It is widely confirmed that Okun's law, the negative relationship between output and unemployment rate, varies across countries. We take a new approach to investigate cause of this variation: using sectoral data, we estimate law at sector level for US, UK, Switzerland, Japan. show coefficients follow patterns similar aggregate A novel decomposition allows us determine standard deviation main dr...

We explore what drives variations in sovereign wealth funds’ (SWFs) transparency across countries. SWFs have emerged as an important instrument for governments to invest and manage excess funds. However, despite serving similar needs, there is much diversity how they are governed from country country. integrate agency theory with the varieties of capitalism framework propose that country’s gove...

In this paper, we revisit the question of how bank bailouts affect economic growth. We adopt a broad concept bailouts, which includes both capital injections and liquidity support to banking system. employ an identification strategy that controls for various dimensions bailout endogeneity find has significant positive real effect. The effect recapitalizations per se is not statistically signifi...