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Use of Banking Services in Emerging Markets--Household-Level Evidence
Beck, Thorsten; Brown, Martin - C.E.P.R. Discussion Papers - 2011
This paper uses survey data for 60,000 households from 29 transition economies in 2006 and 2010 to explore how the use of banking services is related to household characteristics, as well as to bank ownership, deposit insurance and creditor protection. At the household level we find that the...
Persistent link: https://www.econbiz.de/10009205063
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Transparency, Tax Pressure and Access to Finance
Ellul, Andrew; Jappelli, Tullio; Pagano, Marco; … - C.E.P.R. Discussion Papers - 2012
In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The evidence from two different data sets, one formed only...
Persistent link: https://www.econbiz.de/10011084492
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Entrepreneurial Entry: Which Institutions Matter?
Aidis, Ruta; Estrin, Saul; Mickiewicz, Tomasz - C.E.P.R. Discussion Papers - 2009
In this paper we explore the relationship between the individual decision to become an entrepreneur and the institutional context. We pinpoint the critical roles of property rights and the size of the state sector for entrepreneurial activity and test the relationships empirically by combining...
Persistent link: https://www.econbiz.de/10005792210
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Globalization and Cooperative Relations
Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2002
Globalization – improved access to integrated, anonymous markets – is claimed to crowd out cooperative relations: from reciprocal exchange to lifetime employment, from relational governance to corruption/collusion. We study how agents’ intertemporal preferences and their access to markets...
Persistent link: https://www.econbiz.de/10005136656
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Business Cycle Fluctuations and the Distribution of Consumption
De Giorgi, Giacomo; Gambetti, Luca - C.E.P.R. Discussion Papers - 2014
reduce consumption inequality on impact. …
Persistent link: https://www.econbiz.de/10011145411
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Capital Share Risk and Shareholder Heterogeneity in U.S. Stock Pricing
Lettau, Martin; Ludvigson, Sydney; Ma, Sai - C.E.P.R. Discussion Papers - 2015
Value and momentum portfolios exhibit strong opposite signed exposure to an aggregate risk factor based on low frequency fluctuations in the capital share. This strong opposite signed exposure helps explain why both strategies earn high average returns yet are negatively correlated. But the...
Persistent link: https://www.econbiz.de/10011145413
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Life During Structural Transformation
Temple, Jonathan; Ying, Huikang - C.E.P.R. Discussion Papers - 2014
workers from agriculture is associated with rising wage inequality, rather than a Kuznets curve. The increase in sectoral wage … inequality is pronounced for agriculture. At the same time, structural transformation is associated with major reductions in …
Persistent link: https://www.econbiz.de/10011145444
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CEO Pay and Firm Size: an Update after the Crisis
Gabaix, Xavier; Landier, Augustin; Sauvagnat, Julien - C.E.P.R. Discussion Papers - 2013
In the "size of stakes" view quantitatively formalized in Gabaix and Landier (2008), CEO compensation is determined in a competitive talent market, and re flects the size of firms affected by talent. This paper offers empirical update on this view. The years 2004-2011, which include the recent...
Persistent link: https://www.econbiz.de/10011145470
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Dynastic Inequality, Mobility and Equality of Opportunity
Kanbur, Ravi; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2015
One often heard counter to the concern on rising income and wealth inequality is that it is wrong to focus on … inequality of outcomes in a “snapshot.” Intergenerational mobility and “equality of opportunity”, so the argument goes, is what … lower inequality not between individuals but between the dynasties to which they belong? And how does this pattern in turn …
Persistent link: https://www.econbiz.de/10011252615
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Growth and Human Capital: A Network Approach
Cavalcanti, Tiago; Giannitsarou, Chryssi - C.E.P.R. Discussion Papers - 2015
We study the interactions and dynamics of human capital, growth and inequality by explicitly embedding networks into a … differences across households and leads to long run equality, while below the threshold, inequality is high and persists more …
Persistent link: https://www.econbiz.de/10011201356