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Banks' Precautionary Capital and Credit Crunches
Valencia, Fabian - International Monetary Fund (IMF) - 2008
Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a "credit crunch". This...
Persistent link: https://www.econbiz.de/10005769120
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Taxation and Corporate Debt: Are Banks any Different?
Heckemeyer, Jost; Mooij, Ruud A. de - International Monetary Fund (IMF) - 2013
conditional leverage distribution. For nonbanks, we find a U-shaped relationship between asset size and tax responsiveness …, although this pattern does not hold universally across the conditional leverage distribution. For banks, in contrast, the tax … high conditional leverage ratios feature a significant, positive tax response. …
Persistent link: https://www.econbiz.de/10010790235
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Leverage? : what leverage? ; a deep dive into the U.S. flow of funds in search of clues to the global crisis
Bhatia, Ashok Vir; Bayoumi, Tamim A. - 2012
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007 …
Persistent link: https://www.econbiz.de/10009618519
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Taxation and Leverage in International Banking.
Gu, Grace Weishi - 2012
. Number of Banks -- 5. Average Financial Leverage and Tax Rates -- 6. Baseline Estimation Results -- 7. Robustness Check … Results: Leverage Skewness and Tax Trend -- 10. Robustness Check Estimation Results: Subsamples -- 11. Estimation Results …: Capital Tightness -- Figures -- 1. Bank Leverage Histogram -- Technical Appendix. …
Persistent link: https://www.econbiz.de/10012690160
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Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery
Goretti, Manuela - 2013
High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic...
Persistent link: https://www.econbiz.de/10014409437
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Ukraine : The Cost of Weak Institutions
Tiffin, Andrew - 2006
Intro -- Contents -- I. INTRODUCTION -- II. EXPLAINING DIFFERENCES IN INCOME -- III. EMPIRICAL ANALYSIS -- IV. RESULTS -- V. IMPLICATIONS AND DISCUSSION -- VI. CAVEATS -- VII. CONCLUSIONS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691120
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Fiscal consolidation and the cost of credit : evidence from syndicated loans
Ağca, Şenay; Igan, Deniz - 2013
We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...
Persistent link: https://www.econbiz.de/10009706780
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Stock Market and the Financing of Corporate Growth in Africa : The Case of Ghana
Yartey, Charles Amo - 2006
Intro -- Contents -- I. INTRODUCTION -- II. THEORIES OF CORPORATE FINANCE -- III. CORPORATE FINANCING PATTERNS AROUND THE WORLD -- IV. THE STOCK MARKET IN GHANA -- V. METHODOLOGY -- VI. EMPIRICAL RESULTS -- VII. THE RESULTS IN COMPARATIVE PERSPECTIVE -- VIII. SUMMARY AND CONCLUSIONS -- APPENDIX...
Persistent link: https://www.econbiz.de/10012691158
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The Cost of Aggressive Sovereign Debt Policies
Trebesch, Christoph - 2009
This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusable versus inexcusable default behaviour and used to evaluate the costs of default...
Persistent link: https://www.econbiz.de/10012677723
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The Missing Link Between Financial Constraints and Productivity
Moreno Badia, Marialuz - 2009
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute...
Persistent link: https://www.econbiz.de/10012677759