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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?

Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - C.E.P.R. Discussion Papers - 2011

We provide evidence on the real effects of credit supply shocks utilizing a new firm-level database from six Latin American countries between 1990 to 2005. Holding creditworthiness constant through foreign currency debt exposure, we compare investment undertaken by domestic exporters to that of...

Persistent link: https://www.econbiz.de/10009275697

Quantifying Productivity Gains from Foreign Investment

Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; … - C.E.P.R. Discussion Papers - 2013

We quantify the causal effect of foreign investment on total factor productivity (tfp) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously controlling...

Persistent link: https://www.econbiz.de/10011084518

Deep Financial Integration and Volatility

Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2010

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset (AMADEUS) from 16 European countries, we construct a measure of ``deep'' financial integration at the regional level based on observations of...

Persistent link: https://www.econbiz.de/10008468519

Financial Integration and Business Cycle Synchronization

Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - C.E.P.R. Discussion Papers - 2009

Standard theory predicts that financial integration leads to a lower degree of business cycle synchronization. Surprisingly, cross-country studies find the opposite. Our contribution is to document the theoretically predicted negative effect of financial integration on business cycle...

Persistent link: https://www.econbiz.de/10005041098

Growth and Entrepreneurship: An Empirical Assessment

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2006

knowledge from the source creating it to the firm actually commercializing the new ideas. In this paper, entrepreneurship is … identified as one such mechanism facilitating the spillover of knowledge. Using a panel of entrepreneurship data for 18 countries …

Persistent link: https://www.econbiz.de/10005792084

The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2004

entrepreneurship as a mechanism that reduces the knowledge filter. A cross-country regression analysis over the period 1981 … entrepreneurship may be an important new approach to promoting economic growth. …

Persistent link: https://www.econbiz.de/10005504210

The Knowledge Spillover Theory of Entrepreneurship

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2005

Contemporary theories of entrepreneurship generally focus on the decision-making context of the individual. The … entrepreneurship literature is that opportunities are exogenous, the most prevalent theory of innovation in the economics literature … suggests that opportunities are endogenous. This paper bridges the gap between the entrepreneurship and economic literature on …

Persistent link: https://www.econbiz.de/10005067475