Political risk represents an important hidden transaction cost that reduces international trade. This paper investigates the claim that German public export credit guarantees (Hermes guarantees) mitigate this friction to trade flows and hence promote exports. We employ an empirical trade gravity...

Ein Universitätssystem verfolgt zwei Ziele: Effizienz und Gerechtigkeit. Effizienz verlangt nach Studiengebühren, die das Netto-Gemeinwohl maximieren. Diese Gemeinwohlvorteile haben zwei Ausprägungen: Wertschöpfungsvorteile und allgemeine gesellschaftliche Vorteile (Kultur- und...

The paper examines the applicability of GDP-linked bonds for the financing of developing countries and emerging markets. GDP-linked bonds are bonds of which the coupon and/or redemption payments are tied to the GDP of the issuing country. The study encompasses a detailed empirical analysis of...

The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our...

We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture untraded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels of...

We analyze linked databases on all Small Business Administration (SBA) loans, on all SBA lenders, and on all U.S. employers to estimate the effects of financial access on employment growth. Our methods combine regressions with matching on firm age, size, industry, year, and employment history,...

This study analyses the relationship between social capital accumulation and the amount of rural credit market contracts of the State of São Paulo, Brazil. The most important definitions of social capital found on literature and the main ways of creation and measure this variable were reported....

Creativity is a new paradigm of development, which connects society in its economic, culture, technological and social aspects at the macro and micro level. Creativity, knowledge and access to information are central points of this paradigm and are considered to be engines of economic growth in...

In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk...

Analyzing a list of all Small Business Administration (SBA) loans in 1991 to 2009 linked with annual information on all U.S. employers from 1976 to 2012, we apply detailed matching and regression methods to estimate the variation in SBA loan effects on job creation and firm survival across firm...