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Financing obstacles and growth: An analysis for euro area non-financial corporations

Coluzzi, Chiara; Ferrando, Annalisa; … - Banco de España - 2009

This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries....

Persistent link: https://www.econbiz.de/10005155305

Firm behavior, market deregulation and productivity in Spain

Alonso-Borrego, César - Banco de España - 2010

affects productivity. For that purpose, we use a longitudinal sample of Spanish manufacturing and services companies between … control function approach, to overcome the endogeneity bias. Both for manufacturing and services firms, we have found that the … share of temporary employment tends to reduce productivity, the effect being stronger for services firms, which make a more …

Persistent link: https://www.econbiz.de/10008751398

Price-cost mark-ups in the Spanish economy: a microeconomic perspective

Montero, José Manuel; Urtasun, Alberto - Banco de España - 2014

This paper explores the dynamics of price-cost mark-ups using firm-level data, paying particular attention to the crisis period 2008-2011. To this end, we apply the econometric framework developed by Klette (1999) to a comprehensive sample of Spanish non-financial corporations in order to...

Persistent link: https://www.econbiz.de/10010862280

Size, growth and bank dynamics

Benito, Enrique - Banco de España - 2008

This paper investigates the size distribution of the whole population of Spanish commercial, savings and cooperative banks from a dynamic perspective over the 1970 2006 period. To investigate the evolution of the size distribution, we determine whether the data satisfies the Law of Proportionate...

Persistent link: https://www.econbiz.de/10005155206

Business cycles and investment in intangibles: evidence from Spanish firms

López-García, Paloma; Montero, José Manuel; … - Banco de España - 2012

This paper tests the opportunity-cost theory using a panel of Spanish firms during the period 1991-2010. Under this theory, productivity-enhancing activities, such as R&D investment, should increase during downturns because of the fall in their relative cost – in terms of forgone output –....

Persistent link: https://www.econbiz.de/10010678677

Growth Empirics in Panel Data under Model Uncertainty and Weak Exogeneity

Moral-Benito, Enrique - Banco de España - 2012

This paper considers panel growth regressions in the presence of model uncertainty and reverse causality concerns. For this purpose, my econometric framework combines Bayesian Model Averaging with a suitable likelihood function for dynamic panel models with weakly exogenous regressors and fixed...

Persistent link: https://www.econbiz.de/10010678685

Envy and habits: panel data estimates of interdependent preferences

Alvarez-Cuadrado, Francisco; Casado, Jose Maria; … - Banco de España - 2012

suggest that, if one defines utility over consumption services, a large fraction of these services is relative, with one …

Persistent link: https://www.econbiz.de/10010678688

Endogenous fiscal consolidations

Cos, Pablo Hernández de; Moral-Benito, Enrique - Banco de España - 2011

There is evidence in the literature of fiscal consolidation episodes producing (non-Keynesian) expansionary effects (e.g. Alesina and Ardagna, 1998). We replicate this result for a panel of OECD countries under exogeneity of the fiscal tightening decision, and provide evidence that this decision...

Persistent link: https://www.econbiz.de/10008870938

Estimating non-linear models with multiple fixed effects:a computational note

Hospido, Laura - Banco de España - 2011

In this paper we consider estimation of nonlinear panel data models that include multiple individual fixed effects. Estimation of these models is complicated both by the diffi culty of estimating models with possibly thousands of coeffi cients and also by the incidental parameters problem; that...

Persistent link: https://www.econbiz.de/10009146694

Cash holdings, firm size and access to external finance. Evidence for the euro area

Martínez-Carrascal, Carmen - Banco de España - 2010

This paper investigates the empirical determinants of corporate cash holdings in the euro area as a function of firm size. The results show that there are significant differences in investment in liquid assets for firms of different size. More specifically, liquid assets for smaller firms in the...

Persistent link: https://www.econbiz.de/10008725821