We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit supply and resulting real effects, increase risk-taking. For identification, we exploit exhaustive US loan-level data since 1990s Gertler-Karadi shocks. Higher rates shift from banks to less-regulated, more fragile nonbanks. The bank-to-nonbank largely neutralizes total associated ...

Abstract In the European Alps, air temperature has increased almost twice as much global average over last century and, a corollary, snow cover duration decreased substantially. Arctic, dendroecological studies have evidenced that shrub growth is highly sensitive to temperature—this phenomenon often been linked expansion and ecosystem greening. Yet, impacts of climate change on mountain radial ...

the issue of conflicting jurisdictions is certainly not new to law. it has long been known in domestic law systems. however, for public international law the issue of conflicting jurisdictions is relatively new. since the early 1990s we have witnessed an indisputable proliferation of international courts and tribunals endowed with the jurisdiction to deal with certain areas of international law...

Foreign outsourcing, otherwise known as off-shoring, has become a matter of intense public debate and great concern in the United States presidential contest, especially in light of the large job losses experienced by U.S. workers since George Bush became president. Yet, there is a lack of good data on foreign outsourcing since the early 1990s. This paper presents updated measures of foreign ou...