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What Happened to U.S. Business Dynamism?
Akcigit, Ufuk - 2019
In the past several decades, the U.S. economy has witnessed a number of striking trends that indicate a rising market concentration and a slowdown in business dynamism. In this paper, we make an attempt to understand potential common forces behind these empirical regularities through the lens of...
Persistent link: https://www.econbiz.de/10012861420
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Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory
Akcigit, Ufuk - 2019
In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism...
Persistent link: https://www.econbiz.de/10012861425
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Local Capital Scarcity and Small Firm Growth : Evidence from Real Estate Booms in China
Hau, Harald - 2019
, reduce their bank lending, lower their investment rate and labor productivity, and reduce their output and TFP growth by …
Persistent link: https://www.econbiz.de/10012859607
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The Unfinished Business of State-Owned Enterprise Reform in the People's Republic of China
Holz, Carsten A. - 2019
This paper examines the progress of state-owned enterprise (SOE) reform in the People’s Republic of China. After …
Persistent link: https://www.econbiz.de/10012867873
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Stock Market's Assessment of Monetary Policy Transmission : The Cash Flow Effect
Gürkaynak, Refet S. - 2019
We show that firm liability structure and associated cash flow matter for firm behavior, and that financial market participants price stocks accordingly. Looking at firm level stock price changes around monetary policy announcements, we find that firms that have more cash flow exposure see their...
Persistent link: https://www.econbiz.de/10012860569
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Can Destination-Based Cash Flow Taxes Arise in Equilibrium?
Gresik, Thomas A.; Bond, Eric - 2021
We examine the effects of unilateral changes in a country’s tax parameters in a two country model when both countries are part of a destination-based cash flow taxation (DBCFT) system. We consider deviations from a globally efficient DBCFT equilibrium by allowing each country to vary its...
Persistent link: https://www.econbiz.de/10013250046
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The Long-Term Effects of Capital Requirements
De Nicolo, Gianni; Klimenko, Nataliya; Pfeil, Sebastian; … - 2021
We build a stylized dynamic general equilibrium model with financial frictions to analyze costs and benefits of capital requirements in the short-term and long-term. We show that since increasing capital requirements limits the aggregate loan supply, the equilibrium loan rate spread increases,...
Persistent link: https://www.econbiz.de/10013224085
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Voluntary Equity, Project Risk, and Capital Requirements
Haufler, Andreas; Lülfesmann, Christoph - 2022
We introduce a model of the banking sector that formally incorporate a buffer function of capital. Heterogeneous banks choose their portfolio risk, bank size, and capital holdings. Banks voluntarily hold equity when the buffer effect against the risk of default outweighs the cost advantages of...
Persistent link: https://www.econbiz.de/10013308111
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Trade Liberalization, Input Intermediaries and Firm Productivity : Evidence from China
Defever, Fabrice - 2019
We investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of trade … liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on … industry. Using firm level data from China, we document that wholesalers play no such role for direct importers. However, other …
Persistent link: https://www.econbiz.de/10012857766
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Growing like China : firm performance and global production line position
Chor, Davin; Manova, Kalina; Yu, Zhihong - 2020 - Version of August, 2020
matched firm-level customs and manufacturing survey data, together with Input-Output tables for China, to examine how Chinese … firms position themselves in global production lines and how this evolves with productivity and performance over the firm … production stages conducted in China over the 1992-2014 period, both in the aggregate and within firms over time. Firms span more …
Persistent link: https://www.econbiz.de/10012501399