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Do Overseas investments create or replace trade? New insights from a macro-sectoral study on Japan

Chiappini, Raphaël - HAL - 2013

This paper investigates the relationship between outward foreign direct investment (FDI) and both exports and imports … overseas investments substitute for exports in chemicals products and for both exports and imports in general machinery. … between FDI and exports is overestimated when using the Ordinary Least Square (OLS) estimator. The PPML method also allows …

Persistent link: https://www.econbiz.de/10010899357

Real adjustment of current account imbalances with firms' heterogeneity

Pappadà, Francesco - HAL - 2008

the increase of Home exports through the intensive and the extensive margins of trade : incumbent firms export more and …

Persistent link: https://www.econbiz.de/10010738485

Financial Factors and the Margins of Trade: Evidence from Cross-Country Firm-Level Data

Berman, Nicolas; Héricourt, Jérôme - HAL - 2008

financial health neither increases the probability of remaining an exporter once the firm has entered, nor the size of exports …

Persistent link: https://www.econbiz.de/10010738512

On the Role of External Financing Costs in Optimal Investment Decisions

Belhaj, Mohamed; Klimenko, Nataliya - HAL - 2012

This paper brings into focus a link between the investment and financing decisions of a firm which has an access to costly debt financing. Our analysis shows that lump-sum debt issuance costs play a prominent role in a determination of the optimal investment strategy. Faced with larger lump-sum...

Persistent link: https://www.econbiz.de/10010933822

Credit constraints and the cyclicality of R&D investment: Evidence from France

Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; … - HAL - 2008

We use a French firm-level data set containing 13,000 firms over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is...

Persistent link: https://www.econbiz.de/10010930234

Do bankers prefer married couples?

Leturcq, Marion - HAL - 2011

Are married couples more credit constrained than unmarried households? If the cost of separation increases the risk of default, banks might be willing to lend to stable couples. In presence of incomplete information, marriage could be used as a signal of the quality of the match. This paper...

Persistent link: https://www.econbiz.de/10009401090

Credit Constraints, Entrepreneurial Talent, and Economic Development

Bianchi, Milo - HAL - 2010

In this paper, we formalize the view that economic development requires high rates of productive entrepreneurship, and this requires an e¢ cient matching between entrepreneurial talent and production technologies. We rst explore the role of nancial development in promoting such e¢ cient...

Persistent link: https://www.econbiz.de/10009353556

If only I could borrow more ! Production and consumption credit constraints in the Philippines

Godquin, Marie; Sharma, Manohar - HAL - 2005

This paper provides a new approach to analyzing credit constraints by differentiating which of the household's production and consumption decisions are affected by credit constraints. It also provides a first attempt to estimate of the extent and determinants of credit constraints in the...

Persistent link: https://www.econbiz.de/10010750493

Credit Constraints and the Persistence of Unemployment

Dromel, Nicolas; Kolakez, Elie; Lehmann, Etienne - HAL - 2009

In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its persistence. For this purpose, we first develop a theoretical model based on the equilibrium matching framework of Mortensen and Pissarides (1999) and Pissarides (2000) where we...

Persistent link: https://www.econbiz.de/10010738519

Public debt and aggregate risk

Desbonnet, Audrey; Kankanamge, Sumudu - HAL - 2008

This paper assesses the long-run optimal level of public debt in a framework where aggregate fluctuations are taken into account. Households are subject to both aggregate and idiosyncratic shocks and the market structure prevents them from perfectly insuring against risk. We find that the...

Persistent link: https://www.econbiz.de/10010738654