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Banking consolidation and small business lending

Takáts, Elod - European Central Bank - 2004

The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...

Persistent link: https://www.econbiz.de/10005162884

Determinants and consequences of the unification of dual-class shares

Pajuste, Anete - European Central Bank - 2005

This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...

Persistent link: https://www.econbiz.de/10005162915

The performance impact of firm ownership transformation in China

Beirne, John; Liu, Guy S.; Sun, Pei - European Central Bank - 2013

Does firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data...

Persistent link: https://www.econbiz.de/10010709524

The stock market reaction to the 2005 non-tradable share reform in China

Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - European Central Bank - 2011

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...

Persistent link: https://www.econbiz.de/10009021594

Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James S.; De Walque, Gregory; … - European Central Bank - 2009

This paper reviews recent approaches to modeling the labour market and assessestheir implications for ination dynamics through both their e¤ect on marginalcost and on price-setting behaviour. In a search and matching environment, weconsider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005866597

Labour force participation in the euro area: a cohort based analysis

Balleer, Almut; Gómez Salvador, Ramón; Turunen, Jarkko - European Central Bank - 2009

We use a cohort based model to analyse determinants of labour force participation fordisaggregated groups of workers in the euro area and the five largest euro areacountries. The model captures age and cohort effects as indicators of (unobserved)determinants of participation behaviour. We use...

Persistent link: https://www.econbiz.de/10005866625

Downward wage rigidity and optimal steady-state inflation

Fagan, Gabriel; Messina, Julián - European Central Bank - 2009

This paper examines the impact of downward wage rigidity (nominal and real) onoptimal steady-state inflation. For this purpose, we extend the workhorse model ofErceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wagesetting. We estimate the key parameters by simulated...

Persistent link: https://www.econbiz.de/10005866626

Labour supply and incentives to work in Europe

Gómez Salvador, Ramón (contributor) - What explains the pattern of labour supply in Europe … - 2005

Labour Supply and Incentives to Work in Europe highlights recent developments in the labour supply in Europe and gives a detailed assessment of their link with economic policies and labour market institutions. Despite major changes in European labour supply during the past few decades, the...

Persistent link: https://www.econbiz.de/10011851054

Managers’ mobility, trade performance, and wages

Mion, Giordano; Opromolla, Luca David - European Central Bank - 2013

Knowledge is key to the success of a firm. Firms and their managers acquire knowledge via channels which are often … export experience acquired by managers in previous firms leads their current firm towards higher export performance, and … commands a sizeable wage premium for the manager. Export knowledge is decisive when it is market-specific: managers with …

Persistent link: https://www.econbiz.de/10010709530

Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James; de Walque, Gregory; … - European Central Bank - 2009

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005002797