliki, 2018. "The impact of macroeconomic uncertainty on inequality: An empirical study for the UK," MPRA Paper 90448, University Library of Munich, Germany.
    196. Xu Tian, 2022. "Uncertainty and the Shadow Banking Crisis: Estimates from a Dynamic Model," Management Science, INFORMS, vol. 68(2), pages 1469-1496, February.
    197. Joshua Bernstein & Alexander W. Richter & Nathaniel A. Throckmorton, 2021. "Nonlinear Search and Matching Explained," Working Papers 2106, Federal Reserve Bank of Dallas.
    198. Li, Li & Chen, Hongyi & Xiang, Jingjie, 2023. "Oil price uncertainty, financial distress and real economic activities: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    199. Seohyun Lee & Inhwan So & Jongrim Ha, 2018. "Identifying Uncertainty Shocks due to Geopolitical Swings in Korea," Working Papers 2018-26, Economic Research Institute, Bank of Korea.
    200. Benhabib, Jess & Hager, Mildred, 2021. "Revenue diversion, the allocation of talent, and income distribution," Mathematical Social Sciences, Elsevier, vol. 112(C), pages 138-144.
    201. George Kapetanios & Nora Neuteboom & Feiko Ritsema & Alexia Ventouri, 2022. "How did consumers react to the COVID‐19 pandemic over time?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(5), pages 961-993, October.
    202. Lance Kent & Toan Phan, 2019. "Time-Varying Skewness and Real Business Cycles," Economic Quarterly, Federal Reserve Bank of Richmond, issue 2Q, pages 59-103.
    203. Luo, Weijie & Wang, Yong & Zhang, Xiaoge, 2022. "Monetary policy uncertainty and firm risk-taking," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    204. Grimme, Christian & Henzel, Steffen, 2023. "Uncertainty Shocks in Times of Low and High Uncertainty," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277629, Verein für Socialpolitik / German Economic Association.
    205. Kumar, Abhishek & Mallick, Sushanta & Sinha, Apra, 2021. "Is uncertainty the same everywhere? Advanced versus emerging economies," Economic Modelling, Elsevier, vol. 101(C).
    206. Occhino, Filippo, 2017. "Debt-overhang banking crises: Detecting and preventing systemic risk," Journal of Financial Stability, Elsevier, vol. 30(C), pages 192-208.
    207. Poeschl, Johannes, 2023. "Corporate debt maturity and investment over the business cycle," European Economic Review, Elsevier, vol. 152(C).

  14. Kjetil Storesletten & Jose-Victor Rios Rull & Yan Bai, 2011. "Demand Shocks that Look Like Productivity Shocks," 2011 Meeting Papers 99, Society for Economic Dynamics.

    Cited by:

    1. Petrosky-Nadeau, Nicolas & Wasmer, Etienne & Zeng, Shutian, 2016. "Shopping time," Economics Letters, Elsevier, vol. 143(C), pages 52-60.
    2. Nicolas Petrosky-Nadeau & Etienne Wasmer, 2015. "Macroeconomic Dynamics in a Model of Goods, Labor and Credit Market Frictions," Sciences Po publications info:hdl:2441/5por5bt92h8, Sciences Po.
    3. Thomas Brzustowski & Nicolas Petrosky-Nadeau & Etienne Wasmer, 2015. "Disentangling goods, labor, and credit market frictions in three European economies," Working Paper Series 2015-22, Federal Reserve Bank of San Francisco.
    4. Nicolas Petrosky-Nadeau & Etienne Wasmer & Philippe Weil, 2021. "When Hosios Meets Phillips: Connecting Efficiency and Stability to Demand Shocks," Working Papers hal-03950239, HAL.
    5. Nicolas Petrosky-Nadeau & Etienne Wasmer, 2016. "The efficiency of surplus sharing," 2016 Meeting Papers 1318, Society for Economic Dynamics.
    6. Pengfei Wang & Yi Wen & Zhiwei Xu, 2013. "Financial development and long-run volatility trends," Working Papers 2013-003, Federal Reserve Bank of St. Louis.
    7. Paweł Kopiec, 2023. "Frictional product market, supply chains and the impact of government expenditures on private consumption," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 285-308.
    8. Ngotran, Duong & Ngo, Tien, 2013. "Retail Sector and Economic Development," MPRA Paper 61590, University Library of Munich, Germany, revised Aug 2014.
    9. Etienne Wasmer & Nicolas Petrosky-Nadeau, 2011. "Propagation in a Model of Goods, Labor and Financial Market Frictions," 2011 Meeting Papers 119, Society for Economic Dynamics.
    10. Pengfei Wang & Yi Wen & Zhiwei Xu, 2017. "Online Appendix to ""Financial Development and Long-Run Volatility Trends"," Online Appendices 15-174, Review of Economic Dynamics.

  15. Yan Bai & Patrick Kehoe & Cristina Arellano, 2011. "Financial Markets and Fluctuations in Uncertainty," 2011 Meeting Papers 896, Society for Economic Dynamics.

    Cited by:

