Democratic Development Lowers the Cost of Credit

 from Voxeu.org

-- this post authored by Manthos Delis, Iftekhar Hasan, and Steven Ongena

The positive relationship between democratic development and economic outcomes is well established. Using three decades of international data, this column identifies a new channel for this effect – the cost of credit to corporations. It also analyses loan pricing in Turkey to reveal a substantial rise in the average cost of lending after the attempted coup d’etat in July 2016. Together, these results highlight how efficiency in loan pricing results in a comparative advantage for firms in democratic countries over those in less democratic or authoritarian countries.

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Is Growing Household Debt An Economic Counter-Dynamic?

Written by

According to Liberty Street Economics:

The latest Quarterly Report on Household Debt and Credit from the New York Feds Center for Microeconomic Data showed a substantial increase in aggregate household debt balances in the fourth quarter of 2016 and for the year as a whole. As of December 31, 2016, total household debt stood at $12.58 trillion, an increase of $226 billion (or 1.8 percent) from the third quarter of 2016.

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A New Era of Central Banking?

by Philip Pilkington

As I noted in my last post the Bank of England have released an official policy document that concedes that much of Post-Keynesian endoegnous money theory is indeed correct. Interestingly, they have also released some Youtube clips with the authors where they expound on their work in more details. You can watch these videos at the BoE website here.

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Tax Reform: The Good, the Bad, and the Really Ugly, Part Three

February 24th, 2017
in macroeconomics

by John Mauldin, Thoughts from the Frontline

Today we come to part 3 of my tax reform series. So far, we’ve introduced the challenge and begun to describe the main proposed GOP solution. Today we’ll look at the new and widely misunderstood “border adjustment” idea and talk about both its good and bad points. What follows may make more sense if you have first read part 1 and part 2.

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China, Russia, and the United States: Are They Superpowers?

February 22nd, 2017
in uncategorized

by Elliott Morss, Morss Global Finance

Introduction

Every so often, it is worth standing back and asking where is the world going. A recent book and set of interesting articles on global futures by Dr. Frank Li provides a good starting point. Li focuses on three “kingdoms” – China, Russia and the US. He argues they are the most important global players. A good starting point but worth exploring further.

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