demonstrates the neutrality properties of the reform with respect to investment, firm financial decisions and organizational choice …. Tax rates are chosen to prevent income shifting from labor to capital income. The reform decisively strengthens investment …

-sustaining growth based on private consumption and investment. This paper finds that Japanese nonfinancial firms have accumulated cash … at the expense of investment and dividends, hampering this transition. The evidence suggests that cash accumulation is … plays only a limited role. These firms have cash holdings available for investment of about 5 percent of GDP. Policy options …

between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping … generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for France, Germany … and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We …