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Distribution of Natural Resources, Entrepreneurship, and Economic Development: Growth Dynamics with two Elites

Falkinger, Josef; Grossmann, Volker - CESifo - 2005

entrepreneurial elite, resulting in economic policy and institutions which are more conducive to entrepreneurship and productivity …

Persistent link: https://www.econbiz.de/10005765922

Homeownership and Entrepreneurship: The Role of Mortgage Debt and Commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - CESifo - 2014

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and … homeowners start a business; and (ii) the negative relation between mortgage debt and entrepreneurship is more pronounced when … rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood that …

Persistent link: https://www.econbiz.de/10010948829

Mitigating Liquidity Constraints: Public Export Credit Guarantees in Germany

Felbermayr, Gabriel J.; Heiland, Inga; Yalcin, Erdal - CESifo - 2012

Reportedly, firms often find it impossible to finance large and long-term projects despite positive net present values. Should governments step in and can their assistance be effective? This paper studies the case of public export credit guarantees in Germany. Covering the default risk of...

Persistent link: https://www.econbiz.de/10010877647

Regional Implications of Financial Market Development: Credit Rationing, Trade, and Location

Ehrlich, Maximilian Von; Seidel, Tobias - CESifo - 2013

We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...

Persistent link: https://www.econbiz.de/10010877832

Second-Best Income Taxation with Endogenous Human Capital and Borrowing Constraints

Jacobs, Bas; Yang, Hongyan - CESifo - 2013

We formulate a two-period life-cycle model of saving, labor supply, and human capital investments when individuals differ in ability and initial wealth. Borrowing constraints prevent individuals to optimally smooth consumption over the life-cycle and to optimally invest in human capital. We show...

Persistent link: https://www.econbiz.de/10010877891

Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation

Hoffmann, Mathias; Stewen, Iryna - CESifo - 2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...

Persistent link: https://www.econbiz.de/10011272618

When Credit Dries Up: Job Losses in the Great Recession

Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - CESifo - 2013

We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks’ health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...

Persistent link: https://www.econbiz.de/10010723542

Harnessing Windfall Revenues: Optimal Policies for Resource-Rich Developing Economies

Ploeg, Frederick Van der; Venables, Anthony J. - CESifo - 2009

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

Persistent link: https://www.econbiz.de/10005051526

When Arm's Length Is Too Far. Relationship Banking over the Business Cycle

Beck, Thorsten; Degryse, Hans; Haas, Ralph de; Horen, … - CESifo - 2014

Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms’ credit constraints at two...

Persistent link: https://www.econbiz.de/10010795340

Credit Constraints and FDI Spillovers in China

Agarwal, Natasha; Milner, Chris; Riaño, Alejandro - CESifo - 2013

This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers from foreign firms. Using firm-level data for 2001-2005, we find evidence of positive spillovers originating from FDI from countries other than Hong Kong, Macau and Taiwan for non-state...

Persistent link: https://www.econbiz.de/10010674453

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