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Revisiting Fiscal Sustainability : Panel Cointegration and Structural Breaks in OECD Countries

Afonso, António - 2012

We assess the sustainability of public finances in OECD countries, over the period 1970-2010, using unit root and cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration – absence of sustainability – between...

Persistent link: https://www.econbiz.de/10013102099

3-Step Analysis of Public Finances Sustainability : The Case of the European Union

Afonso, António; Rault, Christophe - 2021

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the meanreverting behaviour of general government expenditure and revenue ratios. Secondly, we apply the bootstrap panel cointegration...

Persistent link: https://www.econbiz.de/10013316526

The transmission of bank credit conditions to firms-evidence from linked surveys

Ferrando, Annalisa; Holton, Sarah; Parle, Conor - 2024

Using a novel dataset linking firm level data from the Survey on Access to Finance of Enterprises (SAFE) and bank level … report access to finance as the worst problem and decrease their investment. After controlling for country-sector-time fixed … effects that capture cyclical macroeconomic conditions, effects only remain for firms that need finance. Moreover, we find …

Persistent link: https://www.econbiz.de/10015199485

Monetary transmission in Germany: new perspectives on financial constraints and investment spending

Von Kalckreuth, Ulf - 2001

In order to obtain a better understanding of the transmission channels for monetary policy, this paper assesses the importance of the interest rate and credit channels on business fixed investment in Germany. Our unbalanced panel of financial statements contains 44,345 firm/year observations for...

Persistent link: https://www.econbiz.de/10011604155

Finance and growth: a macroeconomic assessment of the evidence from a European angle

Papaioannou, Elias - 2007

This paper reviews the literature on the finance-growth nexus within a neoclassical growth framework, placing an … Agenda. While more research is needed to establish causality and verify the theoretical channels linking access to finance …

Persistent link: https://www.econbiz.de/10011604833

Financial reforms and innovation: A micro-macro perspective

Boikos, Spyridon; Bournakis, Ioannis; Dimitris, … - 2021

We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial reforms affect R&D investment and patent activity. First, a "micro" reformthat abolishes barriers to entry in the banking sector produces a straightforward result: a decrease in...

Persistent link: https://www.econbiz.de/10012515465

Sources of the Small Firm Financing Premium : Evidence from Euro Area Banks

Holton, Sarah - 2017

The post-2008 period in the euro area was characterised by sharp dispersion in borrowing costs faced by firms, across both countries and firm types. This dispersion was an important manifestation of the "financial fragmentation" which hampered the smooth transmission of accommodative monetary...

Persistent link: https://www.econbiz.de/10012949926

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10012892581

Lending Relationships in Loan Renegotiation : Evidence from Corporate Loans

Papoutsi, Melina - 2021

This paper presents evidence that personal relationships between corporate borrowers and bank loan officers improve the outcomes of loan renegotiation. Analysing a bank reorganization in Greece in the mid-2010s, I find that firms that experience an exogenous interruption in their loan officer...

Persistent link: https://www.econbiz.de/10013227323

Finance and Diversification

Manganelli, Simone - 2010

. Our results are robust to using various proxies for financial development, to accounting for the endogeneity of finance …

Persistent link: https://www.econbiz.de/10013136834