It is widely accepted that only the protection of private property rights and competition by rival firms provides adequate Incentive to perform for managers and employees. However, it is not entirely clear how ownership interacts with competition. This paper centers on the question of ownership...

PART I: INCREASING COMPETITIVNESS THROUGH R&D AND INNOVATIONSChapter 1 From LISBON To "Lisbon"Janez PrašnikarChapter 2 EU and Economic GrowthA.W. BootChapter 3 How European Financial Institutions Affect Their R&D and Economic DevelopmentJiang Tong and Chenggang XuChapter 4 Internationalization...

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including for both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The...

Using a large panel dataset of Chinese manufacturing enterprises during 1999-2005, which accounts for over 90% of China's industrial output, and robust econometric procedures we show that the Chinese banking system has helped to support the growth of both firm value added and TFP. We find that...

This paper contributes to the finance-growth literature by examining the political economy origins of some of the most successful financial markets in Europe and Asia. It provides historical evidence from London, Amsterdam and Hong Kong that highlights the essential role played by the government...

Financial crises are endogenized through corporate and interbank market institutions. Single-bank financing leads to a pooling equilibrium in the interbank market. With private information about one`s own solvency, the best illiquid banks will not borrow but rather will liquidate some premature...

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government...

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government...

This paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy and firms use non-bank finance, including trade credits...

This paper builds a model that provides a unified explanation for the onset of the financial crisis in 1998 and the striking economic recovery in Russia afterwards. We argue that before the crisis, the banking sector in Russia was stuck in a banking development trap due to firms incentives to...