Showing 1 - 10 of 264
This paper proposes a growth-oriented dual-income tax by combining an allowance for corporate equity with a broadly … calibrated growth model for Switzerland indicate that the reform could add between 2 to 3 percent of GDP in the long run …
Persistent link: https://www.econbiz.de/10010271071
The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...
Persistent link: https://www.econbiz.de/10013353383
Financial sector development plays an important role in promoting economic growth and welfare of the citizen of a … country. On the other hand, financial sector instability or vulnerability, can adversely affect the economic growth and cause … stock markets. This could bring significant benefits for Brunei Darussalam including enhanced growth. …
Persistent link: https://www.econbiz.de/10013427746
debt. During and after contractions, firms rebuild cash and reduce debt growth significantly in a concerted effort to …
Persistent link: https://www.econbiz.de/10013427763
Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that carbon risk affects firms' credit spread. The effect is larger for European than North American firms and varies substantially across industries, suggesting the market recognises...
Persistent link: https://www.econbiz.de/10013470275
This paper investigates the factors (such as different sources of financing, energy audits and internal monitoring activities) affecting the propensity of European small and medium sized enterprises (SMEs) to adopt energy efficiency measures (EEMs). For this purpose, a Probit model is estimated...
Persistent link: https://www.econbiz.de/10013470325
We introduce endogenous fire sales into a simple network model. For any given initial distribution of shocks across the network, we develop a clearing algorithm to solve for the financial equilibrium. We then utilise the results to perform ex ante risk assessment and derive risk premia for every...
Persistent link: https://www.econbiz.de/10013470369
predicts growth and the likelihood of bankruptcy. …
Persistent link: https://www.econbiz.de/10014290095
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10014290136
This paper analyzes the impact of financial development on export concentration. I incorporate credit constraints into a trade model with heterogeneous exporters and endogenous quality choice. The model predicts that financial development increases innovation activity and export shares of larger...
Persistent link: https://www.econbiz.de/10014290215