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Results 1 - 10
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174
Financial Dependence and Growth
- American Economic Review
, 1998
"... This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Speci cally, we ask whether industrial sectors that are relatively more in need of external nance de ..."
Abstract
-
Cited by 1086 (26 self)
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This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Speci cally, we ask whether industrial sectors that are relatively more in need of external nance
The External Finance Premium and the Macroeconomy: US post-WWII Evidence
- Journal of Economic Dynamics and Control
"... This paper embeds the
nancial accelerator into a medium-scale DSGE model and esti-mates it using Bayesian methods. Incorporation of
nancial frictions enhances the models description of the main macroeconomic aggregates. The
nancial accelerator accounts for approximately ten percent of monetary po ..."
Abstract
-
Cited by 31 (1 self)
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policy transmission. The model-consistent pre-mium for external
nance compares well to observable proxies of the premium, such as the high-yield spread. Fluctuations in the external
nance premium are primarily driven by investment supply and monetary policy shocks. In terms of recession prediction
On the hidden links between �nancing costs and international trade patterns
, 2004
"... This paper investigates whether there is a link between �nancing costs and international trade patterns, and if so, whether this link is determined by the strength of trade and �nancial networks between trading partners. The potential importance of these considerations stems from the fact that appro ..."
Abstract
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that approximately half of world trade is conducted on credit; a supplier gives to its foreign buyer a trade-�nancing loan �nanced by commercial banks on both sides of the transaction. For buyers, especially in developing countries, trade-�nancing loans from foreign suppliers are an essential source of external
1 State of technology, innovation and nance
"... This paper investigates the link between the state of technology and type of nancial contract, in order to understand if innovating rms have an advantage or disadvantage of backwardness. The state of technology is relevant because entrepreneurs and investors have different incentives if a sector is ..."
Abstract
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is at the frontier (so that it can only innovate) or inside the frontier (so it can also imitate). Different incentives have important con-sequences on the type of contract for nancing innovation. The rst nding of this paper is that for a sector at the frontier there externalities if innovation is nanced with equity
Property Rights, Finance, and Reinvestment: Evidence from Chinas Private Enterprises
, 2009
"... The case of China seems to present a counterexample to the liter-ature on economic institutions as its private enterprises have achieved spectacular growth despite poor protection of private properties and di ¢ culties in accessing external
nance. In this study, we address this apparent puzzle by i ..."
Abstract
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The case of China seems to present a counterexample to the liter-ature on economic institutions as its private enterprises have achieved spectacular growth despite poor protection of private properties and di ¢ culties in accessing external
nance. In this study, we address this apparent puzzle
Housing, Credit Market Imperfections, and the Business Cycle
, 2005
"... We study the role of residential housing in
nancing capital investment in a quanti-tative dynamic stochastic general equilibrium framework. Residential housing, though nonproductive, is shown to be important in determining the cost of external
nancing for investment on productive capital. Housing ..."
Abstract
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Cited by 1 (0 self)
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We study the role of residential housing in
nancing capital investment in a quanti-tative dynamic stochastic general equilibrium framework. Residential housing, though nonproductive, is shown to be important in determining the cost of external
nancing for investment on productive capital. Housing
Federal Reserve Bank of Dallas The External Finance Premium and the Macroeconomy: US post-WWII Evidence
, 809
"... The central variable of theories of
nancial frictions-the external
nance premium- is unobservable. This paper distils the external
nance premium from a DSGE model estimated on US macroeconomic data. Within the DSGE framework, movements in the premium can be given an interpretation in terms of sho ..."
Abstract
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The central variable of theories of
nancial frictions-the external
nance premium- is unobservable. This paper distils the external
nance premium from a DSGE model estimated on US macroeconomic data. Within the DSGE framework, movements in the premium can be given an interpretation in terms
Systemic Shocks, Banking Spreads and the External Finance Premium Draft Copy- Not for Circulation or Citation
, 2009
"... In this paper, we study the dynamics of the external
nance premium in an accelerator model of the economy. To better capture the dynamics in
nancial crises, we use features of a regulated banking sector as well as a notion of systemic risk. The model produces an external
nance premium that is an ..."
Abstract
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In this paper, we study the dynamics of the external
nance premium in an accelerator model of the economy. To better capture the dynamics in
nancial crises, we use features of a regulated banking sector as well as a notion of systemic risk. The model produces an external
nance premium
Demand Uncertainty, External Finance and the Business Cycles.¤
, 2002
"... The model presented in this paper addresses a simple,but critical, question: it is possible to generate business cycles without produc-tivity shocks? To answer we use two-sector, two-good model, with agents heterogeneity. Capital is accumulated by each sector with re-sources generated in the corresp ..."
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in the corresponding sector (internal …nance) and borrowing from the other one (external …nance). There is one main result. A dynamic general equilibrium model where the only source of economic ‡uctuations comes from the demand side generates macroe-conomic series consistent with the empirical evidences for the US
Results 1 - 10
of
174
