Lucy Qian Liu's Books

Regional Labor Mobility in Spain

By: Lucy Qian Liu

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Regional Labor Mobility in Spain

By: Lucy Qian Liu

This paper studies the main factors that explain the low regional mobility in Spain, with a view to identifying policy options at the regional and central level to promote labor mobility. The empirical analysis finds that house prices, labor market conditions, and the pervasiveness of labor market duality at the regional level are the main determinants for Spain’s regional mobility, while labor market institutions and policies play an important role at the national level. Policies that facilitate wage setting flexibility and reduce labor market duality could help enhance the functioning of the labor market, thereby promoting labor mobility. There may be also room for policies to incentivize people to move and provide support through targeted active labor market policies.

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International Monetary Fund

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ISBN 10

1484392396

ISBN 13

9781484392393

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

By: Mr. Sakai Ando,Mr. Ravi Balakrishnan,Bertrand Gruss,Mr. Jean-Jacques Hallaert,La-Bhus Fah Jirasavetakul,Koralai Kirabaeva,Nir Klein,Ana Lariau,Lucy Qian Liu,Davide Malacrino,Mr. Haonan Qu,Alexandra Solovyeva

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European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.

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International Monetary Fund

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ISBN 13

9798400200960

Risk Taking and Interest Rates

Evidence from Decades in the Global Syndicated Loan Market

By: Seung Jung Lee,Lucy Qian Liu,Viktors Stebunovs

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Risk Taking and Interest Rates

Evidence from Decades in the Global Syndicated Loan Market

By: Seung Jung Lee,Lucy Qian Liu,Viktors Stebunovs

We study how low interest rates in the United States affect risk taking in the market of crossborder leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We find that before the crisis, lenders made ex-ante riskier loans to non- U.S. borrowers in response to a decline in short-term U.S. interest rates, and, after it, in response to a decline in longer-term U.S. interest rates. Economic uncertainty and risk appetite appear to play a limited role in explaining ex-ante credit risk. Our results highlight the potential policy challenges faced by central banks in affecting credit risk cycles in their own jurisdictions.

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International Monetary Fund

Published Date

ISBN 10

1475572379

ISBN 13

9781475572377

Finance and Employment in Developing Countries: The Working Capital Channel

By: Mai Chi Dao,Lucy Qian Liu

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Finance and Employment in Developing Countries: The Working Capital Channel

By: Mai Chi Dao,Lucy Qian Liu

We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital financing of a firm affects the link between financial constraint and the firm's job creation. We show that the effect of relaxing financial constraint on job creation is greater the smaller the firm scale and the more labor-intensive its production structure. We use the World Bank Enterprise Surveys data to test the main predictions of the model, and find strong evidence for the working capital channel of external finance on firm employment.

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International Monetary Fund

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ISBN 10

1484316479

ISBN 13

9781484316474

Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

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Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.

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International Monetary Fund

Published Date

ISBN 10

1484380533

ISBN 13

9781484380536

Inequality in the Spanish Labor Market During the COVID-19 Crisis

By: Ana Lariau,Lucy Qian Liu

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Inequality in the Spanish Labor Market During the COVID-19 Crisis

By: Ana Lariau,Lucy Qian Liu

We analyze the differential impact of the COVID-19 crisis on the Spanish labor market across population groups, as well as its implications for income inequality. The main finding is that young, less educated, and low skilled workers, as well as women are the most affected by the COVID-19 shock in terms of job loss rates. The differential impacts were especially acute at the height of the pandemic in 2020 and remain robust after taking into account the heterogeneity of sector characteristics. Given that these vulnerable groups were positioned in the lower end of the income distribution before the crisis, we hypothesize that income inequality likely has increased due to the pandemic. Policies aiming at reducing inequality in the labor market need to go beyond measures that target the hardest-hit sectors and support the vulnerable groups more directly.

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International Monetary Fund

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ISBN 13

9798400201059

Money and Credit

Theory and Applications

By: Liang Wang,Randall Wright,Lucy Qian Liu

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Money and Credit

Theory and Applications

By: Liang Wang,Randall Wright,Lucy Qian Liu

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution.

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International Monetary Fund

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ISBN 10

1475572336

ISBN 13

9781475572339

Money and Credit

Theory and Applications

By: Liang Wang,Randall Wright,Lucy Qian Liu

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Money and Credit

Theory and Applications

By: Liang Wang,Randall Wright,Lucy Qian Liu

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ISBN 10

1475572336

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9781475572339

Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

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Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

By: Sophia Chen,Mrs.Paola Ganum,Lucy Qian Liu,Mr.Leonardo Martinez,Mr.Maria Soledad Martinez Peria

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International Monetary Fund

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ISBN 10

1484380533

ISBN 13

9781484380536

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

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European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

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International Monetary Fund

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ISBN 13

9798400200960

Book's by Lucy Qian Liu

Regional Labor Mobility in Spain

Regional Labor Mobility in Spain

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

Risk Taking and Interest Rates

Risk Taking and Interest Rates

Finance and Employment in Developing Countries: The Working Capital Channel

Finance and Employment in Developing Countries: The Working Capital Channel

Debt Maturity and the Use of Short-Term Debt

Debt Maturity and the Use of Short-Term Debt

Inequality in the Spanish Labor Market During the COVID-19 Crisis

Inequality in the Spanish Labor Market During the COVID-19 Crisis

Money and Credit

Money and Credit

Money and Credit

Money and Credit

Debt Maturity and the Use of Short-Term Debt

Debt Maturity and the Use of Short-Term Debt

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

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