In an environment with asymmetric information regarding the outcome of investment activities, the premium on external funds is dependent upon a borrower's financial characteristics. Consequently, a borrower's need for funds and accessibility to the desired amount is interlinked. Using panel data...

In 2009, the value of France’s national economic wealth fell for the second year running, but at a slower rate than in 2008. The upturn in net financial wealth partly offset the more pronounced contraction in the value of non-financial wealth, which was essentially caused by weaker property...

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...

The sustainable economic growth of companies constitutes a strategic management objective as it is of general interest. The companies’ accrued net worth and their capacity to generate profit result in increased competitiveness. This paper presents a general model to analyze the companies’...

Very nearly 25 years after the fall of the Wall, households in eastern Germany have average assets of 67,400 euros which is less than half of their counterparts in western Germany with average assets of 153,200 euros. In both parts of the country, real estate ownership is quantitatively the most...

Building on recent literature on rural wealth creation, this paper explores the dynamics of household net worth accumulation for residents in metro, nonmetro, and nonmetro-nonadjacent areas and seeks the drivers of differences in rural and urban household wealth and wealth accumulation. Using...

Very nearly 25 years after the fall of the Berlin Wall, households in eastern Germany have an average net worth of 67,400 euros which is less than half that of their counterparts in western Germany with an average net worth of 153,200 euros. In both parts of the country, real estate ownership is...

Standard economics is known to be incapable of integrating the real and the monetary sphere. The ultimate reason is that the whole theoretical edifice is built upon a set of behavioral axioms. Therefore, the formal starting point is moved to structural axioms. This makes it possible to formally...

We provide the first estimate of the level and distribution of global household wealth. Mean assets and debts within countries are measured, partly or wholly, for 39 countries using household balance sheet and survey data centred on the year 2000. Determinants of mean financial assets,...

This discussion paper provides an overview of the analytical indicators used to evaluate fiscal policy in the short, medium and long term. It focuses on their clear definition and their advantages/disadvantages, and accentuates the importance of their clear interpretation. In addition to the...