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Working papers:
“Big Banks versus Small Banks: Good or Bad for Industries?”
Job
Market Paper
Abstract
Full Text
“How Big are the Gains from International Financial
Integration?”
with Sebnem Kalemli-Ozcan and Dietrich Vollrath,
NBER Working Paper 14636
Abstract
Full Text
We compare welfare in a calibrated neoclassical model of consumption
under autarky to welfare under financial integration. The estimated
welfare gains of integration depend intimately on the assumed speed of
convergence between domestic and world rates of return. Using observed
data from 1960-2000 to derive the initial fundamental characteristics
for each of 92 countries, we parameterize the convergence process and
calculate welfare under different assumptions regarding rates of
convergence. Allowing for realistic rates, we calculate that welfare is
nearly six times larger than previously found. Expanding our analysis to
include the productivity gains from the inflow of FDI implies welfare
gains twelve times larger than found before. Our results indicate
substantial gains from international financial integration arising from
persistent differences in fundamentals across nations.
Work in Progress:
“Market Discipline in the Banking Sector”
with Osman Nal
“Marginal Product of Capital across Countries”
“The
Effect of Banking Concentration and Banking Competition on the
Volatility of Manufacturing Sectors Output”
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