Finance, firm size and growth.

[Dataset available: http://hdl.handle.net/10411/15986]

The Eurotower Strikes Back

The 2008 global financial crisis came with fears—and, for some, hopes—that a new wave of public mobilization would emerge in industrialized countries. Especially throughout the European Union (EU), the epicenter of the crisis, large protests were expected. Yet, the energy with which social groups mobilized against the proposed austerity measures quickly fizzled. This article provides new evidence for why this was the case. In line with Neo-Keynesian theory, we argue that the interest rate adjustments and political announcements of the European Central Bank (ECB) limited the potential for mass unrest in the member states of the Economic and Monetary Union (EMU) affected by the crisis. We provide evidence for our argument with yearly panel data and a new original data set of monthly political protests between 2001 and 2013. Our analyses support the hypothesis that the ECB was able to successfully assuage dissatisfaction with the limited reform options of the Eurozone member states in the wake of the Eurocrisis

Microwave spectroscopy of interacting Andreev spins

Andreev bound states are fermionic states localized in weak links between superconductors which can be occupied with spinful quasiparticles. Microwave experiments using superconducting circuits with InAs/Al nanowire Josephson junctions have recently enabled probing and coherent manipulation of Andreev states but have remained limited to zero or small fields. Here we use a flux-tunable superconducting circuit in external magnetic fields up to 1T to perform spectroscopy of spin-polarized Andreev states up to ~250 mT, beyond which the spectrum becomes gapless. We identify singlet and triplet states of two quasiparticles occupying different Andreev states through their dispersion in magnetic field. These states are split by exchange interaction and couple via spin-orbit coupling, analogously to two-electron states in quantum dots. We also show that the magnetic field allows to drive a direct spin-flip transition of a single quasiparticle trapped in the junction. Finally, we measure a gate- and field-dependent anomalous phase shift of the Andreev spectrum, of magnitude up to approximately $0.7\pi$. Our observations demonstrate new ways to manipulate Andreev states in a magnetic field and reveal spin-polarized triplet states that carry supercurrent

Sources of pro-cyclicality in east Asian financial systems

Procyclicality is a normal feature of economic systems, but financial sector weaknesses can exacerbate it sufficiently to pose a threat to macroeconomic and financial stability. These include shortcomings in bank risk management and governance, in supervision and in terms of dependence on volatile sources of funds. The paper tests econometrically for the importance of such features leading to pro-cyclicality in the financial systems of 11 East Asian countries. This analysis makes it possible to identify specific policy measures for East Asian countries that could limit the extent to which financial systems exacerbate pro-cyclicality