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Ranciere, Romain; Tornell, Aaron; Westermann, Frank - CESifo - 2005

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Persistent link: https://www.econbiz.de/10005405758

Financial Constraints and other Obstacles: Are they a Threat to Innovation Activity?

Loeff, Sybrand Schim van der; Mohnen, Pierre; Palm, Franz; … - CESifo - 2008

In this paper we examine the importance of financial and other obstacles to innovation in the Netherlands using statistical information from the CIS 3.5 innovation survey. We report results on the effect of these obstacles on the firms’ decision to abandon, prematurely stop, seriously slow...

Persistent link: https://www.econbiz.de/10005406079

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 lack adequate financing, which hampers their growth. As a consequence, governments have implemented a number of programs to foster SME lending and attention has focused on...

Persistent link: https://www.econbiz.de/10004979421

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

Up or Down? Capital Income Taxation in the United States and the United Kingdom

Polito, Vito - CESifo - 2010

Empirical evidence suggests that the Effective Marginal Tax Rate (EMTR) on income from capital has increased considerably in both the United States and the United Kingdom over the period 1982-2005. This evidence contradicts the corporate tax literature which predicts that the EMTR should instead...

Persistent link: https://www.econbiz.de/10008799731

The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions

Clemens, Christiane; Heinemann, Maik - CESifo - 2013

This paper examines the consequences of international financial integration in a two–sector heterogeneous–agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial...

Persistent link: https://www.econbiz.de/10010703423

Demographic Change and Bank Profitability. Empirical Evidence from German Savings Banks

Berlemann, Michael; Oestmann, Marco; Thum, Marcel - CESifo - 2010

, allows us estimating the socio-demographic determinants of retail profitability. Using a simulation model, we are able to … predict the development of bank profitability due to demographic shifts up to 2025. One of the main findings is that the … the population reduces the customer base, ageing per se increases profitability as older customers typically generate …

Persistent link: https://www.econbiz.de/10008534055

Competition and Gender Prejudice: Are Discriminatory Employers Doomed to Fail?

Weber, Andrea; Zulehner, Christine - CESifo - 2009

According to Becker's (1957) famous theory on discrimination, entrepreneurs with a strong prejudice against female workers forgo profits by submitting to their tastes. In a competitive market their firms lack efficiency and are therefore forced to leave. We present new empirical evidence for...

Persistent link: https://www.econbiz.de/10008572488

Testing for Common Cyclical Features in Nonstationary Panel Data Models

Hecq, Alain; Palm, Franz; Urbain, Jean-Pierre - CESifo - 2000

In this paper we extend the concept of serial correlation common features to panel data models. This analysis is motivated both by the need to develop a methodology to systematically stu dy and test for common structures and comovements in panel data with autocorrelation present and by an...

Persistent link: https://www.econbiz.de/10005405998

Tax Interactions among Belgian Municipalities: Does Language Matter?

Gérard, Marcel; Jayet, Hubert; Paty, Sonia - CESifo - 2009

This paper tests the existence of strategic interactions among municipalities using a panel of Belgian local tax rates from 1985 to 2004. A special emphasis is put on the role of the language spoken in the various municipalities. Our results first confirm previous findings for Belgium suggesting...

Persistent link: https://www.econbiz.de/10005406425