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Visualitza Departament d'Economia i Empresa per autoria

Visualitza Departament d'Economia i Empresa per autoria "Martin, Alberto, 1974-"

Ara mostrant els elements 1-7 de 7

Asset bubbles and sudden stops in a small open economy

Martin, Alberto, 1974-; Ventura, Jaume (Banco Central de Chile, 2015)

We live in a new world economy characterized by financial globalization and historically low interest rates. This paper presents a simple analytical framework that helps us understand how this new world economy works from ...
Banks, government bonds, and default: what do the data say?

Gennaioli, Nicola; Martin, Alberto, 1974-; Rossi, Stefano (Elsevier, 2018)

This paper analyzes sovereign bondholdings by 20,000 banks in 191 countries and 20 sovereign default episodes over 1998–2012, establishing two robust facts. First, banks hold many government bonds (on average 9% of assets) ...
The financial transmission of housing booms: evidence from Spain

Martin, Alberto, 1974-; Moral-Benito, Enrique; Schmitz, Tom (American Economic Association, 2021)

How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later ...
Managing credit bubbles

Martin, Alberto, 1974-; Ventura, Jaume (Oxford University Press, 2016)

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to ...
Monetary policy for a bubbly world

Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto, 1974-; Ventura, Jaume (Oxford University Press, 2020)

What is the role of monetary policy in a bubbly world? To address this question, we study an economy in which financial frictions limit the supply of assets. The ensuing scarcity generates a demand for “unbacked” assets, ...
On public spending and economic unions

Broner, Fernando; Martin, Alberto, 1974-; Ventura, Jaume (Springer, 2021)

We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an ...
The international transmission of credit bubbles: Theory and policy

Martin, Alberto, 1974-; Ventura, Jaume (Elsevier, 2015)

We live in a new world economy characterized by financial globalization, historically low interest rates, and frequent credit booms and busts. To study this world, we extend the rational-bubbles framework of Martin and ...