WorldCat Identities

Sørensen, Bent E.

Overview
Works: 169 works in 553 publications in 2 languages and 1,734 library holdings
Genres: Academic theses 
Roles: Author, Other, Creator
Classifications: HC10, 330
Publication Timeline
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Most widely held works by Bent E Sørensen
Consumption smoothing through fiscal policy in OECD and EU countries by Adriana Arreaza( )

17 editions published between 1997 and 1998 in English and Spanish and held by 151 WorldCat member libraries worldwide

We measure the amount of smoothing achieved through various components of the government deficit in EU and OECD countries. For EU countries, at the 1-year frequency percent of shocks to GDP are smoothed via government consumption, 18 percent via transfers percent via subsidies, while taxes provide no smoothing. The results for OECD countries are similar. Government transfers provide more smoothing of negative than of positive shocks among EU countries. There seems to be no trade-off between high government deficits in a country and the ability to smooth consumption. We find that in countries where there is delegation' of power or where fiscal targets are negotiated effectively by coalition members consumption smoothing via government consumption and government transfers is considerably higher. We interpret this finding as evidence that effective budgetary institutions can accomplish efficient consumption smoothing via government deficit spending and lower average deficits
Leverage across firms, banks and countries by Sebnem Kalemli-Ozcan( )

12 editions published in 2011 in English and held by 100 WorldCat member libraries worldwide

We present new stylized facts on bank and firm leverage for 2000-2009 using extensive internationally comparable micro level data from several countries. The main result is that there was very little buildup in leverage for the average non-financial firm and commercial bank before the crisis, but the picture was quite different for large commercial banks in the United States and for investment banks worldwide. We document the following patterns: a) there was an increase in leverage ratios of investment banks and financial firms during the early 2000s; b) there was no visible increase for commercial banks and non-financial firms; c) off balance-sheet items constitute a big fraction of assets, especially for large commercial banks in the United States; d) the leverage ratio is procyclical for investment banks and for large commercial banks in the United States; e) banks in emerging markets with tighter bank regulation and stronger investor protection experienced significantly less deleveraging during the crisis. These results show that excessive risk taking before the crisis was not easily detectable because the risk involved the quality rather than the amount of assets
Deep financial integration and volatility by Sebnem Kalemli-Ozcan( )

12 editions published in 2010 in English and held by 100 WorldCat member libraries worldwide

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the regional level based on foreign ownership at the firm level. We find a positive effect of foreign ownership on volatility of firms' outcomes. This effect survives aggregation and carries over to regional output. Exploiting variation in the transposition dates of EU-wide legislation, we find that high trust regions in countries who harmonized capital markets sooner have higher levels of financial integration and volatility
Risk sharing through capital gains by Faruk Balli( )

13 editions published in 2011 in English and held by 98 WorldCat member libraries worldwide

We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6 percent, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for Euro zone countries, at 14 percent, reflecting increased international asset and liability holdings in the Euro area
Misallocation, property rights, and access to finance : evidence from within and across Africa by Sebnem Kalemli-Ozcan( )

12 editions published between 2012 and 2014 in English and held by 96 WorldCat member libraries worldwide

We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First, we compare the extent of misallocation among firms within countries. We document high variation in firms' marginal product of capital (MPK), implying that countries could produce significantly more with the same aggregate capital stock if capital were allocated optimally. Such variation differs from country to country with some African countries (success stories) closer to developed country benchmarks. Small firms and non-exporters have less access to finance and have higher returns to capital in general. Self reported measures of obstacles to firms' operations suggest access to finance is the most important obstacle: A firm with the worst access to finance has MPK 45 percent higher than a firm with the worst access to finance as a result of low capital per worker. We compare average levels of the MPK across countries, finding evidence that the strength of property rights and the quality of the legal system help explain country-level differences in capital misallocation
Financial integration within EU countries : the role of institutions, confidence and trust by M. Fatih Ekinci( )

11 editions published between 2007 and 2010 in English and Undetermined and held by 93 WorldCat member libraries worldwide

We investigate the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture "diversification" and "development" finance in the language of Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask - why is this the case? Using country-level data for economic institutions, we find that these are not able to explain differences between countries. Using regional data from the World Values Surveys, we investigate the effect of "social capital" on financial integration among European regions. We find regions, where the level of confidence and trust is high, are more financially integrated with each other
Debt crises and risk sharing : the role of markets versus sovereigns by Sebnem Kalemli-Ozcan( )

12 editions published between 2013 and 2014 in English and held by 90 WorldCat member libraries worldwide

Using a variance decomposition of shocks to GDP, we quantify the role of international factor income, international transfers, and saving in achieving risk sharing during the recent European crisis. We focus on the sub-periods 1990-2007, 2008-2009, and 2010 and consider separately the European countries hit by the sovereign debt crisis in 2010. We decompose risk sharing from saving into contributions from government and private saving and show that fiscal austerity programs played an important role in hindering risk sharing during the sovereign debt crisis
Foreign investment and domestic productivity : identifying knowledge spillovers and competition effects by Christian Fons-Rosen( )

