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Unconventional monetary policy and productivity : evidence on the risk-seeking channel from us corporate bond markets
Albrizio, Silvia; Conesa, Marina; Dlugosch, Dennis; … - 2019
We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US … higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate … effect on productivity is a priori unclear. Turning to the real economy, we thus analyse whether this additional access to …
Persistent link: https://www.econbiz.de/10011975741
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Assessment of Investment Projects on the Basis of Production Efficiency
Daskovskiy, Vadim - 2012
Methodologically, the recommended investment project (IP) selection system is distinguished from one in force by: new conception allowing for time factor; evaluating IP efficiency by eventual reproduction results, not by intermediate investment activity results (included is a generalized...
Persistent link: https://www.econbiz.de/10013101098
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Misallocation of Debt and Aggregate Productivity
Kim, Hwagyun; Mathur, Vipul; Shin, Jong Kook; … - 2022
We propose an accounting framework that maps the dispersion of borrowing costs along the debt maturity structure to the misallocation of productive resources. Specif- ically, we decompose the effects of credit misallocation into two distinct channels: limited access to debt finance (scale...
Persistent link: https://www.econbiz.de/10013306569
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Remedial role of financial development in corporate investment amid financing constraints and agency costs
Khan, Muhammad Kaleem; He, Ying; Kaleem, Ahmad; Akram, Umair - In: Journal of business economics and management 19 (2018) 1, pp. 176-191
China. Using a large sample of firm-level financial data and country level economic data over the period 2004-2015, present …
Persistent link: https://www.econbiz.de/10012174741
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Financing Intermediate Inputs and Misallocation : Evidence from China’s Firm-Level Data
Wang, Wenya - 2021
This paper studies the misallocation of intermediate inputs in China’s firm-leveldata, eliminating which would increase … frictions, accountfor 10.8% of China’s gross output misallocation. Value-added gains from reallocatingcapital, labor, and …
Persistent link: https://www.econbiz.de/10013213587
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On the Substitution of Private and Public Capital in Production
An, Zidong - 2019
Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by...
Persistent link: https://www.econbiz.de/10012858388
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Central Banking in Africa : Prospects in a Changing World
Caruana, Jaime - 2013
Governors and senior officials representing some two dozen central banks from Africa and other regions of the world met at the BIS in May 2011 to discuss the monetary policy and financial stability issues facing Africa after the global financial crisis. This volume brings together the background...
Persistent link: https://www.econbiz.de/10013092071
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The Use of Central Banks to Spread Ownership
Turnbull, Shann - 2001
This paper outlines institutional arrangements for achieving accelerated self-financed democratic development with investment, consumption, income and savings increasing together instead of relying on a reduction of consumption to create the savings to finance investment or the need to use...
Persistent link: https://www.econbiz.de/10014127593
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Banks Credit and Productivity Growth
Hassan, Fadi - 2017
between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping … and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We … estimate an extended set of elasticities of bank credit with respect to a series of productivity measures of firms. We focus …
Persistent link: https://www.econbiz.de/10012963911
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Banks credit and productivity growth in the EU
Hassan, Fadi; Di Mauro, Filippo; Ottaviano, Gianmarco I. P. - 2016
between bank credit and firm-level productivity in the context of different financial markets set-ups, we introduce a model of … group of European countries to explore the relation between bank credit and productivity following the main predictions of … the model. We estimate an extended set of elasticities of bank credit with respect to a series of productivity measures of …
Persistent link: https://www.econbiz.de/10011574057