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The Role of Social Capital in Financial Development

Guiso, Luigi - 2000

capital and trust (Banfield (1958), Putnam (1993)) across different parts of Italy, using microeconomic data on households and …

Persistent link: https://www.econbiz.de/10012471212

COVID-19 and SME Failures

Gourinchas, Pierre-Olivier - 2020

implications for the severity of the COVID-19 recession, the design of policies, and the speed of the recovery …

Persistent link: https://www.econbiz.de/10012481180

COVID-19 and SMEs : A 2021 "Time Bomb"?

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies … enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs … scenario, most business failures would not arise from excessively generous 2020 policies, but rather from the contraction of …

Persistent link: https://www.econbiz.de/10012482634

Credit within the firm

Pistaferri, Luigi - 2010

We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...

Persistent link: https://www.econbiz.de/10012462727

Social Capital as Good Culture

Guiso, Luigi - 2007

To explain the extremely long-term persistence (more than 500 years) of positive historical experiences of cooperation (Putnam 1993), we model the intergenerational transmission of priors about the trustworthiness of others. We show that this transmission tends to be biased toward excessively...

Persistent link: https://www.econbiz.de/10012464934

The Cost of Banking Regulation

Guiso, Luigi - 2006

We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to...

Persistent link: https://www.econbiz.de/10012466164

Trusting the Stock Market

Guiso, Luigi - 2005

We provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function not only of the objective characteristics of the stock, but also of the subjective...

Persistent link: https://www.econbiz.de/10012467028

Does Local Financial Development Matter?

Guiso, Luigi - 2002

We study the effects of differences in local financial development within an integrated financial market. To do so, we construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By...

Persistent link: https://www.econbiz.de/10012469791

Foreign Investment and Domestic Productivity : Identifying Knowledge Spillovers and Competition Effects

Fons-Rosen, Christian - 2017

We study the impact of foreign direct investment (FDI) on total factor productivity (TFP) of domestic firms using a new, representative firm-level data set spanning six countries. A novel finding is that firm-level spillovers from foreign firms to domestic companies can be significantly...

Persistent link: https://www.econbiz.de/10012455039

Learning Entrepreneurship From Other Entrepreneurs?

Guiso, Luigi - 2015

We document that individuals who grew up in areas with high density of firms are more likely, as adults, to become entrepreneurs, controlling for the density of firms in their current location. Conditional on becoming entrepreneurs, the same individuals are also more likely to be successful...

Persistent link: https://www.econbiz.de/10012456896