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Articles (Departament d'Economia)
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Articles de recerca, en accés obert, del Departament d'Ecomia de la UPF.
Recent Submissions
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(Wiley, 2013)We analyze the impact of financial globalization on business cycle synchronization using a proprietary database on banks’ international exposure for industrialized countries during 1978 to 2006. Theory makes ambiguous ...
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(Oxford University Press, 2015)We study the risk-taking channel of monetary policy in Bolivia, a dollarized country where monetary changes are transmitted exogenously from the USA. We find that a lower policy rate spurs the granting of riskier loans, ...
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(Springer, 2015)The paper studies the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, it uses matched bank-firm-level data, covering mainly small and ...
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(Wiley, 2004)International business transactions pose the problem of deterring bribing of public officials by foreign firms. We first analyse a convention styled after the OECD's ‘Convention on Combating Bribery of Foreign Public ...
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(Oxford University Press, 2011)This article tests financial contagion due to interbank linkages. For identification, we exploit an idiosyncratic, sudden shock caused by a large-bank failure in conjunction with detailed data on interbank exposures. First, ...
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(Oxford University Press, 2016)This article explains why decentralization can undermine accountability and answers three questions: what determines if power should be centralized or decentralized when regions are heterogeneous? How many levels of ...
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(Wiley, 2019)We study insider trading behavior surrounding the largest bank bailout in history: TARP. In politically‐connected banks, insider buying during the pre‐TARP period is associated with increases in abnormal returns around ...
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(SpringerOpen, 2016)In this paper we analyze financial crises and the interactions of macroprudential policy and credit. Financial crises are recurrent systemic phenomena, often triggering deep and long-lasting recessions with large reductions ...
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Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications(American Economic Association, 2012)We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset ...
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(Econometric Society, 2014)We identify the effects of monetary policy on credit risk‐taking with an exhaustive credit register of loan applications and contracts. We separate the changes in the composition of the supply of credit from the concurrent ...
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(Springer, 2014)We analyze the determinants of real estate and credit bubbles using a unique borrower-lender matched dataset on mortgage loans in Spain. The dataset contain real estate credit and price conditions (loan principal and spread, ...
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(Elsevier, 2017)We examine the role of the international credit channel in Turkey over 2005–2013. We show that larger, more capitalized banks with higher non-core liabilities increase credit supply when capital inflows are higher. This ...
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Monetary policy and bank lending in developing countries: loan applications, rates, and real effects(Elsevier, 2019)Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on ...
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(Elsevier, 2018)Will politics lead to over-building or under-building of transportation projects? In this paper, we develop a model of infrastructure policy in which politicians overdo things that have hidden costs and underperform tasks ...
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(Elsevier, 2019)We find that the introduction of two weeks of paid paternity leave in Spain in 2007 led to delays in subsequent fertility. Following a regression discontinuity design and using rich administrative data, we show that parents ...
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(American Economic Association, 2019)We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents' expectations about market conditions in future periods. Our theory is based on the interaction between ...
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(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) ...
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(University of Chicago Press, 2018)We develop a dynamic spatial growth theory with realistic geography. We characterize the model and its balanced-growth path and propose a methodology to analyze equilibria with different levels of migration frictions. ...
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(Oxford University Press, 2018)We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by high unemployment and weak growth. We refer to these episodes as stagnation ...
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(Oxford University Press, 2018)This paper provides a framework to understand the adjustment triggered by an episode of debt deleveraging among financially integrated countries. During a period of international deleveraging, world consumption demand is ...
