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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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(ALEA, 2007)We consider a system of d coupled non-linear stochastic heat equations in spatial dimension 1 driven by d-dimensional additive space-time white noise. We establish upper and lower bounds on hitting probabilities of the ...
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(ALEA, 2015)Consider the following equation ∂tut(x) = 1 2 ∂xxut(x) + λσ(ut(x))W˙ (t, x) on an interval. Under Dirichlet boundary condition, we show that in the long run, the second moment of the solution grows exponentially fast if λ ...
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(Wiley, 2006)Boudry and Gray (2003) have documented that the optimal buy-and-hold demand for Australian stocks is not necessarily increasing in the investment horizon when returns are predictable. Such finding is in contrast with ...
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(Association of the International Journal of Central Banking, 2010)
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(National Bureau of Economic Research, 2013)
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(Nature Research, 2015)This paper examines the impact of monetary conditions on the risk-taking behaviour of banks in the Czech Republic by analysing the comprehensive credit register of the Czech National Bank. Our duration analysis indicates ...
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(Nature Research, 2017)We identify the impact of short-term interest rates on credit risk-taking in the short and long run by analyzing a comprehensive credit register from Spain, a country where for the last twenty years monetary policy was ...
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(Elsevier, 2019)The literature on the effect of shocks on civil conflicts has grown rapidly over the last decade. In this paper, we study the relationship between earthquakes and terrorism. In the short run, the destruction generated by ...
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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 ...