    1. Nathaniel Pancost & Roberto Robatto, 2019. "The Effects of Capital Requirements on Good and Bad Risk Taking," 2019 Meeting Papers 638, Society for Economic Dynamics.
    2. Martin Lettau & Sydney C. Ludvigson, 2014. "Shocks and Crashes," NBER Macroeconomics Annual, University of Chicago Press, vol. 28(1), pages 293-354.
    3. Sourafel Girma & Sandra Lancheros & Alejandro Riaño, 2015. "Global Engagement and Returns Volatility," CESifo Working Paper Series 5650, CESifo.
    4. Quadrini, Vincenzo, 2017. "Bank liabilities channel," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 25-44.
    5. Andrew Atkeson & Andrea L. Eisfeldt & Pierre-Olivier Weill, 2013. "Measuring the financial soundness of U.S. firms, 1926-2012," Staff Report 484, Federal Reserve Bank of Minneapolis.
    6. Kyle Jurado & Sydney C. Ludvigson & Serena Ng, 2015. "Measuring Uncertainty," American Economic Review, American Economic Association, vol. 105(3), pages 1177-1216, March.
    7. Marc Joëts & Valérie Mignon & Tovonony Razafindrabe, 2015. "Does the volatility of commodity prices reflect macroeconomic uncertainty?," Working Papers 2015-02, CEPII research center.
    8. Ellen R. McGrattan & Edward C. Prescott, 2012. "The labor productivity puzzle," Working Papers 694, Federal Reserve Bank of Minneapolis.
    9. Vincenzo Quadrini, 2020. "The Impact of Industrialized Countries’ Monetary Policy on Emerging Economies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(3), pages 550-583, September.
    10. K. Istrefi & A. Piloiu, 2014. "Economic Policy Uncertainty and Inflation Expectations," Working papers 511, Banque de France.
    11. Ryan A. Decker & Pablo N. D'Erasmo & Hernan Moscoso Boedo, 2016. "Market Exposure and Endogenous Firm Volatility over the Business Cycle," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(1), pages 148-198, January.
    12. Petar Sorić & Blanka Škrabić Perić & Marina Matošec, 2022. "Breaking new grounds: a fresh insight into the leading properties of business and consumer survey indicators," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(6), pages 4511-4535, December.
    13. Panagiotidis, Theodore & Printzis, Panagiotis, 2020. "What is the investment loss due to uncertainty?," Global Finance Journal, Elsevier, vol. 45(C).
    14. Goemans, Pascal & Belke, Ansgar, 2019. "Uncertainty and non-linear macroeconomic effects of fiscal policy in the US: A SEIVAR-based analysis," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203538, Verein für Socialpolitik / German Economic Association.
    15. Lee E. Ohanian & Andrea Raffo, 2011. "Aggregate hours worked in OECD countries: new measurement and implications for business cycles," International Finance Discussion Papers 1039, Board of Governors of the Federal Reserve System (U.S.).
    16. Mr. Fabian Valencia, 2013. "Aggregate Uncertainty and the Supply of Credit," IMF Working Papers 2013/241, International Monetary Fund.
    17. Nancy Stokey, 2013. "Uncertainty and Investment Options," 2013 Meeting Papers 251, Society for Economic Dynamics.
    18. Eric R. Sims, 2012. "Uncertainty and Economic Activity: Evidence from Business Survey Data," Working Papers 014, University of Notre Dame, Department of Economics, revised Jun 2012.
    19. Chen, Kaiji & Song, Zheng, 2013. "Financial frictions on capital allocation: A transmission mechanism of TFP fluctuations," Journal of Monetary Economics, Elsevier, vol. 60(6), pages 683-703.
    20. Fei Jia & Xiaoyong Huang & Xiangyun Xu & Haoyu Sun, 2020. "The Effects of Economic Policy Uncertainty on Export: A Gravity Model Approach," Prague Economic Papers, Prague University of Economics and Business, vol. 2020(5), pages 600-622.
    21. Boyan Jovanovic & Sai Ma, 2020. "Uncertainty and Growth Disasters," NBER Working Papers 28024, National Bureau of Economic Research, Inc.
    22. Sylvain Leduc & Zheng Liu, 2012. "Uncertainty shocks are aggregate demand shocks," Working Paper Series 2012-10, Federal Reserve Bank of San Francisco.
    23. Ralf Fendel & Nicola Mai & Oliver Mohr, 2020. "The Shape of Eurozone’s Uncertainty: Its Impact and Predictive Value on GDP," Applied Economics and Finance, Redfame publishing, vol. 7(6), pages 1-18, December.
    24. Apostolakis, George N. & Floros, Christos & Gkillas, Konstantinos & Wohar, Mark, 2021. "Financial stress, economic policy uncertainty, and oil price uncertainty," Energy Economics, Elsevier, vol. 104(C).
    25. Ma, Huanyu & Hao, Dapeng, 2022. "Economic policy uncertainty, financial development, and financial constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 368-386.
    26. Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2014. "Risk Shocks," American Economic Review, American Economic Association, vol. 104(1), pages 27-65, January.
    27. Josué Diwambuena & Jean-Paul K. Tsasa, 2021. "The Real Effects of Uncertainty Shocks: New Evidence from Linear and Nonlinear SVAR Models," BEMPS - Bozen Economics & Management Paper Series BEMPS87, Faculty of Economics and Management at the Free University of Bozen.
    28. Johnson, Timothy C. & Lee, Jaehoon, 2014. "On the systematic volatility of unpriced earnings," Journal of Financial Economics, Elsevier, vol. 114(1), pages 84-104.
    29. Sydney C. Ludvigson & Sai Ma & Serena Ng, 2015. "Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?," NBER Working Papers 21803, National Bureau of Economic Research, Inc.
    30. Mr. Damiano Sandri & Mr. Fabian Valencia, 2012. "Balance-Sheet Shocks and Recapitalizations," IMF Working Papers 2012/068, International Monetary Fund.
    31. Agrawal, Sneha & Gaurav, Abhishek & Suveg, Melinda, 2021. "Markups as a Hedge for Input Price Uncertainty: Evidence from Sweden," Working Paper Series 1418, Research Institute of Industrial Economics.
    32. Gaston Navarro & Julio Blanco, 2016. "Equilibrium Default and the Unemployment Accelerator," 2016 Meeting Papers 1502, Society for Economic Dynamics.
    33. Julio Blanco & Gaston Navarro, 2016. "The Unemployment Accelerator," CESifo Working Paper Series 6248, CESifo.
    34. Ralf Fendel & Nicola Mai & Oliver Mohr, 2019. "The Shape of Eurozone’s Uncertainty: Its Impact and Predictive Value on GDP," WHU Working Paper Series - Economics Group 19-01, WHU - Otto Beisheim School of Management.
    35. Joseph Mullins & Gaston Navarro & Julio Blanco, 2013. "Equilibrium Default and Slow Recoveries," 2013 Meeting Papers 694, Society for Economic Dynamics.
    36. Scalice, Régis Kovacs & da Silva, José Oliveira & Ostetto, Jaqueline Nazario & de Paula, Gabriele Aguiar, 2015. "Modular deployment using TRM and function analysis," Technological Forecasting and Social Change, Elsevier, vol. 92(C), pages 1-11.

  16. Yan Bai & Jing Zhang, 2009. "Financial Integration and International Risk Sharing," Working Papers 594, Research Seminar in International Economics, University of Michigan.

    Cited by:

