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How National and International Financial Development Affect Industrial R&D
Maskus, Keith E. - 2013
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 manufacturing industries in 18 OECD countries for the period 1990-2003. We take account of such industry characteristics as the need for external financing and the amount of tangible...
Persistent link: https://www.econbiz.de/10013092838
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Rollover risk and the maturity transformation function of banks
Paligorova, Teodora; Santos, João A. C. - 2014
This paper shows that banks that rely heavily on short-term funding engage less in maturity transformation in an attempt to decrease their exposure to rollover risk. These banks shorten both the maturity of their portfolio of loans as well as the maturity of newly issued loans. We find that the...
Persistent link: https://www.econbiz.de/10010254340
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International R&D Spillovers and Marginal Social Returns on R&D
Ogawa, Kazuo - 2017
We analyze the impact of international R&D spillovers on recipient countries in terms of social and private returns. We divide the aggregate R&D stock by the business, government and education sectors and examine the impact on Total Factor Productivity. We endogenize the accrual of the R&D...
Persistent link: https://www.econbiz.de/10012964191
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Trade and diffusion of embodied technology : an empirical analysis
Ayerst, Stephen; Ibrahim, Faisal; MacKenzie, Gaelan; … - 2023 - Last updated: April 13, 2023
relevance of this technology for generating new innovations in different sectors in importing countries. We develop an … new innovations (measured using the forward citations those patents receive). Effects are substantially larger for … knowledge-weighted imports of embodied technology, which also lead to improvements in the average quality of new innovations. …
Persistent link: https://www.econbiz.de/10014253761
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Opaque assets and rollover risk
Ahnert, Toni; Nelson, Benjamin F. - 2016
We model the asset-opacity choice of an intermediary subject to rollover risk in wholesale funding markets. Greater opacity means investors form more dispersed beliefs about an intermediary’s profitability. The endogenous benefit of opacity is lower fragility when profitability is expected to...
Persistent link: https://www.econbiz.de/10011451106
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Cheap but flighty : how global imbalances create financial fragility
Ahnert, Toni; Perotti, Enrico C. - 2015
We analyze how a wealth shift to emerging countries may lead to instability in developed countries. Investors exposed to expropriation risk are willing to pay a safety premium to invest in countries with good property rights. Domestic intermediaries compete for such cheap funding by carving out...
Persistent link: https://www.econbiz.de/10011304762
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Macrofinancial linkages and growth at risk in the Dominican Republic
Bespalova, Olga; Rousset, Marina - 2019
This paper uses the Growth-at-Risk (GaR) methodology to examine how macrofinancial conditions affect the growth outlook and its probability distribution. Using this approach, we evaluate risks to GDP growth in the Dominican Republic using quarterly data for 1996-2018. We group macrofinancial...
Persistent link: https://www.econbiz.de/10012154738
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Dollarization and financial development
Bannister, Geoffrey J.; Gardberg, Malin; Turunen, Jarkko - 2018
Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization,...
Persistent link: https://www.econbiz.de/10011932543
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When lower risk increases profit : competition and control of a central counterparty
Fontaine, Jean-Sébastien; Pérez Saiz, Héctor; Slive, … - 2012
We model the behavior of dealers in Over-the-Counter (OTC) derivatives markets where a small number of dealers trade with a continuum of heterogeneous clients (hedgers). Imperfect competition and (endogenous) default induce a familiar trade-off between competition and risk. Increasing the number...
Persistent link: https://www.econbiz.de/10009668404
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The financialization of food?
Bruno, Valentina G.; Buyuksahin, Bahattin; Robe, Michel A. - 2013
Commodity-equity and cross-commodity return co-movements rose dramatically after the 2008 financial crisis. This development took place following what has been dubbed the 'financialization' of commodity markets. We first document changes since 2000 in the intensity of speculative activity in...
Persistent link: https://www.econbiz.de/10010201385