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Foreign Currency Borrowing by Small Firms
Brown, Martin; Ongena, Steven; Yesin, Pinar - C.E.P.R. Discussion Papers - 2009
We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also incorporates the impact of...
Persistent link: https://www.econbiz.de/10008496451
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Does Market Structure Matter? New Evidence from Russia
Brown, Annette; Brown, J David - C.E.P.R. Discussion Papers - 1998
In this paper we re-examine empirically the Structure-Conduct-Performance relationship between concentration and profitability using new data on Russia that allow us to overcome the endogeneity problem of market structure and expand on the traditional analysis in several ways. The analysis...
Persistent link: https://www.econbiz.de/10005124424
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Competition Enhancing Policies and Infrastructure: Evidence from Russia
Brown, J David; Earle, John S - C.E.P.R. Discussion Papers - 2001
government regulation may reduce transaction costs, intensifying the competition associated with a given market structure, and we …
Persistent link: https://www.econbiz.de/10005504465
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Privatization, Competition and Reform Strategies: Theory and Evidence from Russian Enterprise Panel Data
Brown, J David; Earle, John S - C.E.P.R. Discussion Papers - 2001
substitutability of market competition and private ownership in increasing firm efficiency. We analyse a simple Cournot model that … competition, and thus that competition only among state-owned enterprises may be ineffectual in stimulating them to increase …
Persistent link: https://www.econbiz.de/10005114270
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Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
Gilchrist, Simon; López-Salido, J David; Zakrajsek, Egon - C.E.P.R. Discussion Papers - 2014
This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the 2-year Treasury...
Persistent link: https://www.econbiz.de/10011083615
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Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - C.E.P.R. Discussion Papers - 2007
We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. With frictionless credit markets, those characteristics should in principle be...
Persistent link: https://www.econbiz.de/10005123820
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Incentives and Tranche Retention in Securitisation: A Screening Model
Fender, Ingo; Mitchell, Janet - C.E.P.R. Discussion Papers - 2009
This paper examines the power of different contractual mechanisms to influence an originator's choice of costly effort to screen borrowers when the originator plans to securitise its loans. The analysis focuses on three potential mechanisms: the originator holds a "vertical slice", or share of...
Persistent link: https://www.econbiz.de/10008459771
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Conditions of Competition and Multilateral Surveillance
Djankov, Simeon; Hoekman, Bernard - C.E.P.R. Discussion Papers - 1998
WTO members are starting to consider whether and how to develop multilateral disciplines on competition policies. These … competition existing on member country markets. We argue in this paper that collection of simple measures of industrial structure … and import penetration would be useful in characterizing the 'conditions of competition' that prevail in an economy …
Persistent link: https://www.econbiz.de/10005124160
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From Learning to Partnership. Multinational R&D Cooperation in Developing Countries
Barba Navaretti, Giorgio; Carraro, Carlo - C.E.P.R. Discussion Papers - 1997
This paper is a first attempt to analyse the determinants of inter-firm R&D agreements between advanced and developing countries, i.e. between firms with asymmetric endowments of knowledge. It shows that international dispersion of R&D activity by multinationals also concerns developing...
Persistent link: https://www.econbiz.de/10005124163
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Adjustment and Performance of the Textile and Clothing Industry in the Czech Republic, Poland and Portugal
Benacek, Vladimir; Caban, Wieslaw; Corado, Cristina - C.E.P.R. Discussion Papers - 1995
difficulties. Former state-owned enterprises are reorienting sales to Western markets under the pressure of competition from a new …
Persistent link: https://www.econbiz.de/10005136480