We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes … the costs of external borrowing and (ii) a real options channel-reflecting firms' option values to delay investment. We … find evidence of the coexistence of both channels. Financially weaker firms reduce investment by more in response to higher …

of firm investment and its growth, and we also document the presence of two financial channels; the degree of firms … ownership data, we find that private investments are stimulated more for domestic firms. The presence of a private investment …

particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions …. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of …

In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been ….Why did Germany switch to gold and set the train of destructive events in motion? Both a review of the contemporaneous debate …, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked …

, despite the larger trade elasticities implied by firm heterogeneity. As a consequence, the world-wide trade response, though …