    1. Roldán-Peña Jessica, 2012. "Default Risk and Economic Activity: A Small Open Economy Model with Sovereign Debt and Default," Working Papers 2012-16, Banco de México.
    2. Wei Li & Yulei Luo & Jun Nie, 2015. "Elastic attention, risk sharing, and international comovements," Research Working Paper RWP 15-16, Federal Reserve Bank of Kansas City.
    3. Bengui, Julien & Mendoza, Enrique G. & Quadrini, Vincenzo, 2013. "Capital mobility and international sharing of cyclical risk," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 42-62.
    4. CASTRO, Rui & KOUMTINGUÉ, Nelnan, 2011. "On the Individual Optimality of Economic Integration," Cahiers de recherche 05-2011, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    5. Park, JungJae, 2011. "Sovereign Default and Capital Accumulation," MPRA Paper 60150, University Library of Munich, Germany, revised Nov 2014.
    6. Atanas Christev & Jacques Melitz, 2011. "EMU, EU, Market Integration and Consumption Smoothing," Working Papers 2011-21, CEPII research center.
    7. Hevia, Constantino & Servén, Luis, 2018. "Assessing the degree of international consumption risk sharing," Journal of Development Economics, Elsevier, vol. 134(C), pages 176-190.
    8. Schröder, Marcel, 2019. "Valuation effects and risk sharing during the era of financial globalization," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 467-480.
    9. Chen, Jianxin & Zhang, Tonghua & Zhou, Yong-wu, 2021. "Stochastic sensitivity and dynamical complexity of newsvendor models subject to trade credit," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 181(C), pages 471-486.
    10. Li, Zhongda & Liu, Lu, 2018. "Financial globalization, domestic financial freedom and risk sharing across countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 151-169.
    11. Clancy, Daragh & Ricci, Lorenzo, 2022. "Economic sentiments and international risk sharing," International Economics, Elsevier, vol. 169(C), pages 208-229.
    12. Rahul Mukherjee, 2011. "Country Portfolios with Imperfect Corporate Governance," IHEID Working Papers 08-2011, Economics Section, The Graduate Institute of International Studies.
    13. Pierre-Richard Agénor, 2015. "L’intégration financière internationale : Théories, évidences, et leçons des expériences récentes [International financial integration: Theory, evidence and lessons from recent experiences]," Research papers & Policy papers 1508, Policy Center for the New South.
    14. Ms. Emine Boz, 2009. "Sovereign Default, Private Sector Creditors and the IFIs," IMF Working Papers 2009/046, International Monetary Fund.
    15. Shang-Jin Wei, 2018. "Managing Financial Globalization: Insights from the Recent Literature," NBER Working Papers 24330, National Bureau of Economic Research, Inc.
    16. Feng, Chaonan & Han, Liyan & Vigne, Samuel & Xu, Yang, 2023. "Geopolitical risk and the dynamics of international capital flows," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 82(C).
    17. David Hillier & Tiago Loncan, 2019. "Stock market integration, cost of equity capital, and corporate investment: Evidence from Brazil," European Financial Management, European Financial Management Association, vol. 25(1), pages 181-206, January.
    18. Filippo M. Pericoli & Eleonora Pierucci & Luigi Ventura, 2015. "International investment positions and risk-sharing: an empirical analysis on the coordinated portfolio investment survey," International Journal of Computational Economics and Econometrics, Inderscience Enterprises Ltd, vol. 5(4), pages 364-391.
    19. Park, JungJae, 2017. "Sovereign default and capital accumulation," Journal of International Economics, Elsevier, vol. 106(C), pages 119-133.
    20. Nardo, M. & Ossola, E. & Papanagiotou, E., 2022. "Financial integration in the EU28 equity markets: Measures and drivers," Journal of Financial Markets, Elsevier, vol. 57(C).
    21. Durdu, C. Bora & Nunes, Ricardo & Sapriza, Horacio, 2013. "News and sovereign default risk in small open economies," Journal of International Economics, Elsevier, vol. 91(1), pages 1-17.
    22. Galli, Carlo, 2021. "Self-fulfilling debt crises, fiscal policy and investment," Journal of International Economics, Elsevier, vol. 131(C).
    23. Sandra Lizarazo, 2009. "Default Risk and Risk Averse International Investors," Working Papers 0907, Centro de Investigacion Economica, ITAM.
    24. Chen, Kuan-Jen & Chu, Angus C. & Lai, Ching-Chong, 2014. "Home Production and Small Open Economy Business Cycles," MPRA Paper 59020, University Library of Munich, Germany.
    25. Yépez, Carlos A., 2019. "Informality and international business cycles," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 62(C), pages 252-263.
    26. Asdrubali, Pierfederico & Kim, Soyoung & Pericoli, Filippo Maria & Poncela, Pilar, 2023. "Risk sharing channels in OECD countries: A heterogeneous panel VAR approach," Journal of International Money and Finance, Elsevier, vol. 131(C).
    27. Eduardo Levy-Yeyati & Tomas Williams, 2011. "Financial globalization in emerging economies:Much ado about nothing?," Business School Working Papers 2011-01, Universidad Torcuato Di Tella.
    28. Arellano, Cristina & Bai, Yan & Mihalache, Gabriel, 2018. "Default risk, sectoral reallocation, and persistent recessions," Journal of International Economics, Elsevier, vol. 112(C), pages 182-199.
    29. Hiroshi Fujiki & Akiko Terada-Hagiwara, 2007. "Financial Integration in East Asia," IMES Discussion Paper Series 07-E-12, Institute for Monetary and Economic Studies, Bank of Japan.
    30. Jarko Fidrmuc & Moritz Degler, 2018. "Temporal and Spatial Dependence of Inter-Regional Risk Sharing: Evidence from Russia," Working Papers 373, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
    31. Cristina Arellano & Yan Bai & Jing Zhang, 2009. "Firm Dynamics and Financial Development," NBER Working Papers 15193, National Bureau of Economic Research, Inc.
    32. Joanna Tyrowicz, 2009. "When Eastern Labour Markets Enter Western Europe CEECs. Labour Market Institutions upon Euro Zone Accession," Working Papers 2009-03, Faculty of Economic Sciences, University of Warsaw.
    33. Juan Carlos Hatchondo & Leonardo Martinez, 2009. "Long-duration bonds and sovereign defaults," Working Paper 08-02, Federal Reserve Bank of Richmond.
    34. Peter Fuleky & L Ventura & Qianxue Zhao, 2013. "Common Correlated Effects and International Risk Sharing," Working Papers 201315, University of Hawaii at Manoa, Department of Economics.
    35. Victor Filipe Martins da Rocha & Yiannis Vailakis, 2014. "Self-enforcing Debt, Reputation, and the Role of Interest Rates," Working Papers hal-01097114, HAL.
    36. Enrique G. Mendoza & Vivian Z. Yue, 2011. "A General Equilibrium Model of Sovereign Default and Business Cycles," NBER Working Papers 17151, National Bureau of Economic Research, Inc.
    37. Kim, Yun Jung & Zhang, Jing, 2012. "Decentralized borrowing and centralized default," Journal of International Economics, Elsevier, vol. 88(1), pages 121-133.
    38. Si Guo & Yun Pei, 2023. "The impact of sovereign defaults on lending countries," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 345-374, January.
    39. Mr. Leonardo Martinez & Juan Carlos Hatchondo & Cesar Sosa Padilla, 2011. "Debt Dilution and Sovereign Default Risk," IMF Working Papers 2011/070, International Monetary Fund.
    40. Jarko Fidrmuc & Serhiy Moroz & Fabian Reck, 2021. "Regional risk-sharing in Ukraine," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(3), pages 645-660, August.
    41. Leilane de Freitas Rocha Cambara & Roberto Meurer, 2023. "News sentiment and foreign portfolio investment in Brazil," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3332-3348, July.
    42. Jose-Victor Rios-Rull & Yan Bai, 2013. "Demand shocks and open economy puzzles," 2013 Meeting Papers 523, Society for Economic Dynamics.
    43. Yu, Changhua, 2015. "Evaluating international financial integration in a center-periphery economy," Journal of International Economics, Elsevier, vol. 95(1), pages 129-144.
    44. Gu, Grace Weishi, 2015. "A Tale of Two Countries: Sovereign Default, Exchange Rate, and Trade," MPRA Paper 61900, University Library of Munich, Germany.
    45. Brendan Epstein & Rahul Mukherjee & Shanthi Ramnath, 2014. "Taxes and International Risk Sharing," International Finance Discussion Papers 1110, Board of Governors of the Federal Reserve System (U.S.).
    46. Suzuki, Yui, 2014. "Financial integration and consumption risk sharing and smoothing," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 585-598.
    47. Pierucci, Eleonora & Ventura, Luigi, 2012. "International risk sharing and globalization," MPRA Paper 35869, University Library of Munich, Germany.
    48. Toan Phan & Felipe Schwartzman, 2023. "Climate Defaults and Financial Adaptation," Working Paper 23-06, Federal Reserve Bank of Richmond.
    49. V. Filipe Martins-da-Rocha & Toan Phan & Yiannis Vailakis, 2019. "Debt Limits and Credit Bubbles in General Equilibrium," Working Paper 19-19, Federal Reserve Bank of Richmond.
    50. Malin Gardberg, 2016. "Determinants of International Consumption Risk Sharing in Emerging Markets and Developing Countries," EcoMod2016 9452, EcoMod.
    51. Enrico Mallucci, 2020. "Natural Disasters, Climate Change, and Sovereign Risk," International Finance Discussion Papers 1291r1, Board of Governors of the Federal Reserve System (U.S.), revised 14 Oct 2020.
