We develop an endogenous growth model that integrates research and development (R&D) with human capital accumulation. Given decreasing returns to scale, together with a threshold constraint on human capital, in R&D, steady-state growth is determined solely by preferences and human capital...

Firms undertaking innovative activities typically hold a larger share of immaterial assets and have a different capital structure. Differences in the propensity to innovate are likely to translate in different TFP levels. We use data on a panel of firms to study the relationship between firms'...

This working paper examines the ongoing regulation and the impact of open banking on payments, competition in the banking markets and financial inclusion. Open banking has been defined in several ways. For our purposes, we see it as a financial ecosystem which provides third-party financial...

This paper investigates the determinants of the pattern of banks' foreign investment using firm-level data on foreign subsidiaries for a representative sample of 260 large banks from the OECD countries. The empirical analysis shows that measures of the potential profit opportunities in the...