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The dynamics of capital structure in transition economies

Nivorozhkin, Eugene - EconWPA - 2003

’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We … explicitly model the adjustment of companies’ leverage to a target leverage, and this target leverage is itself explained by a … under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of …

Persistent link: https://www.econbiz.de/10005412747

Interest, debt and capital accumulation - a Kaleckian approach

Hein, Eckhard - EconWPA - 2005

In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki’s original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation,...

Persistent link: https://www.econbiz.de/10005126210

Is Schumpeterian "Creative Destruction" a Plausible Source of Endogenous Real Business Cycle Shocks?

Phillips, Kerk L.; Wrase, Jeff - EconWPA - 2003

This paper looks at the linkages between growth and business cycles by bringing together two strands of literature. We … business cycles? We use a standard real business cycle approach to solve for rules of motion in our state variables and proceed …

Persistent link: https://www.econbiz.de/10005125621

Equilibrium dynamics under lump-sum taxation in an exchange economy with skewed endowments

Puhakka, Mikko - EconWPA - 2005

I explore the dynamics in overlapping generations models with pure exchange and lump-sum taxes, when the second period after tax endowment is negative, and contrast the characteristics of equilibria to those of models with positive after tax endowments. In particular, if the intertemporal...

Persistent link: https://www.econbiz.de/10005126457

Financial Liberalization and Business Cycles: The Experience of Future EU Member States in the Baltics and Central Eastern Europe

Souza, Lucio Vinhas de - EconWPA - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of “emerging...

Persistent link: https://www.econbiz.de/10005062709

Wants and Past Knowledge: Growth Cycles with Emerging Industries

Horii, Ryo - EconWPA - 2005

This paper develops a theory of endogenous growth cycles focusing on the interaction between consumers' desire to …' unsatisfied wants and attract large demand. Thus, sporadic emergence of new industries generates growth cycles, where both the …

Persistent link: https://www.econbiz.de/10005407691

An Empirical Analysis of Permanent Income Hypothesis Applied to Italy using State Space Models with non zero correlation between trend and cycle

Corradini, Riccardo - EconWPA - 2005

This article explores by an econometric approach the permanent income hypothesis. The classical cointegration analysis applied by Cochrane and the Kalman filter technology with correlated error components are used. The latter approach compared with the former reveals a clear rejection of PIH for...

Persistent link: https://www.econbiz.de/10005407948

Political Cycles: the Opposition Advantage

Gautier, Pascal; Soubeyran, Raphael - EconWPA - 2005

specialized and the more public policies have long-term effects, the more political cycles are likely to occur. …

Persistent link: https://www.econbiz.de/10005556969

A vague theory of choice over time

Manzini, Paola; Mariotti, Marco - EconWPA - 2002

We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly `blurred' as the events are pushed further in time. Our model explains behavioural `anomalies' such as preference reversals...

Persistent link: https://www.econbiz.de/10005118559

Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling,...

Persistent link: https://www.econbiz.de/10005126279