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Müller-Plantenberg, Nikolas - CESifo - 2003

During the past three decades, Japan’s current account experienced five large swings. The yen appreciated considerably in periods when the current account boomed, and it depreciated whenever Japan’s external performance weakened. However, there has always been a certain lag in the adjustment...

Persistent link: https://www.econbiz.de/10005766057

Moonlighting Production, Tax Rates and Capital Subsidies

Busato, Francesco; Chiarini, Bruno; Marzano, Elisabetta - CESifo - 2011

support firms, in particular investment subsidies and tax allowances, on firm size and underground production. Among the main …

Persistent link: https://www.econbiz.de/10008914279

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

Systemic Crises and Growth

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

risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises …

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

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

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

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

Polito, Vito - CESifo - 2010

that EMTRs on income from capital are currently computed from versions of the neoclassical investment model which do not … results show that, in contrast to the existing evidence, the EMTR on investment financed by either retained earnings or new … equity has indeed declined over time in both countries, while the EMTR on debt-financed investment has remained relatively …

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

How Efficient is the East German Economy? An Exploration With Micro Data

Funke, Michael; Rahn, Jörg - CESifo - 2000

The purpose of this paper is to evaluate the efficiency of the East German economy at the firm level using an unbalanced panel over the transition period 1994 to 1998. We adopt a translog stochastic frontier model to estimate technical efficiency in eastern and western Germany. The results...

Persistent link: https://www.econbiz.de/10005181620

Identification of Segments of European Banks with a Latent Class Frontier Model

Barros, Carlos Pestana; Caporale, Guglielmo Maria; … - CESifo - 2007

This paper analyses technical efficiency of European banks over the period 1996-2003 with unbalanced panel data techniques. A latent class frontier model is used which allows the identification of different segments in the production frontier. We find that there are three statistically...

Persistent link: https://www.econbiz.de/10005405964