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Cherchye, Laurens; Rock, Bram de; Ferrando, Annalisa; … - 2020

We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and...

Persistent link: https://www.econbiz.de/10012241106

Stress scenarios from the tails of historical distributions of macro-financial risk factors in Denmark

Abildgren, Kim - 2013

late 1600s. We focus on the frequency distribution of a range of key macro-financial risk factors that are commonly … historical distributions of macro-financial risk factors might serve as inspiration for design of sensitivity tests and "worst … case" scenarios in risk management and macro stress tests. …

Persistent link: https://www.econbiz.de/10010199517

Follow the money : quantifying domestic effects of foreign bank shocks in the great recession

Cetorelli, Nicola; Goldberg, Linda S. - 2012

Foreign banks pulled signifi cant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the...

Persistent link: https://www.econbiz.de/10009521579

New financing trends in Latin America : an overview of selected issues and policy challenges

Tovar, Camilo Ernesto; Quispe-Agnoli, Myriam - 2008

During the past fifteen years, financial markets in Latin America have experienced a major transformation. This process and its effects on the nature of risks and policy challenges in Latin America were the focus of a May 2007 conference in Mexico City sponsored by the Representative Office for...

Persistent link: https://www.econbiz.de/10003847236

The Financial Assets of Non-Financial Firms

Darmouni, Olivier - 2020

This paper provides new evidence on how the largest nonfinancial firms actively manage the composition of their financial assets. We construct a novel hand-collected panel dataset to document their financial portfolio dynamics. Over the past decade, bond portfolios have grown to be at least as...

Persistent link: https://www.econbiz.de/10012840800

Financial Systems and the Real Economy

Settlements, Bank for International - 2017

The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many...

Persistent link: https://www.econbiz.de/10012959609

Structure of Firms and Access to Financial Markets : The EU Case

Villar Burke, Javier - 2016

This paper explores how the structure of EU non-financial corporation's in terms of size and activity specialisation can influence their financing mix and, particularly, the use of capital markets as a source of funding.Significant differences in the structure and size of firms are observed...

Persistent link: https://www.econbiz.de/10012993195

Inflation risk and the finance-growth nexus

Corhay, Alexandre; Tong, Jincheng - 2021

inflation lead to a wealth transfer across sectors. Higher inflation decreases firms' real liabilities and default risk, which …

Persistent link: https://www.econbiz.de/10012595351

Capital Market Institutions and Venture Capital : Do They Affect Unemployment and Labor Demand?

Fehn, Rainer - 2004

This paper analyses the influence of the capital market on the labour market. Especially the impact of start-up financing on the structure of unemployment is of interest. We use a cross-country panel data analysis to examine how venture capital investment influences disaggregate unemployment. As...

Persistent link: https://www.econbiz.de/10012786080

Financial Covenants and Fire Sales : Fractures in the Leveraged Loan Market

Kundu, Shohini - 2020

Financial institutions constitute an increasingly important cornerstone of capital markets, yet research at the intersection of asset management contracts and asset pricing remains sparse. In this paper, I study how externalities of managerial contracts affect asset prices in the context of...

Persistent link: https://www.econbiz.de/10012834756