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Identifying financial constraints
Cherchye, Laurens; Rock, Bram de; Ferrando, Annalisa; … - 2020
We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and...
Persistent link: https://www.econbiz.de/10012241106
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Too levered for Pigou : carbon pricing, financial constraints, and leverage regulation
Döttling, Robin; Rola-Janicka, Magdalena - 2023
We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to the direct social cost of emissions) when emissions...
Persistent link: https://www.econbiz.de/10014315161
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Firm heterogeneity and aggregate business services exports : micro evidence from Belgium, France, Germany and Spain
Ariu, Andrea; Biewen, Elena; Blank, Sven; Gaulier, Guillaume - 2017
This paper uses detailed micro data on service exports at the firm-destination-service level to analyse the role of … firm heterogeneity in shaping aggregate service exports in Belgium, France, Germany and Spain from 2003 to 2007. We … decompose the level and the growth of aggregate service exports into different trade margins paying special attention to firm …
Persistent link: https://www.econbiz.de/10011719944
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What drives export market shares? : it depends! : an empirical analysis using Bayesian Model Averaging
Osbat, Chiara; Benkovskis, Konstantins; Bluhm, Benjamin; … - 2017
underlying export growth are receiving great attention, as countries struggle to grow out of the crisis by increasing exports and …
Persistent link: https://www.econbiz.de/10011697375
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Dominant currencies and the export supply channel
Frohm, Erik - 2021
Dominant currency pricing (DCP) weakens the demand-side effects of exchange rate changes on exports (Gopinath et al … significant increase in average exports per firm (the intensive margin), while the aggregate export response is mainly driven by …
Persistent link: https://www.econbiz.de/10012596321
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GVC exporter performance during the COVID-19 pandemic : the role of supply bottlenecks
Lebastard, Laura; Matani, Marco; Serafini, Roberta - 2023
This paper provides an analysis of the impact of the COVID-19 pandemic on exporting firms, focusing on the role of supply bottlenecks. Based on monthly transaction-level data for the universe of French exporters over the period January 2020-December 2021, we find that participation in global...
Persistent link: https://www.econbiz.de/10013492907
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Are preferential agreements beneficial to EU trade? : new evidence from the EU-South Korea treaty
Quintieri, Beniamino; Stamato, Giovanni - 2023
, we find that the FTA exerted asymmetric effects in bilateral exports across directions of trade. Compared to previous … studies, our findings suggest a different explanation for the poor performances of Korean exports to the EU in the post …, increasing bilateral exports by about 30 percent. We then investigate heterogeneity in pair-industry-specific estimates of the …
Persistent link: https://www.econbiz.de/10014342219
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Financing obstacles and growth : an analysis for euro area non-financial corporations
Coluzzi, Chiara; Ferrando, Annalisa; … - 2009
This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries....
Persistent link: https://www.econbiz.de/10003826608
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Multimarket trading and the cost of debt
Petrasek, Lubomir - 2010
Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt. Using a sample of primary and secondary market...
Persistent link: https://www.econbiz.de/10009640328
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Foreign-currency bonds : currency choice and the role of uncovered and covered interest parity
Habib, Maurizio Michael; Joy, Mark - 2008
Using count-data techniques, this paper studies the determinants of currency choice in the issuance of foreign-currency-denominated bonds. In particular, we investigate whether bond issuers choose their issuance currency in order to exploit the borrowing-cost savings associated with deviations...
Persistent link: https://www.econbiz.de/10003794028