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Financial integration, productivity and capital accumulation

Bonfiglioli, Alessandra - Department of Economics and Business, Universitat … - 2006

Understanding the mechanism through which financial globalization affect economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of...

Persistent link: https://www.econbiz.de/10005772531

Private borrowing during the financial revolution: Hoare’s Bank and its customers, 1702-1724

Temin, Peter; Voth, Joachim - Department of Economics and Business, Universitat … - 2005

The financial revolution improved the British government’s ability to borrow, and thus its ability to wage war. North andWeingast argued that it also permitted private parties to borrow more cheaply and widely.We test these inferences with evidence from a London bank.We confirm that private...

Persistent link: https://www.econbiz.de/10005704946

On the impact of microcredit: Evidence from a randomized intervention in rural Ethiopia

Tarozzi, Alessandro; Desai, Jaikishan; Johnson, Kristin - Department of Economics and Business, Universitat … - 2013

We use data from a randomized controlled trial conducted in 2003-2006 in rural Amhara and Oromiya (Ethiopia) to study the impacts of the introduction of microfinance in treated communities. We document that borrowing increased substantially in locations where the programs started their...

Persistent link: https://www.econbiz.de/10010734432

Patent collateral investor commitment and the market for venture lending

Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, … - Department of Economics and Business, Universitat … - 2014

The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems …

Persistent link: https://www.econbiz.de/10010940078

Interest rate restrictions in a natural experiment: loan allocation and the change in the usury laws in 1714

Voth, Joachim; Temin, Peter - Department of Economics and Business, Universitat … - 2005

This article studies the effects of interest rate restrictions on loan allocation. The British government tightened the usury laws in 1714, reducing the maximum permissible interest rate from 6% to 5%. A sample of individual loan transactions reveals that average loan size and minimum loan size...

Persistent link: https://www.econbiz.de/10005771977

Horizontal innovation in the theory of growth and development

Gancia, Gino; Zilibotti, Fabrizio - Department of Economics and Business, Universitat … - 2005

We analyze recent contributions to growth theory based on the model of expanding variety of Romer (1990). In the first …

Persistent link: https://www.econbiz.de/10005772070

Aggregate consequences of limited contract enforceability

Cooley, Thomas; Marimon, Ramon; Quadrini, Vicenzo - Department of Economics and Business, Universitat … - 1999

We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts …

Persistent link: https://www.econbiz.de/10005772132

The curse of aid

Djankov, Simeon; Montalvo, José Garcia; Reynal-Querol, … - Department of Economics and Business, Universitat … - 2005

Foreign aid provides a windfall of resources to recipient countries and may result in the same rent seeking behavior as documented in the “curse of natural resources” literature. In this paper we discuss this effect and document its magnitude. Using data for 108 recipient countries in the...

Persistent link: https://www.econbiz.de/10005772288

Equities and inequality

Bonfiglioli, Alessandra - Department of Economics and Business, Universitat … - 2005

Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an...

Persistent link: https://www.econbiz.de/10005772558

Wealth, financial intermediation and growth

Gaytan, Alejandro; Rancière, Romain - Department of Economics and Business, Universitat … - 2004

intermediation to economic growth, and offers a theoretical explanation for these effects. Using GMM dynamic panel data techniques … applied to study the growth-promoting effects of financial intermediation, we show that the exogenous contribution of … financial development on economic growth has different effects for different levels of income per capita. We find that this …

Persistent link: https://www.econbiz.de/10005572616