    52. Nicolas Melissas, 2009. "On Bid Disclosure in OCS Wildcat Auctions," Working Papers 0905, Centro de Investigacion Economica, ITAM.
    53. Hevia, Constantino & Serven, Luis, 2013. "Partial consumption insurance and financial openness across the world," Policy Research Working Paper Series 6479, The World Bank.
    54. Michael J. Artis & Mathias Hoffmann, 2008. "Financial Globalization, International Business Cycles and Consumption Risk Sharing," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(3), pages 447-471, September.
    55. Gerdie Everaert & Lorenzo Pozzi, 2022. "Encompassing measures of international consumption risk sharing and their link with trade and financial globalization," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(2), pages 433-449, March.
    56. Leonardo Martinez & Juan Carlos Hatchondo, 2008. "A model of credit risk without commitment," 2008 Meeting Papers 940, Society for Economic Dynamics.
    57. Devereux, Michael B. & Yetman, James, 2014. "Globalisation, pass-through and the optimal policy response to exchange rates," Journal of International Money and Finance, Elsevier, vol. 49(PA), pages 104-128.
    58. Nikolai Stähler, 2013. "Recent Developments In Quantitative Models Of Sovereign Default," Journal of Economic Surveys, Wiley Blackwell, vol. 27(4), pages 605-633, September.
    59. Ergys Islamaj & M. Ayhan Kose, 2021. "What Types of Capital Flows Help Improve International Risk Sharing?," Koç University-TUSIAD Economic Research Forum Working Papers 2122, Koc University-TUSIAD Economic Research Forum.
    60. Md. Saifur Rahman & Farihana Shahari, 2019. "Does the Financial Integration in ASEAN+3 Respond to Financial Cooperation Agreement and Influence the Real Sectors?," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 1-18, March.
    61. Alessandria, George & Bai, Yan & Deng, Minjie, 2020. "Migration and sovereign default risk," Journal of Monetary Economics, Elsevier, vol. 113(C), pages 1-22.
    62. Daragh Clancy & Lorenzo Ricci, 2019. "Loss aversion, economic sentiments and international consumption smoothing," Working Papers 35, European Stability Mechanism.
    63. Malin Gardberg, 2022. "Financial reforms and low‐income households' impact on international consumption risk sharing," International Finance, Wiley Blackwell, vol. 25(3), pages 375-395, December.
    64. Robert P. Flood & Nancy P. Marion & Akito Matsumoto, 2012. "International risk sharing during the globalization era," Canadian Journal of Economics, Canadian Economics Association, vol. 45(2), pages 394-416, May.
    65. Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2006. "Computing business cycles in emerging economy models," Working Paper 06-11, Federal Reserve Bank of Richmond.
    66. Bahadir, Berrak & Lastrapes, William D., 2015. "Emerging market economies and the world interest rate," Journal of International Money and Finance, Elsevier, vol. 58(C), pages 1-28.
    67. Sandra Lizarazo & Jose Maria Da-Rocha, 2009. "Money, Credit and Default," Working Papers 0908, Centro de Investigacion Economica, ITAM.
    68. Jean-François Rouillard, 2013. "International Risk Sharing and Land Dynamics," Cahiers de recherche 13-02, Departement d'économique de l'École de gestion à l'Université de Sherbrooke.
    69. Puriya Abbassi & Falk Bräuning & Falko Fecht & José-Luis Peydró, 2017. "International financial integration, crises and monetary policy: evidence from the Euro area interbank crises," Economics Working Papers 1566, Department of Economics and Business, Universitat Pompeu Fabra.
    70. Kose, M. Ayhan & Prasad, Eswar S. & Terrones, Marco E., 2009. "Does financial globalization promote risk sharing?," Journal of Development Economics, Elsevier, vol. 89(2), pages 258-270, July.
    71. Simeon Coleman & Kavita Sirichand, 2014. "International yield curve comovements: impact of the recent financial crisis," Discussion Paper Series 2014_07, Department of Economics, Loughborough University, revised Jul 2014.
    72. Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2009. "Heterogeneous Borrowers In Quantitative Models Of Sovereign Default," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(4), pages 1129-1151, November.
    73. Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2009. "On the cyclicality of the interest rate in emerging economy models: solution methods matter," Working Paper 09-13, Federal Reserve Bank of Richmond.
    74. Fink, Fabian & Scholl, Almuth, 2016. "A quantitative model of sovereign debt, bailouts and conditionality," Journal of International Economics, Elsevier, vol. 98(C), pages 176-190.
    75. Faruk Balli & Eleonora Pierucci & Jian Gan, 2020. "Determinants of risk sharing via exports: trade openness and specialisation," International Journal of Computational Economics and Econometrics, Inderscience Enterprises Ltd, vol. 10(4), pages 380-397.
    76. Jaap W. B. Bos & Claire Economidou & Lu Zhang, 2020. "Specialization in the presence of trade and financial openness," Empirical Economics, Springer, vol. 58(6), pages 2783-2816, June.
    77. Eberhardt, Markus, 2018. "(At Least) Four Theories for Sovereign Default," CEPR Discussion Papers 13084, C.E.P.R. Discussion Papers.
    78. Sandra Lizarazo & Horacio Sapriza & Javier Bianchi, 2014. "Sovereign Default and Government’s Bailouts," 2014 Meeting Papers 1297, Society for Economic Dynamics.
    79. Grey Gordon & Pablo Guerrón-Quintana, 2013. "Dynamics of investment, debt, and default," Working Papers 13-18, Federal Reserve Bank of Philadelphia.
    80. Faruk Balli & Eleonora Pierucci, 2015. "Globalization and international risk-sharing: do political and social factors matter more than economic integration?," CAMA Working Papers 2015-04, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    81. Malik, Samreen, 2015. "Financial-integration thresholds for consumption risk-sharing," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 73-93.
    82. Malik, Samreen, 2014. "Ex-ante implications of sovereign default," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 386-397.
    83. Balli, Faruk & Pericoli, Filippo M. & Pierucci, Eleonora, 2018. "Globalization and international risk-sharing: The role of social and political integration," European Journal of Political Economy, Elsevier, vol. 55(C), pages 324-345.
    84. Eleonora Pierucci & Luigi Ventura, 2010. "Risk Sharing: A Long Run Issue?," Open Economies Review, Springer, vol. 21(5), pages 705-730, November.
    85. Xiaoli Zhang & Guoyi Xiu & Fakhar Shahzad & Yupeng Duan, 2021. "Optimal Financing Strategy in a Capital-Constrained Supply Chain with Retailer Green Marketing Efforts," Sustainability, MDPI, vol. 13(3), pages 1-19, January.
    86. Pilar Poncela & Filippo Pericoli & Anna Manca & Filippo Michela Nardo, 2016. "Risk Sharing in Europe," JRC Research Reports JRC104621, Joint Research Centre.
    87. Sèna Kimm Gnangnon, 2022. "Export diversification and financial openness," International Economics and Economic Policy, Springer, vol. 19(4), pages 675-717, October.
    88. Xu, Xiaoyan & Cheng, Xiaoying & Sun, Yanhong, 2015. "Coordination contracts for outsourcing supply chain with financial constraint," International Journal of Production Economics, Elsevier, vol. 162(C), pages 134-142.
    89. Jean-François Rouillard, 2015. "International Risk Sharing and Financial Shocks," Cahiers de recherche 15-13, Departement d'économique de l'École de gestion à l'Université de Sherbrooke.
    90. Piotr Denderski & Christian Stoltenberg, 2015. "On Positive Value of Information in Risk Sharing," Tinbergen Institute Discussion Papers 15-074/VI, Tinbergen Institute.
    91. Bai, Ye & Chow, Darien Yan Pang, 2017. "Shanghai-Hong Kong Stock Connect: An analysis of Chinese partial stock market liberalization impact on the local and foreign markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 50(C), pages 182-203.
    92. Abbassi, Puriya & Bräuning, Falk & Fecht, Falko & Peydró, José-Luis, 2022. "Cross-border interbank liquidity, crises, and monetary policy," Journal of International Economics, Elsevier, vol. 139(C).
    93. Bos, J.W.B. & Economidou, C. & Zhang, L., 2011. "Specialization in the presence of trade and financial integration: explorations of the integration-specialization nexus," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    94. Rangvid, Jesper & Santa-Clara, Pedro & Schmeling, Maik, 2016. "Capital market integration and consumption risk sharing over the long run," Journal of International Economics, Elsevier, vol. 103(C), pages 27-43.
    95. Rahman, Md. Saifur & Shahari, Farihana, 2017. "The nexus between financial integration and real economy: Solow-growth model concept," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1244-1253.
    96. Md. Saifur Rahman & Farihana Shahari, 2021. "Does the financial cooperation agreement increase the interdependency among ASEAN+3 equity markets? A Markov switching approach," International Economics and Economic Policy, Springer, vol. 18(4), pages 869-899, October.
    97. Pontines, Victor, 2020. "A provincial view of consumption risk sharing in Korea:Asset classes as shock absorbers," Journal of the Japanese and International Economies, Elsevier, vol. 55(C).
    98. Juan Carlos Hatchondo & Leonardo Martinez & Horacio Sapriza, 2007. "Quantitative models of sovereign default and the threat of financial exclusion," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 93(Sum), pages 251-286.