10 editions published in 2017 in English and held by 82 WorldCat member libraries worldwide

We study the impact of foreign direct investment (FDI) on total factor productivity (TFP) of domestic firms using a new, representative firm-level data set spanning six countries. A novel finding is that firm-level spillovers from foreign firms to domestic companies can be significantly positive, non-existent, or even negative, depending on which sectors receive FDI. When foreign firms produce in the same narrow sector as domestic firms, the latter are negatively affected by increasing competition and positively affected by knowledge spillovers. We find that the positive spillovers dominate if foreign firms enter sectors where firms are "technologically close," controlling for the endogeneity of their entry decision into such sectors. Positive technology spillovers also affect firms in other sectors, if those sectors are technologically close to the sectors receiving FDI. Increasing FDI in sectors that are technologically close to other sectors boosts TFP of domestic firms by twice as much as increasing FDI by the same amount across all sectors
How to construct nationally representative firm level data from the ORBIS global database by Sebnem Kalemli-Ozcan( )

11 editions published between 2015 and 2019 in English and held by 79 WorldCat member libraries worldwide

We construct representative firm-level longitudinal data for twenty-seven European countries using financial statements from the Orbis global database, providing a "how-to" guide on the construction. We validate our dataset by comparing its aggregate coverage to official statistics and present three new facts. First, smaller firms (SMEs) account for the largest share of economic activity. Second, industry concentration has increased among firms that report only consolidated statements, but decreased overall. Third, the increased concentration is accounted for by foreign-owned firms. Documenting these facts requires nationally representative data both in cross-sectional and time-series dimensions
Why does capital flow to rich states? by Sebnem Kalemli-Ozcan( )

6 editions published between 2005 and 2008 in English and Undetermined and held by 59 WorldCat member libraries worldwide

The magnitude and the direction of net international capital flows does not fit neo-classical models. The 50 U.S. states comprise an integrated capital market with very low barriers to capital flows, which makes them an ideal testing ground for neoclassical models. We develop a simple frictionless open economy model with perfectly diversified ownership of capital and find that capital flows between the U.S. states are consistent with the model. Therefore, the small size and "wrong" direction of net international capital flows are likely due to frictions associated with national borders and not due to inherent flaws in the neoclassical model
Output fluctuations and fiscal policy : US state and local governments 1978-1994 by Bent E Sørensen( Book )

17 editions published in 1999 in English and held by 56 WorldCat member libraries worldwide

The Federal Reserve Bank of Kansas City provides access to the full text of an article entitled "Output Fluctuations and Fiscal Policy: U.S. State and Local Governments 1978-1994," written by Bent E. Sorensen, Lisa Wu, and Oved Yosha. The article discusses cyclical properties of U.S. state and local government fiscal policies
Risk-sharing and industrial specialization : regional and international evidence by Sebnem Kalemli-Ozcan( Book )

18 editions published between 1999 and 2000 in English and held by 53 WorldCat member libraries worldwide

The authors provide empirical evidence that risk sharing enhances specialization in production. To the best of their knowledge, this well-established and important theoretical proposition has not been tested before. The empirical procedure is summarized as follows. First, the authors construct a measure of specialization in production, and calculate an index of specialization for each of the European Community (EC) and non-EC OECD countries, U.S. states, Canadian provinces, Japanese prefectures, Latin American countries, and regions of Italy, Spain, and the United Kingdom. Then, they estimate the degree of capital market integration (a measure of risk sharing) within each of these groups of regions: the EC countries, the non-EC OECD countries, the United States, Canada, Japan, Italy, Spain, and the United Kingdom (and rely on another author's estimate for Latin America). Finally, they perform a regression of the specialization index on the degree of risk sharing, controlling for relevant economic variables. They find a positive and significant relation between the degree of specialization of individual members of a group of countries, provinces, states, or prefectures, and the amount of risk that is shared within the group. The authors perform regressions using variables such as shareholder rights and the size of the financial sector (relative to GDP) as instruments for the amount of inter-regional risk sharing. These regressions confirm that risk sharing-facilitated by a favorable legal environment and a developed financial system-is a direct causal determinant of industrial specialization
Income and consumption smoothing among US states : regions or clubs? by Bent E Sørensen( Book )

16 editions published between 1996 and 1997 in English and held by 40 WorldCat member libraries worldwide

Consumption and aggregate constraints : evidence from US states and Canadian provinces by Charlotte Ostergaard( Book )

14 editions published between 2000 and 2001 in English and held by 40 WorldCat member libraries worldwide

