Similar Search Results

Historical Financing of Small- and Medium-Sized Enterprises

Cull, Robert - 2005

We focus on the economies of the North Atlantic Core during the nineteenth and early twentieth centuries and find that an impressive variety of local financial institutions emerged to supply the needs of SMEs wherever there was sufficient demand for their services. Although these intermediaries...

Persistent link: https://www.econbiz.de/10012466977

Argentina : Assessment of Capital Market Mechanisms for Financing of SMEs

World Bank Group - 2017

This document has the purpose of identifying and describing actions that could aid in facilitating the financing of … of the document comprises the following sections: (a) characteristics of SME financing and the main obstacles they face …

Persistent link: https://www.econbiz.de/10012247080

Systemic Risk and the Refinancing Ratchet Effect

Khandani, Amir E. - 2009

The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...

Persistent link: https://www.econbiz.de/10012463288

Debt Financing in Asset Markets

He, Zhiguo - 2012

We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …

Persistent link: https://www.econbiz.de/10012460724

Capital Markets and SMEs in Emerging Markets and Developing Economies : Can They Go the Distance?

World Bank Group - 2020

Small and medium enterprises (SMEs) face significant financing gaps that stifle innovation and economic growth. The …. Bank financing has been the traditional source of external financing to SMEs; however, since the global financial crisis … that started in 2007, there has been an active debate about the role that capital markets can play in SME financing. This …

Persistent link: https://www.econbiz.de/10012646892

Misallocation, Property Rights, and Access to Finance : Evidence from Within and Across Africa

Kalemli-Ozcan, Sebnem - 2012

We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First, we compare the extent of misallocation among firms within countries. We document high variation in firms' marginal product of capital (MPK), implying that countries could produce...

Persistent link: https://www.econbiz.de/10012460629

Finance in Transition : Unlocking Capital Markets for Vietnam's Future Development

World Bank Group - 2019

The Vietnamese economy has done well in 2019. In the context of increasing global uncertainty,Vietnam will most certainly be among the fastest growing economies in the world, with a GDP growth rate of approximately 6.8 percent. This rate is almost three times faster than the world average (2.6...

Persistent link: https://www.econbiz.de/10012646748

Leverage Dynamics and Financial Flexibility

Bolton, Patrick - 2020

frictions are costly equity issuance and incomplete markets. We show that the marginal source of external financing on an on …

Persistent link: https://www.econbiz.de/10012479326

Overborrowing, Financial Crises and 'Macro-prudential' Taxes

Bianchi, Javier - 2010

An equilibrium model of financial crises driven by Irving Fisher's financial amplification mechanism features a pecuniary externality, because private agents do not internalize how the price of assets used for collateral respond to collective borrowing decisions, particularly when binding...

Persistent link: https://www.econbiz.de/10012462564

Firm Dynamics and Financial Development

Arellano, Cristina - 2009

This paper studies the impact of cross-country variation in financial market development on firms' financing choices … frictions drive firm growth and debt financing through the availability of credit and default risk. We parameterize the model to …

Persistent link: https://www.econbiz.de/10012463456