This paper investigates the effect of real assets as collateral on the economy. I show how credit rationing is mitigated by the exsistence of bad firms whether it is linked to the value of distressed assets. Indeed, when loans are collateralized and firms are credit constrained, the amount...

This paper investigates empirically the role of real assets in credit rationing. The analysis is based on the idea that asset tangibility is inversely related to the probability that a firm will be credit constrained. Indeed, when loans are collateralized, the amount borrowed is determined by...

The qualifying aspect of the ongoing changes in firm growth processes seems to be the increased heterogeneity of size and a trend towards a broader fluctuation in average size. Exogenous factors (market size, demand trends, technological innovations, higher competition) determine a different...

Il paper prende in esame il rapporto tra l’attivita' delle istituzioni locali e i processi dello sviluppo economico, soffermandosi su tre indicatori specifici: 1) la produzione di beni pubblici; 2) la realizzazione di politiche economiche “locali”; 3) la strutturazione di sistemi di...