1,721,013 research outputs found
Foreign banks and the dual effect of financial liberalization
No full textIn emerging countries, credit market liberalization is often motivated with
the financial deepening generated by the entry of foreign financial institutions.
However, there is a risk that liberalization may benefit internationally
active, export-oriented businesses at the expense of domestically oriented
ones. This paper models a two-sector economy in which foreign lenders
are more efficient than local lenders at extracting value from internationally
tradable collateral assets. Under some conditions the entry of foreign lenders
eases entrepreneurs’ access to the credit market and raises asset prices and
output, but in other circumstances it reduces the depth of the credit market
and depresses the price of nontradables and output. Liberalization can
have a contractionary impact by inducing a reallocation of credit from the
nontradables to the tradables sector
The Structure of Multiple Credit Relationships: Evidence from U.S. Firms
No full textWhen firms borrow from multiple concentrated creditors such as banks they appear to differentiate their allocation of borrowing. In this paper, we put forward hypotheses for this borrowing pattern based on incomplete contract theories and test them using a sample of small U.S. firms. We find that firms with more valuable and more homogeneous assets differentiate borrowing more sharply across concentrated creditors. Moreover, borrowing differentiation is inversely related to restructuring costs and positively related to firms' informational transparency. The results suggest that the structure of credit relationships is used to discipline creditors and entrepreneurs, especially during corporate reorganizations. Copyright (c) 2010 The Ohio State University.
Fiscal policies and the pandemic. The response of Italy to the Covid-19 crisis
No full textThis paper investigates qualitatively and quantitatively the fiscal policies adopted in Italy in response to the COVID-19 crisis. We assess the rationale of the policies in light of the characterizing features of the business and household sectors and of the state of public budgets. We then evaluate the impact of the policies through a calibrated model of the Italian economy featuring a comprehensive specification of taxes, transfers, and subsidies. The quantitative analysis suggests that the policies reduced the gross domestic product (GDP) impact of the COVID-19 shock by 25 percent at the peak of the crisis. Alternative fiscal stimulus plans tilted toward a larger reduction of corporate taxes, and stronger increases in public expenditures could have achieved a sharper attenuation of the GDP drop but would have been less desirable from a distributive perspective or for the dynamics of public finances
Foreign Lenders and the Real Sector
No full textWe develop a theory of the interaction between the entry of lenders and the real sector. The high liquidation skills of incumbent lenders render them too tough in terminating high-risk/return projects. Being "foreign" to the market, newcomers have lower ability to liquidate than incumbents. This makes them softer in liquidating high-risk/return projects but renders their funding more costly. We show that the entry of lenders and the share of high-risk/return projects can reinforce each other through firms' liquidation values. This interaction dampens the output impact of liquidity shocks. Hence, financial liberalization can enhance stability. Copyright 2007 The Ohio State University.
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Credit markets, relationship lending, and the dynamics of firm entry
No full textWe study the impact of credit relationships on firm entry, and the implications for aggregate investment and output. Exploiting Italian data, we find that relationship-oriented local credit markets feature fewer, larger entrants, and relatively more spinoff entrants. Relationship lending discourages de novo entry when banks’ knowledge is incumbent-specific but promotes knowledge transfers to spinoffs. We explain these patterns in a dynamic general equilibrium model where banks accumulate information in credit relationships and can reuse information when financing entrants. Relationship lending raises output, as the larger investments and the credit reallocation from de novos to spinoffs outweigh the entry slowdown
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Financial Constraints, Firms' Supply Chains and Internationalization
No full textUsing a unique sample of small and medium-sized Italian firms, we investigate the effect of financial constraints on firms’ participation in domestic and international supply chains. We find that firms more exposed to bank credit rationing and with weaker relationships with banks are more likely to participate in supply chains to overcome liquidity shortages. This benefit of supply chains is especially strong when firms establish long-term trading relationships and when they forge ties with large and international trading partners. To control for possible endogeneity of firms’ access to credit, we construct instruments capturing exogenous shocks to the structure of the Italian local banking markets
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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