We investigate the empirical link between external debt composition and domestic credit cycles. Using quarterly data for 40 countries 1980 2015, we show that two dimensions of (ie instrument type lending/borrowing sector) provide valuable information about likelihood booms busts. In particular, find a higher share bank lending in form bonds is associated with greater booms. Our results also rev...

This analysis considers international migration remittances and their impact on development in migrant-sending areas. The new economics of labor migration (NELM) posit that remittances lessen production and market constraints faced by households in poor developing countries. The article states that remittances may be a positive factor in economic development, which should be nurtured by econo...

This paper examines how external governance pressure provided by both the product market and the market for corporate control affects a borrowing firm’s choice of debt source. Using reductions in import tariffs to capture exogenous changes in a firm’s competitive environment, we find that increased product market competition has a significant negative impact on a firm’s reliance on bank debt fi...

Arora, Barak, Brunnermeier, and Ge [ABBG10] showed that taking computational complexity into account, a dishonest seller could increase the lemon costs of a family of financial derivatives dramatically. We show that if the seller is required to construct derivatives of a certain form, then this phenomenon disappears. In particular, we define and construct pseudorandom derivative families, for w...