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Innovation and Trade in the Presence of Credit Constraints
Foellmi, Reto; Legge, Stefan; Tiemann, Alexa - C.E.P.R. Discussion Papers - 2015
This paper examines how trade liberalization affects investments in R&D at the firm level. In a model where entrepreneurs are heterogeneous in their wealth endowment, they rely differently on external funds. In the presence of capital market imperfections, this implies heterogeneous access to...
Persistent link: https://www.econbiz.de/10011165666
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Financial Dependence and Innovation: The Case of Public versus Private Firms
Acharya, Viral V; Xu, Zhaoxia - C.E.P.R. Discussion Papers - 2014
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …
Persistent link: https://www.econbiz.de/10011084508
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Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies
Huang, Haizhou; Marin, Dalia; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003
This Paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy, and firms use non-bank finance - including trade...
Persistent link: https://www.econbiz.de/10005067352
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The Great Reversals: The Politics of Financial Development in the 20th Century
Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001
We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...
Persistent link: https://www.econbiz.de/10005504599
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Financial Frictions, Investment, and Institutions
Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
Financial frictions have been identified as key factors affecting both short-term economic fluctuations and long-term growth. An important policy question therefore is whether institutional reforms can reduce financial frictions and, if so, which reforms are best? We address this question by...
Persistent link: https://www.econbiz.de/10008784722
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Global Sourcing under Imperfect Capital Markets
Carluccio, Juan; Fally, Thibault - C.E.P.R. Discussion Papers - 2010
We develop a simple model to study the interactions between a supplier’s financial constraints and contract incompleteness in a vertical relationship. Production complexity increases the extent of contract incompleteness and the hold-up problem, which generates a cost when the supplier needs...
Persistent link: https://www.econbiz.de/10008530345
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Trade liberalization and credit constraints: Why opening up may fail to promote convergence
Peters, Katrin; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2012
Recent evidence suggests that despite opening up a country for trade, the productivity gap between developed and emerging economies often does not close. This paper examines credit constraints as one channel held responsible for hampering convergence. Specifically, we extend a Melitz and...
Persistent link: https://www.econbiz.de/10011084499
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How Trade Credits Foster International Trade
Eck, Katharina; Engemann, Martina; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2012
Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information...
Persistent link: https://www.econbiz.de/10011083260
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The Cost of Recessions Revisited: A Reverse-Liquidationist View
Caballero, Ricardo; Hammour, Mohamad - C.E.P.R. Discussion Papers - 1999
The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that liquidations are privately inefficient and essentially wasteful. This...
Persistent link: https://www.econbiz.de/10005666837
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Sickness
1995
Persistent link: https://www.econbiz.de/10000592106