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How sectoral technical progress and factor substitution shaped Japan's structural transformation?
Manu, Ana-Simona - 2022
low-skilled to high-skilled sectors and its implication for growth, labor demand and labor income shares. A sectoral …
Persistent link: https://www.econbiz.de/10012818759
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The interplay between green policy, electricity prices, financial constraints and jobs : firm-level evidence
Bijnens, Gert; Hutchinson, John; Konings, Jozef; … - 2021
Increased investment in clean electricity generation or the introduction of a carbon tax will most likely lead to higher electricity prices. We examine the effect from changing electricity prices on manufacturing employment. Analyzing firm-level data, we find that rising electricity prices lead...
Persistent link: https://www.econbiz.de/10012499645
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The shifts and the shocks : bank risk, leverage, and the macroeconomy
Kuvshinov, Dmitry; Richter, Björn; Zimmermann, Kaspar - 2022
This paper studies the long-run evolution of bank risk and its links to the macroeconomy. Using data for 17 advanced economies, we show that the riskiness of bank assets declined materially between 1870 and 2016. But even though bank assets have become safer, the losses on these assets are...
Persistent link: https://www.econbiz.de/10013265941
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A dynamic model of bank behaviour under multiple regulatory constraints
Behn, Markus; Daminato, Claudio; Salleo, Carmelo - 2019
We develop a dynamic structural model of bank behaviour that provides a microeconomic foundation for bank capital and liquidity structures and analyses the effects of changes in regulatory capital and liquidity requirements as well as their interaction. Our findings suggest that adjustments in...
Persistent link: https://www.econbiz.de/10011975498
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The determinants of bank capital structure
Gropp, Reint; Heider, Florian - 2009
The paper shows that mispriced deposit insurance and capital regulation were of second order importance in determining the capital structure of large U.S. and European banks during 1991 to 2004. Instead, standard cross-sectional determinants of non-financial firms' leverage carry over to banks,...
Persistent link: https://www.econbiz.de/10003963775
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Financing obstacles and growth : an analysis for euro area non-financial corporations
Coluzzi, Chiara; Ferrando, Annalisa; … - 2009
, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155 … explaining firm growth in four out of the five countries considered. Other firm-level variables related to the financial pressure … faced by firms, such as cash flow (debt burden) are found to exert a positive (negative) impact on firm growth, while the …
Persistent link: https://www.econbiz.de/10003826608
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Corporate debt and investment : a firm level analysis for stressed euro area countries
Gebauer, Stefan; Setzer, Ralph; Westphal, Andreas - 2017
This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and...
Persistent link: https://www.econbiz.de/10011719911
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Medium-term investment responses to activity shocks : the role of corporate debt
Barrela, Rodrigo; López-García, Paloma; Setzer, Ralph - 2022
This paper analyses the implications of corporate indebtedness for investment following large economic shocks. The empirical analysis is based on a large Orbis-iBACH firm-level data set for euro area countries from 2005 to 2018. Our results suggest that investment of high-debt firms is...
Persistent link: https://www.econbiz.de/10013448723
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Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
-term growth. We find that financial markets increase substantially the speed with which the observed sectoral allocation of output … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …
Persistent link: https://www.econbiz.de/10009640281
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Financial regulation, financial globalization and the synchronization of economic activity
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010
that become more integrated over time have less synchronized growth patterns, conditional on global shocks and country …
Persistent link: https://www.econbiz.de/10009640319