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Firm Level And Local Labor Market Effects Of A Large Credit Shock
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Book Synopsis The Future of Europe by : Alberto Alesina
Download or read book The Future of Europe written by Alberto Alesina and published by Mit Press. This book was released on 2008 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting the argument which suggests that, unless Europe takes serious action soon, its economic and political decline is unavoidable, this text provides a statement of the steps Europe must take before it's too late.
Book Synopsis Credit Supply and Productivity Growth by : Francesco Manaresi
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.
Book Synopsis Banks, Firms, and Jobs by : Fabio Berton
Download or read book Banks, Firms, and Jobs written by Fabio Berton and published by International Monetary Fund. This book was released on 2017-02-14 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock we construct a firm-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment. This result is concentrated in more levered and less productive firms. Also, the relatively less educated and less skilled workers with temporary contracts are the most affected. Our results are consistent with the cleansing role of financial shocks.
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Book Synopsis Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks by : Ms.Yu Shi
Download or read book Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks written by Ms.Yu Shi and published by International Monetary Fund. This book was released on 2019-05-21 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide empirical evidence to support the channel.
Author :Ms.Mercedes Garcia-Escribano Publisher :International Monetary Fund ISBN 13 :1513581929 Total Pages :24 pages Book Rating :4.5/5 (135 download)
Book Synopsis Credit Expansion in Emerging Markets by : Ms.Mercedes Garcia-Escribano
Download or read book Credit Expansion in Emerging Markets written by Ms.Mercedes Garcia-Escribano and published by International Monetary Fund. This book was released on 2015-09-29 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country panel regressions, we find significant impact of credit growth on real GDP growth, with the magnitude and transmission channel of the impact of credit on real activity depending on the specific type of credit. In particular, the results show that corporate credit shocks influence GDP growth mainly through investment, while consumer credit shocks are associated with private consumption. In addition, taking Brazil as a case study, we use a time series model to examine the role that the expansion and composition of credit played in driving real GDP growth in the past. The results of the case study are consistent with those found in the cross-country panel regressions.
Book Synopsis Financial Markets and the Macroeconomy by : Carl Chiarella
Download or read book Financial Markets and the Macroeconomy written by Carl Chiarella and published by Routledge. This book was released on 2009-06-02 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.
Book Synopsis Labor, Credit, and Goods Markets by : Nicolas Petrosky-Nadeau
Download or read book Labor, Credit, and Goods Markets written by Nicolas Petrosky-Nadeau and published by MIT Press. This book was released on 2017-11-10 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
Book Synopsis What is the Impact of Increased Business Competition? by : Sónia Félix
Download or read book What is the Impact of Increased Business Competition? written by Sónia Félix and published by International Monetary Fund. This book was released on 2019-12-13 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Book Synopsis Stress Test by : Timothy F. Geithner
Download or read book Stress Test written by Timothy F. Geithner and published by Crown. This book was released on 2014-05-12 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: New York Times Bestseller Washington Post Bestseller Los Angeles Times Bestseller Stress Test is the story of Tim Geithner’s education in financial crises. As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won’t be the last. Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss. Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.
Book Synopsis Competition and Firm Productivity by : Sandra Ospina
Download or read book Competition and Firm Productivity written by Sandra Ospina and published by International Monetary Fund. This book was released on 2010-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relationship between our proxies for competition and our measures of productivity. We also find that countries that implemented product-market reforms had a more pronounced increase in competition, and correspondingly, in productivity: the contribution to productivity growth due to competition spurred by product-market reforms is around 12-15 percent.
Book Synopsis A Tale of Two Sectors by : Daniel A Dias
Download or read book A Tale of Two Sectors written by Daniel A Dias and published by International Monetary Fund. This book was released on 2016-11-15 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical studies document that the level of resource misallocation in the service sector is significantly higher than in the manufacturing sector. We quantify the importance of this difference and study its sources. Conservative estimates for Portugal (2008) show that closing this gap, by reducing misallocation in the service sector to manufacturing levels, would boost aggregate gross output by around 12 percent and aggregate value added by around 31 percent. Differences in the effect and size of productivity shocks explain most of the gap in misallocation between manufacturing and services, while the remainder is explained by differences in firm productivity and age distribution. We interpret these results as stemming mainly from higher output price rigidity, greater labor adjustment costs and more informality in the service sector.
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309337852 Total Pages :155 pages Book Rating :4.3/5 (93 download)
Book Synopsis Immigration Policy and the Search for Skilled Workers by : National Academies of Sciences, Engineering, and Medicine
Download or read book Immigration Policy and the Search for Skilled Workers written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-12-29 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market for high-skilled workers is becoming increasingly global, as are the markets for knowledge and ideas. While high-skilled immigrants in the United States represent a much smaller proportion of the workforce than they do in countries such as Australia, Canada, and the United Kingdom, these immigrants have an important role in spurring innovation and economic growth in all countries and filling shortages in the domestic labor supply. This report summarizes the proceedings of a Fall 2014 workshop that focused on how immigration policy can be used to attract and retain foreign talent. Participants compared policies on encouraging migration and retention of skilled workers, attracting qualified foreign students and retaining them post-graduation, and input by states or provinces in immigration policies to add flexibility in countries with regional employment differences, among other topics. They also discussed how immigration policies have changed over time in response to undesired labor market outcomes and whether there was sufficient data to measure those outcomes.
Book Synopsis Brookings Papers on Economic Activity: Fall 2018 by : Janice Eberly
Download or read book Brookings Papers on Economic Activity: Fall 2018 written by Janice Eberly and published by Brookings Institution Press. This book was released on 2019-08-27 with total page 597 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues. Contents: The European Central Bank’s Monetary Policy during Its First 20 Years, Philipp Hartmann and Frank Smets Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia, Emmanuel Farhi and François Gourio The Real Effects of Disrupted Credit: Evidence from the Global Financial Crisis, Ben S. Bernanke The Cyclical Sensitivity in Estimates of Potential Output, Olivier Coibion, Yuriy Gorodnichenko, and Mauricio Ulate Should the Federal Reserve Regularly Evaluate Its Monetary Policy Framework?, Jeff Fuhrer, Giovanni P. Olivei, Eric S. Rosengren, and Geoffrey M.B. Tootell Monetary Policy at the Effective Lower Bound: Less Potent? More International? More Sticky?, Kristin Forbes The Efficacy of Large-Scale Asset Purchases When the Short-Term Interest Rate Is at Its Effective Lower Bound, James D. Hamilton The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates, Eric T. Swanson Comments on Monetary Policy at the Effective Lower Bound, Janet Yellen
