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Who gains from better access to credit? : credit reform and reallocation of resources

Arnold, Jens Matthias; Flach, Lisandra - 2017

Brazil's 2005 bankruptcy law reform strengthened creditor protection, resulting in a substantial acceleration of credit expansion and business investment growth. In this paper, we go beyond average effects and examine to what extent the pro-creditor reform affected the allocation of resources...

Persistent link: https://www.econbiz.de/10011735891

Equity Market Liberalization, Credit Constraints and Income Inequality

Sun, Puyang - 2012

This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...

Persistent link: https://www.econbiz.de/10013106563

International Trade, Multinational Activity, and Corporate Finance

Foley, C. Fritz - 2014

An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of internal capital markets are...

Persistent link: https://www.econbiz.de/10013045319

Intermediated Trade and Credit Constraints : The Case of Firm's Imports

Nucci, Francesco; Pietrovito, Filomena; Pozzolo, Alberto F. - 2021

Growing evidence suggests that a large share of international trade transactions are made through intermediaries and that whether firms use them or not depends on different factors. In this paper, we investigate whether credit constraints introduce a degree of difference among firms in their...

Persistent link: https://www.econbiz.de/10013236215

Financial (Dis)Integration

Kharroubi, Enisse - 2010

foreign lenders consider loans from domestic lenders as firm collateral. This implies that their lending supply is positively … associated with the volume of capital a firm is able to borrow from domestic lenders (collateral effect). On the other hand, the … supply (competition effect). Two different cases are then possible. If foreign lenders are able, in spite of the collateral …

Persistent link: https://www.econbiz.de/10013136634

Quantitative Easing, Collateral Constraints, and Financial Spillovers

Geanakoplos, John - 2018

model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …

Persistent link: https://www.econbiz.de/10012906607