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How Does Long-Term Finance Affect Economic Volatility?
Demirgüç-Kunt, Asli - 2017
This paper examines how the ability to access long-term debt affects firm-level growth volatility. The analysis finds that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in countries with better-developed...
Persistent link: https://www.econbiz.de/10012970254
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Free Riding in Loan Approvals : Evidence from SME Lending in Peru
Arraiz, Irani - 2019
This paper provides evidence that commercial lenders in Peru free ride off their peers'screening efforts. Leveraging a discontinuity in the loan approval process of a large bank, the study finds that competing lenders responded to additional loan approvals by issuing approvals of their own....
Persistent link: https://www.econbiz.de/10012858272
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SME Finance in Africa
Beck, Thorsten - 2017
This paper uses cross-country firm-level surveys to gauge access to financial services and the importance of financing constraints for African enterprises. The paper compares access to finance in Africa and other developing regions of the world, within Africa across countries, and across...
Persistent link: https://www.econbiz.de/10012972791
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European Bank Deleveraging and Global Credit Conditions : Implications of a Multi-Year Process on Long-Term Finance and Beyond
Feyen, Erik - 2017
This paper assesses European bank deleveraging and its impact on global credit conditions. Before the onset of the global financial crisis, European banks had rapidly expanded their foreign lending activities. However, European banks have since been tightening credit conditions in Europe more...
Persistent link: https://www.econbiz.de/10012974525
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SME Finance
Ayyagari, Meghana - 2017
This paper takes stock of the empirical evidence on the financing challenges faced by small and medium enterprises, especially in developing countries. The paper first discusses the institutional constraints that impede access to finance, including the lack of reliable credit information, lack...
Persistent link: https://www.econbiz.de/10012943536
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Russian Trade and Foreign Direct Investment Policy at the Crossroads
Tarr, David G. - 2017
This paper summarizes the estimates of what Russia will get from World Trade Organization accession and why. A key … finding is the estimate that Russia will gain about $53 billion per year in the medium term from World Trade Organization … sectors. The paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade …
Persistent link: https://www.econbiz.de/10012976610
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Long-Term Fiscal Risks and Sustainability in an Oil-Rich Country : The Case of Russia
Bogetic, Zeljko - 2017
long-term fiscal sustainability. Following a period of adjustment, if Russia would restrain its long-term non-oil deficits …Russia entered the global crisis with strong fiscal position, low public debt, and large fiscal and monetary reserves … massive impact of the global crisis in late 2008 and 2009 have dramatically altered Russia's medium-term and long …
Persistent link: https://www.econbiz.de/10012976630
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Credit Growth and Financial Stability in the Czech Republic
Frait, Jan - 2017
The Czech Republic had experienced a credit boom similar to those in other converging economies in the pre-crisis years. Nevertheless, the consequences of this credit boom were limited as was the impact of the global crisis on domestic financial institutions. This paper describes the...
Persistent link: https://www.econbiz.de/10012975816
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Drivers of Firm-Level Productivity in Russia's Manufacturing Sector
Bogetic, Zeljko - 2017
This note presents the results of an empirical analysis of firm-level productivity growth in Russia's manufacturing …
Persistent link: https://www.econbiz.de/10012974085
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Access to Finance, Product Innovation and Middle-Income Traps
Agenor, Pierre-Richard - 2017
This paper studies interactions between access to finance, product innovation, and labor supply in a two-period overlapping generations model with an endogenous skill distribution and credit market frictions. In the model lack of access to finance (induced by high monitoring costs) has an...
Persistent link: https://www.econbiz.de/10012973535