Romain Rancière
Biographic Data
| ID | 2443702 |
|---|---|
| NAME | Romain Rancière |
| GIVEN NAMES | Romain |
| FAMILY NAME | Rancière |
| SIGNATURE | RANCIÈRE R |
| AFFILIATIONS | Paris School of Economics and Centre for Economic Policy Research |
| VERIFIED | No |
| TOTAL WORKS | 14 |
| TOTAL CITATIONS | 12 |
| AUTHOR COUNT | 14 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2005 |
| LATEST PUBLICATION YEAR | 2018 |
| H-INDEX | 2 |
Domestic and External Sectoral Portfolios: Network Structure and Balance-Sheet Contagion
Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects
The paper uses disaggregated data on asset holdings and liabilities to estimate a general equilibrium model where each institution determines the diversification and size of the asset and liability sides of its balance-sheet. The model endogenously generates two types of financial networks: (i) a network of institutions when two institutions share common asset or liability holdings or when an institution holds an asset that is the liability of an…
Credit Standards and Segregation
This paper explores the effects of changes in lending standards on racial segregation within metropolitan areas. Such changes affect neighborhood choices as well as aggregate prices and quantities in the housing market. Using the credit boom of 2000 to 2006 as a large-scale experiment, we put forward an IV strategy that predicts the relaxation of credit standards as the result of a credit supply shock predominantly affecting liquidity-constrained…
Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth
Financial liberalization increases growth, but leads to more crises and costly bailouts. We present a two-sector model in which liberalization, by allowing debt-denomination mismatch, relaxes borrowing limits in the financially constrained sector, but endogenously generates crisis risk. When regulation restricts external financing to standard debt, liberalization preserves financial discipline and may increase allocative efficiency, growth, and c…
Inequality, Leverage, and Crises
The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920–1929 and 1983–2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result…
The Financial Crisis: Lessons for International Macroeconomics
This article introduces a special section of the American Economic Journal: Macroeconomics, containing five papers presented during a conference in Paris in October 2011. The aim of the conference was to derive lessons from the financial crisis, for research on international macroeconomics and for policy. The article opens with a summary of the key mechanisms at play during the crisis. The question of the crisis transmission across borders is add…
Faut-il revenir aux changes fixes
Power laws in firm size and openness to trade: Measurement and implications
The Optimal Level of International Reserves for Emerging Market Countries: A New Formula and Some Applications
We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. The buildup of reserves in emerging market Asia can be explained only if one assumes a large anticipated output cost of …
Currency mismatch, systemic risk and growth in emerging Europe: Currency Mismatch
Currency mismatch is a vehicle that exposes the economy to systemic risk, but it is also an engine of growth. We analyse this dual role at the macro and the micro levels. At the aggregate level, we construct a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers – that is, those with no foreign currency income. Using our measure, we find that across emerging European economies, increases in c…
Systemic Crises and Growth
Countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. Because financial crises are realizations of downside risk, we measure their incidence by the skewness of credit growth. Unlike variance, negative skewness isolates the impact of the large, infrequent, and abrupt credit busts associated with crises. We find a robust negative link between skewness and GDP grow…
Growth and risk at the industry level: The real effects of financial liberalization
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
The Overhang Hangover
The Optimal Level of International Reserves for Emerging Market Countries: A New Formula and Some Applications
We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. The buildup of reserves in emerging market Asia can be explained only if one assumes a large anticipated output cost of …
Growth and risk at the industry level: The real effects of financial liberalization
The Overhang Hangover
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Systemic Crises and Growth
Countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. Because financial crises are realizations of downside risk, we measure their incidence by the skewness of credit growth. Unlike variance, negative skewness isolates the impact of the large, infrequent, and abrupt credit busts associated with crises. We find a robust negative link between skewness and GDP grow…
Growth and risk at the industry level: The real effects of financial liberalization
Currency mismatch, systemic risk and growth in emerging Europe: Currency Mismatch
Currency mismatch is a vehicle that exposes the economy to systemic risk, but it is also an engine of growth. We analyse this dual role at the macro and the micro levels. At the aggregate level, we construct a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers – that is, those with no foreign currency income. Using our measure, we find that across emerging European economies, increases in c…
Power laws in firm size and openness to trade: Measurement and implications
The Optimal Level of International Reserves for Emerging Market Countries: A New Formula and Some Applications
We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves and show that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries. The buildup of reserves in emerging market Asia can be explained only if one assumes a large anticipated output cost of …
Faut-il revenir aux changes fixes
The Financial Crisis: Lessons for International Macroeconomics
This article introduces a special section of the American Economic Journal: Macroeconomics, containing five papers presented during a conference in Paris in October 2011. The aim of the conference was to derive lessons from the financial crisis, for research on international macroeconomics and for policy. The article opens with a summary of the key mechanisms at play during the crisis. The question of the crisis transmission across borders is add…
Inequality, Leverage, and Crises
The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920–1929 and 1983–2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result…
Credit Standards and Segregation
This paper explores the effects of changes in lending standards on racial segregation within metropolitan areas. Such changes affect neighborhood choices as well as aggregate prices and quantities in the housing market. Using the credit boom of 2000 to 2006 as a large-scale experiment, we put forward an IV strategy that predicts the relaxation of credit standards as the result of a credit supply shock predominantly affecting liquidity-constrained…
Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth
Financial liberalization increases growth, but leads to more crises and costly bailouts. We present a two-sector model in which liberalization, by allowing debt-denomination mismatch, relaxes borrowing limits in the financially constrained sector, but endogenously generates crisis risk. When regulation restricts external financing to standard debt, liberalization preserves financial discipline and may increase allocative efficiency, growth, and c…
Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects
The paper uses disaggregated data on asset holdings and liabilities to estimate a general equilibrium model where each institution determines the diversification and size of the asset and liability sides of its balance-sheet. The model endogenously generates two types of financial networks: (i) a network of institutions when two institutions share common asset or liability holdings or when an institution holds an asset that is the liability of an…
Domestic and External Sectoral Portfolios: Network Structure and Balance-Sheet Contagion
Economics (13 works) · Macroeconomics (10 works) · Monetary economics (9 works) · Global Financial Crisis and Policies (7 works) · Financial crisis (6 works) · Banking stability, regulation, efficiency (5 works) · Business (5 works) · Econometrics (4 works) · Monetary Policy and Economic Impact (4 works) · Debt (3 works)