The Missing Link Between Financial Constraints And Productivity

Author : Marialuz Moreno Badia
Publisher : International Monetary Fund
ISBN 13 : 1451872194
Total Pages : 41 pages
Book Rating : 4.94/5 ( download)

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Download or read book The Missing Link Between Financial Constraints and Productivity written by Marialuz Moreno Badia and published by International Monetary Fund. This book was released on 2009-04-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Veerle Slootmaekers
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.82/5 ( download)

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Download or read book The Missing Link Between Financial Constraints and Productivity written by Veerle Slootmaekers and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Marialuz Moreno Badia
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.37/5 ( download)

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Download or read book IMF Working Papers written by Marialuz Moreno Badia and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Francesco Manaresi
Publisher : International Monetary Fund
ISBN 13 : 1498315917
Total Pages : 75 pages
Book Rating : 4.13/5 ( download)

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Download or read book Credit Supply and Productivity Growth written by Francesco Manaresi and published by International Monetary Fund. This book was released on 2019-05-17 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Luigi Paganetto
Publisher : Springer
ISBN 13 : 3319976923
Total Pages : 288 pages
Book Rating : 4.21/5 ( download)

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Download or read book Getting Globalization Right written by Luigi Paganetto and published by Springer. This book was released on 2018-09-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : On Kit Tam
Publisher : Psychology Press
ISBN 13 : 9780415019712
Total Pages : 220 pages
Book Rating : 4.10/5 ( download)

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Download or read book Financial Reform in China written by On Kit Tam and published by Psychology Press. This book was released on 1995 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's spectacular economic growth has made it the focus of international attention. Financial Reform in China argues that Chinese financial reform has not kept pace with its continuing economic growth. Written by the leading protagonists of China's financial institutions and markets, Financial Reform in China looks at the bottleneck of strict financial regulation which threatens China's continuing economic reform. With increased marketisation and internationalisation, China's financial and monetary system should play a pivotal role in economic reform and development. However, while China's banking and financial organisations still operate under a highly regulated environment shaped by the centrally planned economic system, China's slow financial reform has failed to meet the demands of its more general economic reform.

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264082123
Total Pages : 126 pages
Book Rating : 4.20/5 ( download)

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Download or read book OECD Reviews of Labour Market and Social Policies: Estonia 2010 written by OECD and published by OECD Publishing. This book was released on 2010-05-10 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's comprehensive 2010 review of labour market and social policies in Estonia.

Author : Nina Budina
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4./5 ( download)

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Download or read book Liquidity Constraints and Investment in Transition Economies written by Nina Budina and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness"--Cover.

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.05/5 ( download)

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Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Author : Vojislav Maksimovic
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4./5 ( download)

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Download or read book formal versus informal finance: evidence from china written by Vojislav Maksimovic and published by World Bank Publications. This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.