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Microeconometric Evidence of Financing Frictions and Innovative Activity
Tiwari, Amaresh K.; Mohnen, Pierre; Palm, Franz; Loeff, … - CESifo - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...
Persistent link: https://www.econbiz.de/10010743448
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The impact of institutional volatility on financial volatility in transition economies: a GARCH family approach
Hartwell, Christopher A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
The volatility of financial markets has been a relevant topic for transition economies, as the countries of Central and … the transition process. But what have been the determinants of this financial volatility? This paper posits that … volatility in transition. Examining 20 transition economies over various time-frames within the period 1993–2012, this paper …
Persistent link: https://www.econbiz.de/10010752334
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Choice of the substitution currency in Russia: How to explain the dollar's dominance?
Dorbec, Anna - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency’s role in Russia's financial activities. The dollar is much preferred by economic agents for...
Persistent link: https://www.econbiz.de/10005419597
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Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework
Torre, Augusto de la; Pería, María Soledad Martínez; … - CESifo - 2009
Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to …
Persistent link: https://www.econbiz.de/10004979421
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Does corruption hamper bank lending? Macro and micro evidence
Weill, Laurent - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The aim of this paper is to analyze the effect of corruption in bank lending. Corruption is expected to hamper bank lending, as it is closely related to legal enforcement, which has been shown to promote banks’ willingness to lend. Nevertheless the similarities between the consequences for...
Persistent link: https://www.econbiz.de/10005771115
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The Volatility Curse: Revisiting the Paradox of Plenty
Ploeg, Frederick Van der; Poelhekke, Steven - CESifo - 2009
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...
Persistent link: https://www.econbiz.de/10005000394
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How corruption affects bank lending in Russia
Weill, Laurent - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
The aim of this study is to investigate the impact of corruption on bank lending in Russia. This issue is of major interest in order to understand the causes of financial underdevelopment and the effects of corruption in Russia. We use regional measures of corruption and bank-level data to...
Persistent link: https://www.econbiz.de/10005190671
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Financial development and patterns of industrial specialization: Regional evidence from China
He, Qing; Xue, Chang; Zhu, Chenqi - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
The paper investigates the influences of financial development on patterns of industrial specialization across China’s regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct...
Persistent link: https://www.econbiz.de/10010818557
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Russian banking: The state makes a comeback?
Vernikov, Andrei - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The purpose of this paper is to carefully assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. For the state-owned banks, we distinguish between those that are majority-owned by federal executive authorities or Central...
Persistent link: https://www.econbiz.de/10008563373
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CEO Compensation
Frydman, Carola; Jenter, Dirk - CESifo - 2010
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10008799732