  17. Berthold Herrendorf & Yan Bai, 2009. "What is the Relationship between Competition and Productivity," 2009 Meeting Papers 1142, Society for Economic Dynamics.

    Cited by:

    1. Lech Kalina, 2013. "Industry structure dynamics and productivity growth," Working Papers 67, Department of Applied Econometrics, Warsaw School of Economics.

  18. Yan Bai & Jing Zhang, 2009. "Duration of Sovereign Debt Renegotiation," Working Papers 593, Research Seminar in International Economics, University of Michigan.

    Cited by:

    1. Tamon Asonuma & Hyungseok Joo, 2023. "Sovereign Defaults and Debt Restructurings: Public Capital and Fiscal Constraint Tightness," School of Economics Discussion Papers 0323, School of Economics, University of Surrey.
    2. Pablo Guerron-Quintana & Grey Gordon, 2014. "Municipal Bonds, Default, and Migration in General Equilibrium," 2014 Meeting Papers 868, Society for Economic Dynamics.
    3. Manuel Amador & Christopher Phelan, 2018. "Reputation and Sovereign Default," NBER Working Papers 24682, National Bureau of Economic Research, Inc.
    4. Aitor Erce & Enrico Mallucci & Mattia Picarelli, 2022. "A journey in the history of sovereign defaults on domestic-law public debt," Working Papers 51, European Stability Mechanism, revised 28 Mar 2022.
    5. David Benjamin & Mark L J Wright, 2019. "Deconstructing delays in sovereign debt restructuring," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 382-404.
    6. Marina Azzimonti & Vincenzo Quadrini, 2019. "International Spillovers and Bailouts," Department of Economics Working Papers 19-06, Stony Brook University, Department of Economics.
    7. Christoph Trebesch, 2019. "Resolving sovereign debt crises: the role of political risk," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 421-444.
    8. Aguiar, M. & Chatterjee, S. & Cole, H. & Stangebye, Z., 2016. "Quantitative Models of Sovereign Debt Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1697-1755, Elsevier.
    9. Kartik Anand & Prasanna Gai, 2019. "Pre-emptive sovereign debt restructuring and holdout litigation," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 364-381.
    10. Engler, Philipp & Grosse Steffen, Christoph, 2015. "Sovereign risk, interbank freezes, and aggregate fluctuations," Working Paper Series 1840, European Central Bank.
    11. Mihalache, Gabriel, 2020. "Sovereign default resolution through maturity extension," Journal of International Economics, Elsevier, vol. 125(C).
    12. Fernando Broner & Aitor Erce & Alberto Martin & Jaume Ventura, 2013. "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects," NBER Working Papers 19676, National Bureau of Economic Research, Inc.
    13. Mr. Tamon Asonuma & Dirk Niepelt & Mr. Romain Ranciere, 2017. "Sovereign Bond Prices, Haircuts and Maturity," IMF Working Papers 2017/119, International Monetary Fund.
    14. Alonso-Ortiz, Jorge & Colla, Esteban & Da-Rocha, Jose-Maria, 2014. "Bounding the productivity default shock : Evidence from the The European Sovereign Debt Crisis," MPRA Paper 59617, University Library of Munich, Germany.
    15. Restrepo-Echavarria, Paulina, 2019. "Endogenous borrowing constraints and stagnation in Latin America," Journal of Economic Dynamics and Control, Elsevier, vol. 109(C).
    16. Chuku Chuku & Alexandre Kopoin, 2022. "Working Paper 367 - Debt Distress and Recovery Episodes in Africa: Good Policy or Good Luck?," Working Paper Series 2493, African Development Bank.
    17. Adelino, Manuel & Gerardi, Kristopher & Willen, Paul S., 2013. "Why don't Lenders renegotiate more home mortgages? Redefaults, self-cures and securitization," Journal of Monetary Economics, Elsevier, vol. 60(7), pages 835-853.
    18. Franck Moraux & Florina Silaghi, 2014. "Inside debt renegotiation: Optimal debt reduction, timing, and the number of rounds," Post-Print halshs-01024229, HAL.
    19. Fernando Broner & Aitor Erce & Alberto Martin & Jaume Ventura, 2013. "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out," IMF Working Papers 2013/270, International Monetary Fund.
    20. Prein, Timm, 2019. "Persistent Unemployment, Sovereign Debt Crises, and the Impact of Haircuts," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203654, Verein für Socialpolitik / German Economic Association, revised 2019.
    21. Miller, Marcus & Ghosal, Sayantan & Thampanishvong, Kannika, 2016. "Waiting for a haircut? A bargaining perspective on sovereign debt restructuring," CEPR Discussion Papers 11710, C.E.P.R. Discussion Papers.
    22. Juan Passadore, 2015. "Illiquidity in Sovereign Debt Markets," 2015 Meeting Papers 191, Society for Economic Dynamics.
    23. Ghosal, Sayantan & Miller, Marcus & Thampanishvong, Kannika, 2010. "Delay and Haircuts in Sovereign Debt: Recovery and Sustainability," SIRE Discussion Papers 2010-17, Scottish Institute for Research in Economics (SIRE).
    24. Grey Gordon & Pablo Guerrón-Quintana, 2013. "Dynamics of investment, debt, and default," Working Papers 13-18, Federal Reserve Bank of Philadelphia.
    25. Aguiar, Mark & Amador, Manuel, 2014. "Sovereign Debt," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 647-687, Elsevier.
    26. Tamon Asonuma & Hyungseok Joo, 2021. "Public Capital and Fiscal Constraint in Sovereign Debt Crises," School of Economics Discussion Papers 0621, School of Economics, University of Surrey.
    27. Nada Azmy Elberry & Frank Naert & Stijn Goeminne, 2023. "Optimal public debt composition during debt crises: A review of theoretical literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 351-376, April.
    28. Demian Pouzo & Ignacio Presno, 2015. "Optimal Taxation with Endogenous Default under Incomplete Markets," Papers 1508.03924, arXiv.org, revised May 2016.
    29. Stefan Avdjiev & Stephan Binder & Ricardo Sousa, 2018. "External debt composition and domestic credit cycles," Working Papers 28, European Stability Mechanism.
    30. Phan, Toan, 2017. "A model of sovereign debt with private information," Journal of Economic Dynamics and Control, Elsevier, vol. 83(C), pages 1-17.
    31. Roettger, Joost, 2019. "Discretionary monetary and fiscal policy with endogenous sovereign risk," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 44-66.
    32. Luo, Jie & Wang, Cheng, 2018. "Optimal sovereign lending and default," Journal of International Economics, Elsevier, vol. 111(C), pages 190-213.
    33. Bulent Guler & Yasin Kursat Onder & Temel Taskin, 2022. "Asymmetric Information and Sovereign Debt Disclosure," CAEPR Working Papers 2022-004 Classification-E, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    34. Marina Azzimonti & Vincenzo Quadrini, 2019. "International spillovers and `ex-ante' efficient bailouts," 2019 Meeting Papers 318, Society for Economic Dynamics.
    35. Passadore, Juan & Xu, Yu, 2022. "Illiquidity in sovereign debt markets," Journal of International Economics, Elsevier, vol. 137(C).
    36. Mark Aguiar & Manuel Amador, 2013. "Sovereign Debt: A Review," NBER Working Papers 19388, National Bureau of Economic Research, Inc.

