The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.

Institutions and Structural Unemployment: Do Capital-Market Imperfections Matter? CES Germany & Europe Working Papers, No. 00.8, December 2000

This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some DECO-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unem­ployment than most continental-European DECO-countries. It is argued that the often-blamed labor market rigidities alone, while important, do not provide a satisfactory explanation for these differ­ences across countries and over time. Financial constraints are potentially important obstacles against creating new firms and jobs and thus against coping well with structural change and against moving successfully toward the "new economy". Highly developed venture capital markets should help to alleviate such financial constraints. This view that labor-market institutions should be sup­plemented by capital market imperfections for explaining differences in employment performances is supported by our panel data analysis, in which venture capital turns out to be a significant insti­tutional variable.

Institutions and Growth in Europe. CEPS Working Document No. 421, April 2016

This paper provides empirical evidence in support of the view that the quality of institutions is an important determinant of long-term growth of European countries. When also taking into account the initial level of GDP per capita and government debt, cross-country institutional differences can explain to a great extent the relative long-term GDP performance of European countries. It also shows that an initial government debt level above a threshold (e.g. 60-70%) coupled with institutional quality below the EU average tends to be associated with particularly poor long-term real growth performance. Interestingly, the detrimental effect of high debt levels on long-term growth seems cushioned by the presence of very sound institutions. This might be because good institutions help to alleviate the debt problem in various ways, e.g. by ensuring sufficient fiscal consolidation in the longer-run, allowing for better use of government expenditures and promoting sustainable growth, social fairness and more efficient tax administration. The quality of national institutions seems to enhance the long-term GDP performance across a large sample of countries, also including OECD countries outside Europe. The paper offers some evidence that, in the presence of good institutions, conditions for catching-up seem generally good also for euro-area and fixed exchange rate countries. Looking at sub-groupings, it seems that sound institutions may be particularly important for long-term growth in the countries where the exchange rate tool is no longer available (and where also sovereign debt is high), and less so in the countries with flexible exchange rate regimes. However, this result is preliminary and requires further research. The empirical findings on the importance of institutions are robust to various measures of output growth, different measures of institutional indicators, different sample sizes, different country groupings and to the inclusion of additional control variables. Overall, the results tend to support the call for structural reforms in general and reforms enhancing the efficiency of public administration and regulation, the rule of law and the fight against rent-seeking and corruption in particular.

The leopard's claw : a thrilling story of love and adventure from a European castle through the West African jungle, disclosing a deep insight into the quality and spiritual influence of African social institutions and conditions, and revealing a profound psyschic [sic] interpretation of African inner life, all clustered about the mysterious function and significance of the leopard's claw /

Mode of access: Internet.

Inter-American Development Bank loans to Guatemala : hearing before the Subcommittee on International Development Institutions and Finance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, first session, December 8, 1981.

Item 1013-A, 1013-B (microfiche)

The republic of Colombia; an account of the country, its people, its institutions and its resources,

Mode of access: Internet.

U.S. participation in the multilateral development institutions : hearings before the Subcommittee on International Development Institutions and Finance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, first session, April 18 and 20, 1983.

Item 1013-A, 1013-B (microfiche)

The states and territories of the great West : including Ohio, Indiana, Illinois, Missouri, Michigan, Wisconsin, Iowa, Minesota [sic], Kansas and Nebraska ; their geography, history, resources ... comprising their local history, institutions, and laws ; giving a table of distances, and the most direct routes ... also, pointing out the best districts for agricultural, commercial, lumbering, and mining operations /

Mode of access: Internet.

Photographic illustrations for projection, plain or colored ... : photographic views from nature in all parts of the world : extensive collection : astronomy, light and optics, anatomy, crystallography, physics, botany, geology, geography.

Cover title.

American institutions and organizations interested in Asia, a reference directory.

Mode of access: Internet.

Pinnock's improved edition of Dr. Goldsmith's abridgment of the History of Rome : to which is prefixed, an introduction to the study of roman history, and a variety of valuable information ... on the manners, institutions, and antiquities of the romans ... biographical and historical notes ... a dictionary explaining the most difficult words ... and questions for examination ...

Mode of access: Internet.

The African Development Fund : hearing before the Subcommittee on International Development Institutions and Finance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, April 27, 1982.

Mode of access: Internet.