The Missing Link Between Financial Constraints And Productivity
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The Missing Link Between Financial Constraints And Productivity
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Author : Marialuz Moreno Badia
language : en
Publisher: International Monetary Fund
Release Date : 2009-04-01
The Missing Link Between Financial Constraints And Productivity written by Marialuz Moreno Badia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-01 with Business & Economics categories.
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors.
Getting Globalization Right
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Author : Luigi Paganetto
language : en
Publisher: Springer
Release Date : 2018-09-15
Getting Globalization Right written by Luigi Paganetto and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-15 with Business & Economics categories.
This book presents stimulating new perspectives on three key sets of issues: a fair globalization, the policies that might be adopted in response to protectionist pressures, and sustainable development policies involving G7 and G20 actions to lay the foundations for renewed trust. The individual topics addressed within this framework are wide ranging. Examples include globalization and national inequality, globalization and policies for inclusive growth in developing countries, the sources of controversies regarding trade agreements and their effects, the impact of new U.S. commercial policies on the world trading system, real convergence in the Euro area, and the causes of Brexit. The book comprises a selection of contributions presented at the XXIXth Villa Mondragone International Economic Seminar. In offering contrasting points of view on topics of high current interest, it will appeal to academics, policymakers, and economic experts at institutions.
Oecd Reviews Of Labour Market And Social Policies Estonia 2010
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2010-05-10
Oecd Reviews Of Labour Market And Social Policies Estonia 2010 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-10 with categories.
OECD's comprehensive 2010 review of labour market and social policies in Estonia.
Credit Supply And Productivity Growth
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Author : Francesco Manaresi
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-17
Credit Supply And Productivity Growth written by Francesco Manaresi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-17 with Business & Economics categories.
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Study On Methods To Analyse The Impact Of State Aid On Competition
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Author : Rainer Nitsche
language : en
Publisher:
Release Date : 2006
Study On Methods To Analyse The Impact Of State Aid On Competition written by Rainer Nitsche and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Competition categories.
Debt Capital Markets In China
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Author : Jian Gao
language : en
Publisher: John Wiley & Sons
Release Date : 2011-08-31
Debt Capital Markets In China written by Jian Gao and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-31 with Business & Economics categories.
An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).
Firm Innovation And Productivity In Latin America And The Caribbean
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Author : Inter-American Development Bank
language : en
Publisher: Springer
Release Date : 2016-07-01
Firm Innovation And Productivity In Latin America And The Caribbean written by Inter-American Development Bank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-01 with Business & Economics categories.
This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.
Gaining Productivity
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Author : Jamal Khan
language : en
Publisher: A r a w a k publications
Release Date : 2007
Gaining Productivity written by Jamal Khan and has been published by A r a w a k publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Government productivity categories.
Formal Versus Informal Finance Evidence From China
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Author : Vojislav Maksimovic
language : en
Publisher: World Bank Publications
Release Date : 2008
Formal Versus Informal Finance Evidence From China written by Vojislav Maksimovic and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Access to Finance categories.
Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
How Important Are Financing Constraints The Role Of Finance In The Business Environment
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Author : Meghana Ayyagari
language : en
Publisher: World Bank Publications
Release Date : 2006
How Important Are Financing Constraints The Role Of Finance In The Business Environment written by Meghana Ayyagari and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business enterprises categories.
What role does the business environment play in promoting and restraining firm growth? Recent literature points to a number of factors as obstacles to growth. Inefficient functioning of financial markets, inadequate security and enforcement of property rights, poor provision of infrastructure, inefficient regulation and taxation, and broader governance features such as corruption and macroeconomic stability are discussed without any comparative evidence on their ordering. In this paper, the authors use firm level survey data to present evidence on the relative importance of different features of the business environment. They find that although firms report many obstacles to growth, not all the obstacles are equally constraining. Some affect firm growth only indirectly through their influence on other obstacles, or not at all. Using Directed Acyclic Graph methodology as well as regressions, the authors find that only obstacles related to finance, crime, and political instability directly affect the growth rate of firms. Robustness tests further show that the finance result is the most robust of the three. These results have important policy implications for the priority of reform efforts. They show that maintaining political stability, keeping crime under control, and undertaking financial sector reforms to relax financing constraints are likely to be the most effective routes to promote firm growth.