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This paper is the first result of a project aiming at understanding the history of bankruptcy law from an empirical economic perspective. By contrast with some proponents of "law and economics" (e.g. La Porta & alii, 1998), we consider that the impact of bankruptcy law on national economic...
Persistent link: https://www.econbiz.de/10010930170
Improving access to capital through credit and public spendings is an important step toward development and poverty … shows that deforestation is positively correlated to access to credit and public spendings, which gives some evidence that … natural capital is a complement to credit and public spendings. …
Persistent link: https://www.econbiz.de/10010899772
In this paper, we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. This interpretation is founded on an overall investigation into Schumpeter's writings addressing those issues from different perspectives.In section 1, we discuss the widespread...
Persistent link: https://www.econbiz.de/10008788989
crédit est plafonné par la législation. En parallèle, la croissance de la microfinance dans le monde a montré que les … techniques innovatrices peuvent augmenter la disponibilité de crédit, sans augmenter indûment le risque. Néanmoins, cette … croissance de l'accès au crédit peut ne pas se concrétiser si les taux de crédit restent plafonnés par des lois régissant l …
Persistent link: https://www.econbiz.de/10008791616
real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and … credit. The results are economically and statistically significant, and robust. …
Persistent link: https://www.econbiz.de/10008792016
adequacy constraint and the provisioning system, amplify credit fluctuations. Our finding is consistent with the bank capital … channel hypothesis, which means that poorly capitalized banks are constrained to expand credit. We also find that loan loss … provisions (LLP) made in order to cover identified credit losses (non discretionary LLP) amplify credit fluctuations. Indeed, non …
Persistent link: https://www.econbiz.de/10010750761
We investigate whether excess control rights of ultimate owners in pyramids affect banks' adjustment to their target capital ratio. When ultimate control rights and cash-flow rights are identical, banks increase their capital ratio by issuing equity and by reshuffling their assets without...
Persistent link: https://www.econbiz.de/10010821256
This paper examines the combination of cash and share payments proposed in the corporate acquisition process. Particularly, it analyzes the conditions of an optimal mixed payment in the context of an asymmetry of information. Using a model, we highlight that setting the conditions of payment is...
Persistent link: https://www.econbiz.de/10009353554
This article is an entry to be published in an International Encyclopedia of Civil Society in 2009. Mutual organizations exist everywhere in developed and developing countreies as well. After a definition founded on social economy principles, the paper gives the historical background of mutual...
Persistent link: https://www.econbiz.de/10010750765
This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors' individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms...
Persistent link: https://www.econbiz.de/10010899730