  19. Cristina Arellano & Yan Bai & Jing Zhang, 2009. "Firm dynamics and financial development," Staff Report 392, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Hernan J Moscoso Boedo & Pablo N D’Erasmo, 2009. "Financial Structure, Informality and Development," Virginia Economics Online Papers 374, University of Virginia, Department of Economics.
    2. Alan Finkelstein Shapiro & Brendan Epstein, 2018. "Banking and Financial Access Reforms, Labor Markets, and Financial Shocks," 2018 Meeting Papers 2, Society for Economic Dynamics.
    3. Kovalenko, Tim, 2021. "Uncertainty shocks and employment fluctuations in Germany: The role of establishment size," Discussion Papers 119, Friedrich-Alexander University Erlangen-Nuremberg, Chair of Labour and Regional Economics.
    4. Sylvain Catherine & Thomas Chaney & Zongbo Huang & David Sraer & David Thesmar, 2018. "Quantifying Reduced-Form Evidence on Collateral Constraints," Working Papers hal-03393129, HAL.
    5. Kovács, Olivér, 2020. "Gazellák az iparpolitika tükrében, II [Gazelles and industrial policy, Part II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 181-205.
    6. Macnamara, Patrick, 2019. "Taxes and financial frictions: Implications for corporate capital structure," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 82-100.
    7. Bena, Jan & Ondko, Peter, 2012. "Financial development and the allocation of external finance," Journal of Empirical Finance, Elsevier, vol. 19(1), pages 1-25.
    8. Bernardo Morais, 2015. "Risk, Financial Development and Firm Dynamics," International Finance Discussion Papers 1134, Board of Governors of the Federal Reserve System (U.S.).
    9. Stephane Verani, 2016. "Aggregate Consequences of Dynamic Credit Relationships," 2016 Meeting Papers 4, Society for Economic Dynamics.
    10. Marios Karabarbounis & Patrick Macnamara, 2021. "Misallocation and Financial Frictions: the Role of Long-Term Financing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 40, pages 44-63, April.
    11. Varela, Liliana & Salomao, Juliana, 2018. "Exchange Rate Exposure and Firm Dynamics," CEPR Discussion Papers 12654, C.E.P.R. Discussion Papers.
    12. Sorin Gabriel Anton, 2019. "Leverage and firm growth: an empirical investigation of gazelles from emerging Europe," International Entrepreneurship and Management Journal, Springer, vol. 15(1), pages 209-232, March.
    13. Pablo D'Erasmo & Herman J. Moscoso Boedo & Asli Senkal, 2014. "Misallocation, informality, and human capital: understanding the role of institutions," Working Papers 14-11, Federal Reserve Bank of Philadelphia.
    14. David Kohn & Fernando Leibovici & Michal Szkup, 2016. "Financial Frictions And New Exporter Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(2), pages 453-486, May.
    15. Jonathan Goyette & Giovanni Gallipoli, 2012. "Distortions, Efficiency and the Size Distribution of Firms," Cahiers de recherche 12-06, Departement d'économique de l'École de gestion à l'Université de Sherbrooke.
    16. Nicoletta Batini & Paul Levine & Emanuela Lotti & Bo Yang, 2011. "Informality, Frictions and Monetary Policy," School of Economics Discussion Papers 0711, School of Economics, University of Surrey.
    17. Tatiana Didier & Ross Levine & Sergio L. Schmukler, 2015. "Capital Market Financing, Firm Growth, and Firm Size Distribution," Working Papers 172015, Hong Kong Institute for Monetary Research.
    18. Varela, Liliana, 2017. "Sector heterogeneity and credit market imperfections in emerging markets," LSE Research Online Documents on Economics 102061, London School of Economics and Political Science, LSE Library.
    19. Sergio Schmukler & Tatiana Didier, 2013. "The Financing and Growth of Firms in China and India: Evidence from Capital Markets," 2013 Meeting Papers 98, Society for Economic Dynamics.
    20. Cristina Arellano & Yan Bai & Luigi Bocola, 2017. "Sovereign risk and firm heterogeneity," Staff Report 547, Federal Reserve Bank of Minneapolis.
    21. Mai Huong Giang & Bui Huy Trung & Yuichiro Yoshida & Tran Dang Xuan & Mai Thanh Que, 2019. "The Causal Effect of Access to Finance on Productivity of Small and Medium Enterprises in Vietnam," Sustainability, MDPI, vol. 11(19), pages 1-19, October.
    22. Lilia Aleksanyan & Jean-Pierre Huiban, 2016. "Economic and financial determinants of firm bankruptcy:evidence from the French food industry," Review of Agricultural, Food and Environmental Studies, INRA Department of Economics, vol. 97(2), pages 89-108.
    23. Dean Corbae & Pablo D'Erasmo, 2020. "Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics," Working Papers 769, Federal Reserve Bank of Minneapolis.
    24. Haman, Janto & Chalmers, Keryn & Fang, Victor, 2017. "IPO lockups, long run returns, and growth opportunities," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 49(C), pages 184-199.
    25. Phoebe Tian, 2024. "The Role of Long-Term Contracting in Business Lending," Staff Working Papers 24-2, Bank of Canada.
    26. Pablo N. D’Erasmo, 2016. "Access to Credit and the Size of the Formal Sector," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 143-199, April.
    27. Sophie Osotimehin & Francesco Pappada, 2010. "All you Need is Loan. Credit Market Frictions and the Exit of Firms in Recessions," Working Papers 2010-51, Center for Research in Economics and Statistics.
    28. Hengjie Ai & Dana Kiku & Rui Li & Jincheng Tong, 2021. "A Unified Model of Firm Dynamics with Limited Commitment and Assortative Matching," Journal of Finance, American Finance Association, vol. 76(1), pages 317-356, February.
    29. Kartashova, Katya, 2018. "Improving public equity markets? No pain, no gain," Economics Letters, Elsevier, vol. 162(C), pages 69-72.
    30. Satyajit Chatterjee & Burcu Eyigungor, 2022. "The Firm Size-Leverage Relationship and Its Implications for Entry and Business Concentration," Working Papers 22-07, Federal Reserve Bank of Philadelphia.
    31. Xiangyuan Meng & Haoge Guo & Jie Li, 2023. "Economic policy uncertainty and corporate investment: evidence from China," Economic Change and Restructuring, Springer, vol. 56(6), pages 4491-4529, December.
    32. Epstein, Brendan & Finkelstein Shapiro, Alan, 2018. "Financial Development, Unemployment Volatility, and Sectoral Dynamics," MPRA Paper 88693, University Library of Munich, Germany.
