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This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...
Persistent link: https://www.econbiz.de/10011374399
This paper reviews the theoretical and empirical literature on links between domestic financial development and economic growth. It starts with the pioneers in this field and then classifies two main schools favouring liberal financial regimes. First McKinnon and Shaw advocated financial...
Persistent link: https://www.econbiz.de/10011335226
With the advent of globalization, economic and financial interactions among countries have become widespread. Given technological advancements, the factors of production can no longer be considered to be just labor and capital. In the pursuit of economic growth, every country has sensibly...
Persistent link: https://www.econbiz.de/10010532120
Persistent link: https://www.econbiz.de/10009784939
Entry requires external finance, especially for less wealthy entrepreneurs, so poor investor protection limits competition. We model how incumbents lobby harder to block access to finance to entrants when politicians are less accountable to voters. In a broad cross-section of countries and...
Persistent link: https://www.econbiz.de/10011350369
We investigate the information content of stock correlation based network measures for systemic risk rankings, such as SIFIRank (based on Google's PageRank). Using European banking data, we first show that SIFIRank is empirically equivalent to a ranking based on average pairwise stock...
Persistent link: https://www.econbiz.de/10011531142
Productivity across European regions is related to three types of networks that mediate R&D-related knowledge … co-patenting relations appear to affect local productivity directly, regions that link up to innovative leader regions … via imports gain in productivity only when they have relatively high levels of human capital and absorptive capacity. From …
Persistent link: https://www.econbiz.de/10011772896
Are differences in inventor productivity due to differences in inventors’ skills or differences in the capabilities of … for serial correlation in inventors’ productivity. We apply an econometric technique developed by Abowd, Kramarz, and … Margolis (1999) to decompose the contributions of inventors’ human capital and firm capabilities for productivity. Our …
Persistent link: https://www.econbiz.de/10011772909
In this paper we employ techniques developed in spatial econometrics to analyse spatial patterns of technology diffusion, to detect clusters and to estimate theoretical models that incorporate space explicitly. These techniques correct for misspecifications resulting from the omission of spatial...
Persistent link: https://www.econbiz.de/10011335193
Persistent link: https://www.econbiz.de/10002131234