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Reputation and Credit Market Formation: How Relational Incentives and Legal Contract Enforcement Interact
Fehr, Ernst; Zehnder, Christian - Institute for the Study of Labor (IZA) - 2009
The evidence suggests that relational contracting and legal rules play an important role in credit markets but on the basis of the prevailing field data it is difficult to pin down their causal impact. Here we show experimentally that relational incentives are a powerful causal determinant for...
Persistent link: https://www.econbiz.de/10004976880
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Recovery Performance of Primary Agriculture Credit Societies in India: An Assessment
Mazumder, Rabin; Chakravarty, Chandrasekhar; Bhandari, … - Institute for the Study of Labor (IZA) - 2014
Agricultural credit is one of the most crucial inputs in all agricultural development programmes. Access of rural credit has still remained scarce in India. Primary Agriculture Credit Societies (PACS) working at grass-root level, having direct contact with the rural people and meet their...
Persistent link: https://www.econbiz.de/10011100176
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Repayment versus Investment Conditions and Exclusivity in Lending Contracts
Bougheas, Spiros; Dasgupta, Indraneel; Morrissey, Oliver - Institute for the Study of Labor (IZA) - 2009
Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action (‘investment’). We build an...
Persistent link: https://www.econbiz.de/10008558941
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Do SBA Loans Create Jobs?
Brown, J. David; Earle, John S. - Institute for the Study of Labor (IZA) - 2013
Small Business Administration (SBA) loans have long been one of the most significant policy interventions in the U.S. affecting firm behavior, but little is known about their outcomes. This paper estimates the effects on employment using a list of all SBA loans linked to annual data on all U.S....
Persistent link: https://www.econbiz.de/10010884334
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Banks and Innovation: Microeconometric Evidence on Italian Firms
Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, … - Institute for the Study of Labor (IZA) - 2006
set on innovation for a large number of Italian firms over the 1990’s. There is evidence that banking development affects … the probability of process innovation, particularly for small firms and for firms in high(er) tech sectors and in sectors … more dependent upon external finance. The evidence for product innovation is weaker. There is also some evidence that …
Persistent link: https://www.econbiz.de/10005822124
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Identification of New Keynesian Phillips Curves from a Global Perspective
Dees, Stephane; Pesaran, Hashem; Smith, L. Vanessa; … - Institute for the Study of Labor (IZA) - 2008
New Keynesian Phillips Curves (NKPC) have been extensively used in the analysis of monetary policy, but yet there are a number of issues of concern about how they are estimated and then related to the underlying macroeconomic theory. The first is whether such equations are identified. To check...
Persistent link: https://www.econbiz.de/10005763475
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When Credit Dries Up: Job Losses in the Great Recession
Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - Institute for the Study of Labor (IZA) - 2013
We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks' health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...
Persistent link: https://www.econbiz.de/10010722699
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Microeconomic Evidence of Creative Destruction in Industrial and Developing Countries
Bartelsman, Eric; Haltiwanger, John; Scarpetta, Stefano - Institute for the Study of Labor (IZA) - 2004
In this paper we provide an analysis of the process of creative destruction across 24 countries and 2-digit industries over the past decade. We rely on a newly assembled dataset that draws from different micro data sources (business registers, census, or representative enterprise surveys). The...
Persistent link: https://www.econbiz.de/10005703134
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Personal Bankruptcy Law, Wealth and Entrepreneurship: Theory and Evidence from the Introduction of a "Fresh Start"
Fossen, Frank M. - Institute for the Study of Labor (IZA) - 2011
A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or...
Persistent link: https://www.econbiz.de/10008804593
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A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler
Goolsbee, Austan D.; Krueger, Alan B. - Institute for the Study of Labor (IZA) - 2015
This paper takes a retrospective look at the U.S. government's effort to rescue and restructure General Motors and Chrysler in the midst of the 2009 economic and financial crisis. The paper describes how two of the largest industrial companies in the world came to seek a bailout from the U.S....
Persistent link: https://www.econbiz.de/10011196652