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Trade credit in Italy: Evidence from individual firm data

Marotta, Giuseppe - EconWPA - 2000

Interfirm late payments are a hot issue in the EU, as witnessed by the 1998 bills passed in Italy and in the U.K. and by the soon to be approved EU Directive. Comprehensive information, especially on the effective own cost, is however almost absent in the literature. The paper provides the first...

Persistent link: https://www.econbiz.de/10005076953

A Model of Dynamic Liquidity Contracts

Ozgur, Onur - EconWPA - 2005

The main goal of this paper is to analyze the nature of long-term liquidity contracts that arise between lenders and borrowers in the absence of perfect enforceability and when both parties are financially constrained. We study an infinite horizon dynamic contracting model between a borrower and...

Persistent link: https://www.econbiz.de/10005413259

Sequential Models of Bertrand Competition for Deposits and Loans under Asymmetric Information

Bracoud, Frédérique - EconWPA - 2002

This paper analyzes sequential games of double-sided Bertrand competition in the deposit and credit markets, when banks are free to reject customers and cannot distinguish among borrowers. The timing of competition is crucial when customers apply once. Interest rates are pushed upwards when the...

Persistent link: https://www.econbiz.de/10005550896

Finance, Technology and Inequality in Economic Development

Horii, Ryo; Ohdoi, Ryoji; Yamamoto, Kazuhiro - EconWPA - 2005

This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the...

Persistent link: https://www.econbiz.de/10005118853

Credit Rationing and Internal Ratings in the face of Innovation and Uncertainty

Fioretti, Guido - EconWPA - 2005

Some empirical investigations are pointing to the fact that high-tech firms are subject to credit rationing to a higher extent than the average. This excess of credit rationing may not be due to information asymmetries, but rather to the inability of credit institutions to screen projects in...

Persistent link: https://www.econbiz.de/10005561669

Credit Rationing, Bankruptcy Cost, and Optimal Debt Contract for Small Business

Yan, Ying - EconWPA - 1996

This paper examines the relationship between debt contract and the process of resolving financial distress, through either debt restructuring or bankruptcy procedure. It effectively justifies the popularity of the standard debt contract by demonstrating that the standard debt contract is the...

Persistent link: https://www.econbiz.de/10005561709

The Need for Pension Reform

Thakur, Subhash; Cerra, Valerie - EconWPA - 2005

Persistent link: https://www.econbiz.de/10005408402

Financial Crises and the Presence of Foreign Banks

Tschoegl, Adrian E. - EconWPA - 2004

The paper distinguishes between the classic or traditional foreign banks with their emphasis on corporate and wholesale banking, and the innovators responding to transition, deregulation or crisis in emerging markets. The innovators come in three varieties—bettors, prospectors and...

Persistent link: https://www.econbiz.de/10005556647

The Rise in Returns to Education and the Decline in Household Savings

Chanda, Areendam - EconWPA - 2005

This paper explores the consequences of rising returns to human capital investment on the personal savings rate. Over … to argue the presence of 'skill biased technological progress'. The literature explaining household savings has also … negative relationship between returns to education and savings rates across most of the past century and also a negative …

Persistent link: https://www.econbiz.de/10005076792

SAVINGS MOBILIZATION ROLE OF NIGERIAN COMMERCIAL BANKS:AN ANALYTICAL POLICY STUDY

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

MOBILIZING DOMESTIC SAVINGS FOR DEVELOPMENT AND THE CONSTRAINTS IN THE EFFICIENT PERFORMANCE OF THIS ROLE. EMPIRICAL EVIDENCE …

Persistent link: https://www.econbiz.de/10005076971