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Toubal, Farid - HAL - 2009

The integration of the world economy has underlined the need for firms to exploit their intangible assets on a global scale. Firms' intangible assets include their stock of knowledge, which is related to ideas, research and development (R&D), patent and blueprints, scientific and technical...

Persistent link: https://www.econbiz.de/10010635138

Origins of the Maturity and Currency Mismatches in the Balance Sheet of Emerging Countries: a Theoretical Approach

Bunda, Irina - HAL - 2003

The aim of this paper is to highlight the origins of the currency and maturity mismatches in the balance sheets of emerging countries. We show that short-term debt in the form of demandable debt works as a commitment device of the financial intermediary and as a form of protection of foreign...

Persistent link: https://www.econbiz.de/10008789653

European Debt Crisis: How a Public debt Restructuring Can Solve a Private Debt issue

Cayla, David - HAL - 2013

The political and economic crisis in Europe is often viewed as an indirect consequence of the global financial and economic breakdowns caused by the US "subprime" crisis. European governments themselves tend to underestimate Europe's responsibility for the crisis and seem to prefer to manage the...

Persistent link: https://www.econbiz.de/10011025689

Financial fragility in emerging market countries: Firm balance sheets and the productive structure

Kalantzis, Yannick - HAL - 2005

We build an overlapping generation model to study financial fragility in a two-sector small open economy. Firms are subject to a borrowing constraint and there is a currency mismatch in the balance sheets of the non-tradable sector. As a consequence, at a given point in time, multiple equilibria...

Persistent link: https://www.econbiz.de/10010738789

Masters of the universe: How power and accountability influence self-serving decisions under moral hazard

Pitesa, Marko; Thau, Stefan - HAL - 2013

This paper provides an answer to the question of why agents make self-serving decisions under moral hazard and how their self-serving decisions can be kept in check through institutional arrangements. Our theoretical model predicts that the agents' power and the manner in which they are held...

Persistent link: https://www.econbiz.de/10011025659

Production versus Distribution-oriented FDI

Kleinert, Jörn; Toubal, Farid - HAL - 2010

The business literature has long recognized the importance of multinationals' distribution networks. The empirical analysis of distribution-oriented FDI has, however, received little attention which is at least partly due to the lack of appropriate data. We present a slightly modified version of...

Persistent link: https://www.econbiz.de/10010750983

Intra-firm and arm's length trade: how distance matters?

Bombarda, Pamela - HAL - 2011

Multinational and exporting firms play a key role in trade patterns. To highlight the importance of intra-firm trade in share of world trade, this paper develops a model of trade and intra-firm trade with heterogeneous firms. In this set up, trade costs apply to both exports and multinational...

Persistent link: https://www.econbiz.de/10010899726

Redistribution, Pension Systems and Capital Accumulation

Hachon, Christophe - HAL - 2008

linkbetween contributions and benefits has an impact on the level of capital per capita if and only if there are inequalities of …

Persistent link: https://www.econbiz.de/10009643779

Capital Utilisation and Retirement

Bonleu, Antoine; Cette, Gilbert; Horny, Guillaume - HAL - 2011

This empirical analysis aims at assessing the effect of the economic climate and the intensity of capital utilisation … on companies' capital retirement behaviour. It is conducted using individual company data, as well as original data on … database is, to our knowledge, unique for the empirical analysis of the intensity of capital utilisation on firms' capital …

Persistent link: https://www.econbiz.de/10009353871

Mark-up and Capital Structure of the Firm facing Uncertainty

Chatelain, Jean-Bernard - HAL - 2001

This note shows that, with pre-set price and capital decisions of firms facing uncertainty and financial market … imperfections, price, mark up and the expected degree of capacity utilization (resp. capital) decreases (resp. increases) with the …

Persistent link: https://www.econbiz.de/10010750432