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The Role of Credit Markets in a Transition Economy with Incomplete Public Information
Roldos, Jorge - 1996
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a...
Persistent link: https://www.econbiz.de/10014395992
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Trade, Inequality, and the Political Economy of Institutions
Levchenko, Andrei A. - 2006
We analyze the relationship between international trade and the quality of economic institutions, such as contract enforcement, rule of law, and property rights. In our model, firms differ in their preferences for institutional quality, which is determined endogenously in a political economy...
Persistent link: https://www.econbiz.de/10014402396
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Entry costs and the macroeconomy
Gutiérrez Gallardo, Germán; Jones, Callum; Philippon, … - 2019
We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by...
Persistent link: https://www.econbiz.de/10012154591
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What is the impact of increased business competition?
Félix, Sónia; Maggi, Chiara - 2019
This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that...
Persistent link: https://www.econbiz.de/10012155037
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How do regulations of entry and credit access relate to industry competition? : international evidence
Igan, Deniz; Mirzaei, Ali; Moore, Tomoe - 2018
We examine the extent to which regulations of entry and credit access are related to competition using data on 28 … competition, as proxied by the price-cost margin, in the industries with a naturally high entry rate. Rigid entry regulations are … exerting a positive effect on competition. These results suggest that incumbent firms are likely to enjoy the rent and market …
Persistent link: https://www.econbiz.de/10011848240
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Product market deregulation and growth : new country-industry-level evidence
Bouis, Romain; Duval, Romain; Eugster, Johannes - 2016
The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform shocks and sector-level outcomes for five network industries (electricity and gas,...
Persistent link: https://www.econbiz.de/10011711479
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Institutions Matter in Transition, But so do Policies
International Monetary Fund - 2000
This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991–98. The paper’s main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that...
Persistent link: https://www.econbiz.de/10014399868
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Institutional Structure and Labor Market Outcomes : Western Lessons for European Countries in Transition
Flanagan, Robert J. - 1995
Changes in economic systems provide a rare opportunity to redesign basic institutional structures in labor markets. This paper attempts to provide guidance for such institutional choice by drawing on the findings of recent labor market research in market economies on the links between...
Persistent link: https://www.econbiz.de/10014397450
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Competition vs. stability : oligopolistic banking system with run risk
Capelle, Damien - 2021
This paper develops a model where large financial intermediaries subject to systemic runs internalize the effect of their leverage on aggregate risk, returns and asset prices. Near the steady-state, they restrict leverage to avoid the risk of a run which gives rise to an accelerator effect. For...
Persistent link: https://www.econbiz.de/10012604798
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Bank Competition, Risk and Asset Allocations
Boyd, John H. - 2009
-to-assets ratio is ambiguous. Similarly, as competition increases, the probability of bank failure can either increase or decrease. We … literature are negatively and significantly related to measures of bank competition. Thus, there is no evidence of a trade …-off between bank competition and stability, and bank competition seems to foster banks'' willingness to lend …
Persistent link: https://www.econbiz.de/10014402479