The paper investigates the determinants of working capital to forecast the future requirement of working capital of BSE-listed top 150 companies in India. The study is conducted by collecting the data of 150 top-performing BSE listed companies for the time period of 2009-2017. The ten firm-level...

Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...

This paper investigates the extent to which corporate cash holdings protect firms from the adverse consequences of shocks to their borrowing cost. It develops a dynamic model of corporate investment and financing decisions subject to real and financial frictions. The calibrated model matches the...

Business credit lags GDP growth by about one year. This contributes to high leverage during recessions and slow deleveraging. We show that a model in which firms use risky long-term debt replicates this slow adjustment of firm debt. In the model, slow-moving debt has important effects for real...

Though most economists agree that monetary policy has significant effects on the real sector in the short run, interest-rate elasticities of macroeconomic aggregates in general are found to be low. Recently, the credit channel has been discussed as an additional channel through which monetary...

In 1867, the "Compromise" between Austria and Hungary laid the foundation of a single currency system with a common central bank. As in today's euroland, each part of the monarchy remained sovereign in fiscal matters. Moreover, the borrowing needs of both parts of the monarchy were quite large,...

Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...

In third generation currency crises models, balance sheet losses from currency depreciations propagate the crises into the real sector of the economy. To test these models, we built a firm-level database that allowed us to measure currency mismatches around the 2002 Brazilian currency crisis. We...

Offshore-Windparks sind eine wichtige Säule für die erfolgreiche Umsetzung der Energiewende. Weltweit boomen der Ausbau und die Entwicklung dieser nachhaltigen Technologien mit unterschiedlichen nationalen Herausforderungen. Allen Projekten ist jedoch gemein, dass mit steigender Tendenz viel...

The sovereign debt crisis led to financial difficulties for European firms and a decline in the use of labour input. We use qualitative firm-level data for 24 European countries, collected within the third wave of the Wage Dynamics Network (WDN3) of the ESCB, to propose a cross-country analysis...