My 1997 JHR paper neither endorsed nor condemned the use of instrumental variables (IV) to estimate the parameters of economic models. Its main goal was to remind readers of some basic points developed in a series of papers with Richard Robb (1985, 1986), We establish that when responses to "treatment" or a policy intervention vary across persons even after conditioning on observable variables ...

I the last twenty years, there has been substantial rethinking about how central banks should do their job. This rethinking has led to major changes in how central banks operate, and we are now in an era in which central banks in many countries throughout the world have had notable success—keeping inflation low, while their economies experience rapid economic growth. In this lecture, I outline ...

Global policy-making in response to perceived problems in the ocean, whether caused by environmental or economic factors, depends upon an adequate understanding of the ocean itself. Ideally, this level of understanding should include the ability to describe and predict the state and status of the world ocean and coastal seas for a useful period of time into the future. This capability is known ...

The collateral value of landholdings is generally assumed to increase with ownership rights, thereby improving credit access among landholders. In situations of poverty, however, this outcome is uncertain because of other significant barriers to lending. To test whether proof of property ownership promotes the use of low-income housing as collateral, we evaluate the impact on credit supply of o...

This paper examines the phenomenon of cross-border property lending and examines a number of issues regarding lending procedures and decision making processes in the context of the relationship between lender and professional advisor. It commences by placing these procedures and processes in the context of the development of cross border European property investment and finance. The UK has been...

In addition to quantitative assessment of economic growth using econometric models, business cycle analyses have been proved to be helpful to practitioners in order to assess current economic conditions or to anticipate upcoming fluctuations. In this paper, we focus on the acceleration cycle of the euro area, namely the peaks and troughs of the growth rate which delimitate the slowdown and acce...

The global financial crisis and the policy response to it have placed a sharp spotlight on the issue of implicit guarantees for bank debt. This report discusses the incidence of implicit government guarantees for bank debt, their determinants, and estimates of their value. It shows i) that the extent of implicit guarantees differs from one banking sector to another and, within a given banking s...

The objective of this study is to analyze the impact of the commercial banks credit on economic growth in Nigeria from 1992 to 2012. In order to examine the role of commercial bank credit to the economy, the commercial bank credit to the private sector of the economy is used to estimate its impact on Nigeria’s economic growth, which is proxy by gross domestic product. Using the ordinary least s...

This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period 1976-98 and applying recent GMM techniques developed for dynamic panels. Econometrically, the paper illustrates the differences that emerge from different panel procedures. On balance, we find that stock markets and banks positively influence economic growth and these findings ...