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Financial frictions and the real economy

Pietrunti, Mario - 2017

This paper investigates in a non-linear setting the impact on the real economy of frictions stemming from the financial sector. We develop a medium scale DSGE model with a banking sector where an occasionally binding constraint on banks' capital induces a relevant non-linearity. The model -...

Persistent link: https://www.econbiz.de/10011976236

Structural and cyclical determinants of access to finance : evidence from Egypt

Betz, Frank; Ravasan, Farshad R.; Weiss, Christoph T. - 2020

Using panel data on Egyptian firms to explore cyclical and structural determinants of access to finance, we find that firms with more educated and more experienced managers are more likely to open a checking account, often a prerequisite for obtaining credit. Firms that started operating in the...

Persistent link: https://www.econbiz.de/10012151995

Capital income taxation, wealth distribution and borrowing constraints

Chamley, Christophe - 1998

Persistent link: https://www.econbiz.de/10000986294

Financing constraints and R&D investments of large corporations in Europe and the USA

Cincera, Michele; Ravet, Julien - 2010

This paper explores the existence and importance of financing constraints for R&D investments in large EU and US manufacturing companies over the 2000-2007 period. The main results obtained by estimating error-correction equations suggest that the sensitivity of R&D investments to cash flow...

Persistent link: https://www.econbiz.de/10011980362

Financing constraints and employers' investment in training

Brunello, Giorgio; Gereben, Áron; Weiss, Christoph; … - 2020

Using a representative sample of European firms, this paper studies whether and to what extent financing constraints affect employers' decisions to invest in employee training. It combines survey data on investment activities with administrative data on financial statements to develop an index...

Persistent link: https://www.econbiz.de/10012201498

The Euro Area's pandemic recession : a DSGE interpretation

Cardani, Roberta; Croitorov, Olga; Giovannini, Massimo; … - 2021

the lens of an estimated DSGE model. We augment the canonical DSGE set-up with 'forced savings' (lockdowns, social … dominant role of 'lockdown shocks' ('forced savings', labour hoarding) in explaining the quarterly pattern of real GDP growth … impact of persistently higher (precautionary) savings. The initial inflation response has been modest compared to the …

Persistent link: https://www.econbiz.de/10012650032

The determinants of R&D investment : the role of cash flow and capabilities

Bogliacino, Francesco; Cardona, Sebastian Gómez - 2010

In this paper we have estimated a behavioural equation for R&D investment. We assess the impact of liquidity constraints and capabilities, measured respectively as internal cash flow and distance from the technological frontier. Our estimation is performed on an industry level panel covering...

Persistent link: https://www.econbiz.de/10011981937

Sovereign risk and bank risk-taking

Ari, Anil - 2018

I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form expectations about bank risk-taking and demand a...

Persistent link: https://www.econbiz.de/10011978544

What firms don't like about bank loans : new evidence from survey data

Kolev, Atanas; Maurin, Laurent; Ségol, Matthieu - 2019

We use the association between non-financial firms and their banks, an information available in the European Investment Bank Investment Survey (EIBIS), to disentangle the effects of borrowers' and lenders' financial weakness on the satisfaction with the loan contracted. The dataset matches...

Persistent link: https://www.econbiz.de/10012098322

Productivity and finance : the intangible assets channel : a firm level analysis

Demmou, Lilas; Franco, Guido; Stefanescu, Irina - 2020

Using a cross-country firm level panel dataset from 1995 to 2015, this paper revisits the finance–productivity nexus by looking at the role of intangible assets. It argues that due to their specific characteristics, such as valuation uncertainty and lower pledgeability, financing the purchase...

Persistent link: https://www.econbiz.de/10012203268

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