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Journal Article
How much do we really know about growth and finance?

During the past twenty-five years, development economists have made a major shift toward a more mainstream, market-oriented approach to the financial sector. Economists now take for granted that a well-developed financial sector contributes to economic growth. But until recently there was surprisingly little solid evidence to support this view. ; This article assesses the econometric evidence about the finance-growth relationship. The author first describes the regression framework that has become the standard for assessing this relationship. He outlines some methodological reservations about ...
Economic Review , Volume 88 , Issue Q1 , Pages 33-47

Working Paper
The effect of school finance reform on population heterogeneity

This paper tests whether state school finance reform alters neighborhood income homogeneity. One implication of the Tiebout model is that within-community homogeneity declines as a result of an exogenous decrease in the ability of jurisdictions to set local tax and expenditure levels. The property tax revolt and the school finance equalization reform of the 1970s and 1980s offer a test of the role of state fiscal reform on aggregate population sorting behavior. The results show that school finance has a significant effect on school district income sorting, especially among low income ...
Working Paper Series , Paper WP-98-11

Conference Paper
Bank lending, financing constraints, SME investment

Proceedings , Paper 1105

Corporate Indebtedness: Improving Financial Stability Monitoring

U.S. nonfinancial corporate credit has been identified as an area where growth in the quantity of debt and deterioration in the quality of underwriting could be a source of concern.
Dallas Fed Economics

Journal Article
Commentary on \\"Macroeconomic implications of changes in the term premium\\"

Review , Volume 89 , Issue Jul , Pages 271-282

Working Paper
Can feedback from the jumbo-CD market improve bank surveillance?

We examine the value of jumbo certificate-of-deposit (CD) signals in bank surveillance. To do so, we first construct proxies for default premiums and deposit runoffs and then rank banks based on these risk proxies. Next, we rank banks based on the output of a logit model typical of the econometric models used in off-site surveillance. Finally, we compare jumbo-CD rankings and surveillance-model rankings as tools for predicting financial distress. Our comparisons include eight out-of-sample test windows during the 1990s. We find that rankings obtained from jumbo-CD data would not have improved ...
Working Papers , Paper 2003-041

Working Paper
Financial turbulence and the Japanese main bank

The Japanese "main bank" relationship, under which a bank holds equity in a firm and plays a leading role in its decision-making and financing, may leave a firm dependent on its main bank for financing due its information advantage over other potential lenders. While alternative sources of finance may mitigate this dependency, it may resurface during episodes of financial turbulence. ; We examine the sensitivity of returns on portfolios of Japanese firm equity to the returns of their main banks using a three-factor arbitrage-pricing model. We find no significant dependence on main bank ...
Pacific Basin Working Paper Series , Paper 2000-04

Recent Inflation Surges Have Modestly Affected Long-Term Expectations

Improvements in Federal Reserve credibility over the last 40 years have ensured that inflation expectations, particularly long-term inflation expectations, have so far remained well-anchored despite surging current inflation.
Dallas Fed Economics

Renewable Energy Projects Present Unique Lender Risks, Need for Oversight

A vigorous risk management program can mitigate potential problems facing banks and nonbank financial institutions engaged in financing these facilities—whether as agents, loan participants or direct lenders.
Dallas Fed Economics


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Frame, W. Scott 6 items

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