    33. Grechyna, Daryna, 2018. "Firm size, bank size, and financial development," Journal of Economic Dynamics and Control, Elsevier, vol. 97(C), pages 19-37.
    34. GHANEM, Yasmina & ACHOUCHE, Mohamed, 2015. "Impact du développement financier sur la dynamique de création des entreprises : évidence en données de panel sur les pays du MENA [Financial development impact on firm dynamic creation: panel data," MPRA Paper 68125, University Library of Munich, Germany.
    35. Epstein, Brendan & Finkelstein Shapiro, Alan, 2017. "Banking and Financial Participation Reforms, Labor Markets, and Financial Shocks," MPRA Paper 88697, University Library of Munich, Germany.
    36. Maria D. Tito & Ruoying Wang, 2017. "Exporting and Frictions in Input Markets : Evidence from Chinese Data," Finance and Economics Discussion Series 2017-077, Board of Governors of the Federal Reserve System (U.S.).
    37. Gita Gopinath & Ṣebnem Kalemli-Özcan & Loukas Karabarbounis & Carolina Villegas-Sanchez, 2015. "Capital Allocation and Productivity in South Europe," Working Papers 728, Federal Reserve Bank of Minneapolis.
    38. Tatiana Didier & Ross Levine & Sergio L. Schmukler, 2014. "Capital Market Financing, Firm Growth, Firm Size Distribution," NBER Working Papers 20336, National Bureau of Economic Research, Inc.
    39. Kalemli-Özcan, Sebnem & di Giovanni, Julian & Ulu, Mehmet Fatih & Baskaya, Yusuf Soner, 2017. "International Spillovers and Local Credit Cycles," CEPR Discussion Papers 11839, C.E.P.R. Discussion Papers.
    40. Rud, Juan Pablo, 2017. "Bankruptcy Choice with Endogenous Financial Constraints," IDB Publications (Working Papers) 8368, Inter-American Development Bank.
    41. Anil Rupasingha & Kyungsoon Wang, 2017. "Access to capital and small business growth: evidence from CRA loans data," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 59(1), pages 15-41, July.
    42. Hernan J Moscoso Boedo & Asli Senkal & Pablo D'Erasmo, 2011. "Misallocation, Informality and Human Capital," 2011 Meeting Papers 881, Society for Economic Dynamics.
    43. T. Grjebine & U. Szczerbowicz & F. Tripier, 2017. "Corporate Debt Structure and Economic Recoveries," Working papers 646, Banque de France.
    44. Bayar, Yilmaz & Sakar, Emre, 2021. "Impact of Domestic Public Borrowing on Financial Development: Evidence from EU Transition Economies," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 28(1).
    45. Huiyu Li, 2016. "Leverage and Productivity," 2016 Meeting Papers 795, Society for Economic Dynamics.
    46. Dong, Baomin & Peng, Kaixiang & Sun, Jianguo, 2022. "Financing China’s cotton textile industry: 1890–1936," Journal of Asian Economics, Elsevier, vol. 79(C).
    47. Cristina Arellano & Ananth Ramanarayanan, 2008. "Default and the maturity structure in sovereign bonds," Globalization Institute Working Papers 19, Federal Reserve Bank of Dallas.
    48. Kohn, David & Leibovici, Fernando & Szkup, Michal, 2017. "Financial Frictions, Trade, and Misallocation," Research Department working papers 1106, CAF Development Bank Of Latinamerica.
    49. Han, Wontae & Wang, Jian & Wang, Xiao, 2022. "FDI and firm productivity in host countries: The role of financial constraints," Journal of International Money and Finance, Elsevier, vol. 124(C).
    50. Zi-Yi Guo & Yangxiaoteng Luo, 2017. "Credit Constraint Exports in Countries with Different Degrees of Contract Enforcement," Business and Economic Research, Macrothink Institute, vol. 7(1), pages 227-241, June.
    51. Kim Huynh & Robert Petrunia & Joel Rodrigue & Walter Steingress, 2023. "Exporting and Investment Under Credit Constraints," Staff Working Papers 23-10, Bank of Canada.
    52. Minjie Deng & Min Fang, 2021. "Debt Maturity Heterogeneity and Investment Responses to Monetary Policy," Discussion Papers dp21-17, Department of Economics, Simon Fraser University.
    53. David Kohn & Fernando Leibovici & Michal Szkup, 2021. "Financial Frictions and International Trade," Working Papers 2021-009, Federal Reserve Bank of St. Louis.
    54. Radim Bohacek & Hugo Rodríguez-Mendizábal, 2011. "Misallocation of Capital in a Model of Endogenous Financial Intermediation and Insurance," UFAE and IAE Working Papers 867.11, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    55. Satyajit Chatterjee & Burcu Eyigungor, 2019. "The Firm Size and Leverage Relationship and Its Implications for Entry and Concentration in a Low Interest Rate World," Working Papers 19-18, Federal Reserve Bank of Philadelphia.
    56. Xu Tian & Dan Lu & Yan Bai, 2016. "Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation," 2016 Meeting Papers 998, Society for Economic Dynamics.
    57. Wang, Kun Tracy & Wu, Yue & Sun, Aonan, 2021. "Acquisitions and the cost of debt: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 78(C).
    58. Boeri, Tito & Garibaldi, Pietro & Moen, Espen R., 2015. "Financial Frictions, Financial Shocks and Unemployment Volatility," CEPR Discussion Papers 10648, C.E.P.R. Discussion Papers.
    59. Eric W. Bond & James Tybout & Hale Utar, 2015. "Credit Rationing, Risk Aversion, And Industrial Evolution In Developing Countries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(3), pages 695-722, August.
    60. Costas Arkolakis, 2011. "A Unified Theory of Firm Selection and Growth," NBER Working Papers 17553, National Bureau of Economic Research, Inc.
    61. Guariglia, Alessandra & Tsoukalas, John & Tsoukas, Serafeim, 2012. "Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies," Economics Letters, Elsevier, vol. 117(3), pages 582-584.
    62. Kaoru Hosono & Miho Takizawa, 2012. "Do Financial Frictions Matter as a Source of Misallocation? Evidence from Japan," Discussion papers ron246, Policy Research Institute, Ministry of Finance Japan.
    63. Heidi Quah & Janto Haman & Dharmendra Naidu, 2021. "The effect of stock liquidity on investment efficiency under financing constraints and asymmetric information: Evidence from the United States," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2109-2150, April.
    64. Li, Huiyu, 2022. "Leverage and productivity," Journal of Development Economics, Elsevier, vol. 154(C).
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Articles

