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Structural Transformation, Services Deepening, and the Transmission of Monetary Policy

Galesi, Alessandro - 2016

Advanced economies are undergoing a structural transformation from manufacturing to services. We document that structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in service inputs. We argue that structural transformation...

Persistent link: https://www.econbiz.de/10012986126

Credit Supply : Identifying Balance-Sheet Channels with Loan Applications and Granted Loans

Jiménez, Gabriel - 2010

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...

Persistent link: https://www.econbiz.de/10013137617

Determinants of Corporate Default : A BMA Approach

González-Aguado, Carlos - 2012

Model uncertainty hampers consensus on the main determinants of corporate default. We employ Bayesian model averaging (BMA) techniques in order to shed light on this issue. Empirical findings suggest that the most robust determinants of corporate default are firm-specific variables such as the...

Persistent link: https://www.econbiz.de/10013105202

Housing Purchases and the Dynamics of Housing Wealth

Bover, Olympia - 2015

two waves of the Spanish household finance survey (EFF). I estimate discrete hazard models using retrospective and within …

Persistent link: https://www.econbiz.de/10013038379

Cash, Access to Credit, and Value Creation in M&As

Campa, José Manuel - 2009

The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

Persistent link: https://www.econbiz.de/10013157591

Monetary Policy, Corporate Finance and Investment

Cloyne, James - 2019

We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United … borrowing declines only for younger non-dividend payers, as their external finance is mostly exposed to asset value fluctuations …. Conversely, cash-flows change less markedly and more homogeneously across groups. Our findings highlight the role of firm finance …

Persistent link: https://www.econbiz.de/10012889726

The Determinants of Long-Term Debt Issuance by European Banks : Evidence of Two Crises

Rixtel, Adrian Van - 2016

This paper is one of the first to investigate the determinants of bond issuance by European banks. We use a unique database of around 50,000 bonds issued by 63 banks from 14 European countries to test explicitly a broad set of hypotheses on the drivers of bond issuance. The sample covers the two...

Persistent link: https://www.econbiz.de/10012981753

Financing Obstacles and Growth : An Analysis for Euro Area Non-Financial Corporations

Coluzzi, Chiara; Ferrando, Annalisa; … - 2009

This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries....

Persistent link: https://www.econbiz.de/10014211011