Recent contributions to the empirical analysis of the relationship between financial system development and economic growth found that an exogenous component of financial system development causes economic growth, is a good predictor of growth and that its growth impact is relatively large. In...

Aufgrund ihrer Nähe zum Konzept kontrafaktischer Kausalität haben nichtparametrische Matchingverfahren in der neueren statistischen und ökonometrischen Literatur zur Kausalanalyse an Bedeutung gewonnen. Vor diesem Hintergrund führt der Beitrag das Rubin Causal Model (RCM) in die...

This paper investigates the effects of macroeconomic volatility on non-financial firms' cash holding behavior. Using an augmented cash buffer-stock model, we demonstrate that an increase in macroeconomic volatility will cause the cross-sectional distribution of firms' cash-to-asset ratios to...

Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...

This paper analyses the effects of activity choices on farm household income and consumption in a war-affected developing country. The study uses household survey data from Mozambique and controls for the endogeneity of activity choices with instrumental variables. War-time activity choices...

This paper examines the impact of children on female wages in the UK using the National Child Development Study. Empirically this involves using an extension of the Roy model, which simultaneously corrects for the endogeneity of labour force participation and fertility. The wage differential...

The paper analyses the effect of class size, which stands proxy for school quality, on early career earnings. Using confidential district level information from the German Socio- Economic Panel (GSOEP), it is demonstrated that class size has no discernible effect on early career earnings. This...

After the collapse in early transition years, saving rates in Eastern European EU-accession countries have recovered strongly. Is private saving in these countries now driven by the same forces as in the EU? A GMM estimator is applied to analyze the determinants of private saving in both country...

We study the location of various film-related services (such as camera rental, casting agencies or pyrotechnic services), the main determinant of interest being the human capital specificity. We show that firms which supply services with a lower firm specificity locate farther away from one...

Using panel data on European regions and applying Analysis of Covariance, our study provides an empirical assessment of the relative importance of national, regional and spatial factors for explaining variations of productivity. Our analysis shows that initial economic conditions or...