  1. Cristina Arellano & Yan Bai, 2014. "Renegotiation Policies in Sovereign Defaults," American Economic Review, American Economic Association, vol. 104(5), pages 94-100, May.
    See citations under working paper version above.
  2. Arellano, Cristina & Bai, Yan & Zhang, Jing, 2012. "Firm dynamics and financial development," Journal of Monetary Economics, Elsevier, vol. 59(6), pages 533-549.
    See citations under working paper version above.
  3. Bai, Yan & Zhang, Jing, 2012. "Financial integration and international risk sharing," Journal of International Economics, Elsevier, vol. 86(1), pages 17-32.
    See citations under working paper version above.
  4. Bai, Yan & Zhang, Jing, 2012. "Duration of sovereign debt renegotiation," Journal of International Economics, Elsevier, vol. 86(2), pages 252-268.
    See citations under working paper version above.
  5. Yan Bai & Jing Zhang, 2010. "Solving the Feldstein-Horioka Puzzle With Financial Frictions," Econometrica, Econometric Society, vol. 78(2), pages 603-632, March.

    Cited by:

    1. Pablo D'Erasmo & Enrique G. Mendoza, 2019. "History Remembered: Optimal Sovereign Default on Domestic and External Debt," Working Papers 19-31, Federal Reserve Bank of Philadelphia.
    2. Joseph Steinberg, 2017. "Online Appendix to "International Portfolio Diversification and the Structure of Global Production"," Online Appendices 16-74, Review of Economic Dynamics.
    3. Erauskin, Iñaki, 2015. "Savings, the size of the net foreign asset position, and the dynamics of current accounts," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 353-370.
    4. Dilem Yıldırım & Onur A. Koska, 2018. "Puzzling out the Feldstein-Horioka Paradox for Turkey by a Time-Varying Parameter Approach," ERC Working Papers 1808, ERC - Economic Research Center, Middle East Technical University, revised Apr 2018.
    5. CASTRO, Rui & KOUMTINGUÉ, Nelnan, 2011. "On the Individual Optimality of Economic Integration," Cahiers de recherche 05-2011, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    6. Polbin Andrey & Zubarev Andrey & Rybak Konstantin, 2020. "Capital mobility in commodity-exporting economies," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 24(5), pages 1-10, December.
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    8. Michael Sposi, 2019. "Demographics and the Evolution of Global Imbalances," Departmental Working Papers 1906, Southern Methodist University, Department of Economics.
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Chapters

  1. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2017. "Default Risk, Sectoral Reallocation, and Persistent Recessions," NBER Chapters, in: NBER International Seminar on Macroeconomics 2017, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
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