Showing 1 - 10 of 144
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
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
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
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
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
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
We document the structure of firm-bank relationships across eleven euro area coun-tries and present new stylised facts using data from the Eurosystem credit registry -AnaCredit. We look at the number of banking relationships, reliance on the main bank, credit instruments, loan maturity, and...
Persistent link: https://www.econbiz.de/10014353941
the first half of March. Firms mostly expected to be affected if they had previously difficulties in securing finance, had … the overall deterioration of expectations, there seems to have also been a reallocation of opportunities to access finance … amidst the crisis. Small firms were more likely to have conditional expectations of improvement in their access to finance …
Persistent link: https://www.econbiz.de/10012827867
This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation … a novel dataset that merges survey-based data derived from the ECB Survey on access to finance for enterprises (SAFE … that easier access to finance is the panacea to get higher profit efficiency …
Persistent link: https://www.econbiz.de/10012831402
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