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Financial system architecture and the patterns of international trade
Amissah, Emmanuel Bentum; Bougheas, Spiros P.; Defever, … - 2016
advantage. Countries specialising in bank dependent sectors favour the development of the banking sector. Simultaneously …. To empirically investigate our model's predictions, we construct a measure of sector bank dependence and establish a …
Persistent link: https://www.econbiz.de/10011492076
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Financial development, financial fragility, and growth
Loayza, Norman; Rancière, Romain - 2002
This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...
Persistent link: https://www.econbiz.de/10011409380
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Investment in relationship-specific assets : does finance matter?
Strieborny, Martin; Kukenova, Madina - 2011
Existing literature sees opportunistic behaviour of contractual partners as the main reason why rational agents underinvest in relationship-specific assets. We look beyond this well-know holdup problem and argue that financial vulnerability and short-term planning horizon can also lead to such...
Persistent link: https://www.econbiz.de/10009010059
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Monetary policy, sectoral comovement and the credit channel
Di Pace, Federico; Görtz, Christoph - 2021
Persistent link: https://www.econbiz.de/10012546900
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Unemployment and finance : how do financial and labour market factors interact?
Gatti, Donatella; Rault, Christophe; Vaubourg, Anne-Gaël - 2009
Using annual data for 18 OECD countries over the period 1980-2004, we investigate how labour and financial factors interact to determine unemployment by estimating a dynamic panel model using the system generalized method of moments (GMM). We show that the impact of financial variables depends...
Persistent link: https://www.econbiz.de/10003923648
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Macroeconomic factors and micro-level bank risk
Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010
address the following questions. How are macroeconomic shocks transmitted to bank risk and other banking variables? What are … the sources of bank heterogeneity, and what explains differences in individual banks' responses to macroeconomic shocks …? Our paper has two main findings: (i) Average bank risk declines, and average bank lending increases following expansionary …
Persistent link: https://www.econbiz.de/10008697545
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Why countries differ in thin capitalization rules : the role of financial development
Mardan, Mohammed - 2015
In the absence of financial frictions, the purpose of thin capitalization rules is to limit multinational firms’ possibilities of engaging in tax planning via debt shifting. This paper analyzes the effects of thin capitalization rules in the case where firms have limited access to external...
Persistent link: https://www.econbiz.de/10010506334
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What drives financial development? : a meta-regression analysis
Doucouliagos, Chris; Haan, Jakob de; Sturm, Jan-Egbert - 2020
This paper offers a meta-regression analysis of the literature on the drivers of financial development. Our results based on 1900 estimates suggest that institutional quality is positively correlated to both private sector credit and stock market capitalization (both as share of GDP). Domestic...
Persistent link: https://www.econbiz.de/10012229266
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Is the relationship between financial development and economic growth monotonic? : evidence from a sample of middle income countries
Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - 2014
We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...
Persistent link: https://www.econbiz.de/10010340261
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Regional implications of financial market development : credit rationing, trade, and location
Ehrlich, Maximilian von; Seidel, Tobias - 2013
We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...
Persistent link: https://www.econbiz.de/10009690748