State-level consumption exhibits excess sensitivity to lagged income to the same extent as US aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged state-specific income - a result that also holds for Canadian Provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand is easier for an individual US state than it is for the US as a whole. The PIH may thus be a good model for describing the reaction of consumption to idiosyncratic disposable income shocks even if it fails at the aggregate US level. Further analysis, centred on the persistence of income shocks and on the consumption/income ratio, is consistent with this interpretation but suggests that the PIH still require qualification. We contrast our results with tests of full interstate risk sharing
Where does capital flow? : a comparison of US states and EU countries 1950-2000 by Sebnem Kalemli-Ozcan( Book )

14 editions published between 2007 and 2008 in English and held by 27 WorldCat member libraries worldwide

The United States in the 1950s and 1960s was characterized by strong "catch-up growth" in the south with capital owing from rich northern states to poorer southern states consistent with the predictions of the simple neoclassical model. After the 1970s, "catch-up growth" is mainly over in the United States and capital is owing to productive (rich) states. For Europe, capital has been owing from the richer countries to the poorer countries since the 1970s with no signs yet of the "catch-up" phase having run its course, except for the country of Ireland. -- EU Bookshop
Risk sharing and portfolio allocation in EMU by Yuliya Demyanyk( Book )

11 editions published between 2006 and 2010 in English and Undetermined and held by 27 WorldCat member libraries worldwide

This paper investigates whether risk sharing, measured as income and consumption smoothing, among countries in the EU and the European economic and monetary union (EMU) has increased since the adoption of the euro. We ask: Have the recent increase in foreign equity and debt holdings been associated with more risk sharing? Do certain classes of assets (debt, equity, foreign direct investment) provide relatively more or less risk sharing? Do liabilities provide risk sharing differently from assets? Do investments in EMU countries provide more or less risk sharing per euro invested compared to investments in non-EMU countries? Has increased banking integration improved risk sharing? Due to the short span of years since the introduction of the euro, our results are tentative, but they indicate that the monetary union has facilitated risk sharing, although the level of risk sharing is still much below the level found among US states
Essays in international economics by M. Fatih Ekinci( )

1 edition published in 2011 in English and held by 24 WorldCat member libraries worldwide

"In Chapter 1, we present and study the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. We find that introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, we can address the exchange rate volatility for reasonable values of risk aversion. We observe more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped, consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. However, we find that decline in the correlation is quantitatively small. Chapter 2 explores the international business cycle implications of replacing the sticky price assumption with sticky information. We assume attentive consumers through this exercise. Mankiw and Reis (2002) propose the sticky information model to generate a lagged inflation response to monetary shocks consistent with the empirical evidence. Their model is also successful to address the inflation persistence observed in the data. We conjecture that sticky information assumption could be helpful to resolve the 'persistence anomaly' of the real exchange rates. We show that hump-shaped inflation response result is sensitive to the assumptions on the monetary policy and price setting block of the model. Furthermore, the response of nominal exchange rate is quite large and it dissipates quickly after a monetary shock. The improvement obtained in the real exchange rate persistence by the lagged inflation response is dominated by the large and short-lived nominal exchange rate responses, therefore it is quantitatively small. For all alternative specifications, we find that sticky information and sticky price models produce similar moments. Chapter 3 investigates the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture 'diversification' and 'development finance' in the language of Obstfeld and Taylor (2005). We find evidence that capital market integration within the EU is less than what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask why is this the case? Using country-level data for economic institutions, we find that these are not able to explain differences between countries. Using regional data from the World Values Surveys, we investigate the effect of 'social capital' on financial integration among European regions. We find regions, where the level of confidence and trust is high, are more financially integrated with each other"--Page v-vi
Permanent income, consumption and aggregate constraints : evidence from US states by Charlotte Ostergaard( Book )

8 editions published in 1998 in English and held by 19 WorldCat member libraries worldwide

Home bias and international risk sharing : twin puzzles separated at birth by Bent E Sørensen( Book )

8 editions published in 2005 in English and held by 18 WorldCat member libraries worldwide

US banking deregulation, small businesses and interstate insurance of personal income by Yuliya Demyanyk( Book )

10 editions published between 2006 and 2010 in English and Undetermined and held by 16 WorldCat member libraries worldwide

We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970-2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific shocks to output. We find that income insurance improved after banking deregulation, and that this effect is larger in states where small businesses are more important. We further show that the impact of deregulation is stronger for proprietors' income than other components of personal income. Our explanation of this result enters on the role of banks as a prime source of small business finance and on the close intertwining of the personal and business finances of small business owners. Our analysis casts light on the real effects of bank deregulation, on the risk sharing function of banks, and on the integration of bank markets
 
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Alternative Names
Bent E. Sørensen economist (University of Houston)

Bent E. Sørensen econoom

Bent E. Sørensen Wirtschaftswissenschaftler (University of Houston)

Sørensen, B. E.

Sørensen, Bent

Sorensen, Bent E.

Languages
English (228)

Spanish (1)