At the end of 2013, the share of domestic government debt held by the banking sectors of
Eurozone countries was more than twice the amount held in 2007. We show that these …

We study whether the solvency problems of Spain's weakest banks in the Great Recession
have caused employment losses outside the financial sector. Our analysis focuses on the …

We study the relationship between domestic-demand shocks and exports using data for
Spanish manufacturing firms in 2002–2013. Exploiting plausibly exogenous geographical …

Figure C. 4 illustrates variation across zip codes in both the boom-to-bust changes in
average manufacturing firm-level domestic sales and the boom-to-bust changes in the …

I study economies where banks do not fully internalize the social costs of their lending
decisions, which leads to real overinvestment. The bank capital requirement that restores …

This article develops a new theoretical perspective on the politics of financialization with
housing as its specific case. The argument uses the recent debate on assets and …

How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-
level microdata, we show that the Spanish housing boom reduced non-housing credit …

If you've got money in the bank, chances are you've never seriously worried about not being
able to withdraw it. But there was a time in the United States, an era that ended just over a …

The effect of investing in equipment and/or structures on TFP and long run growth is
investigated here. We argue that economies can grow in spite of stagnant TFP if the …

We propose an incentive-based theory of how a savings glut produces financial fragility.
Originators must be incentivized to produce high-quality assets. Assets are distributed to …