The development of digital inclusive finance provides new opportunities for the technological innovation of SMEs. In this paper, the New Third Board enterprises were used as research samples, and the two-way fixed-effect model was used for empirical testing. The results show that digital...

To investigate the macroeconomic effects of capital account liberalization, we apply a dynamic general equilibrium model with two production sectors. In contrast to the literature on belief-driven sunspot fluctuations caused by production externalities, our model does not assume any production...

This study examines the role of corporate social responsibility (CSR) activities in a firm’s debt and equity financing decisions. We also examine the effects of CSR on the deb-equity choice for financially constrained and non-constrained firms. We find that high CSR firms tend to use more debt...

We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity of private consumption even as the household sector's debt-to-income ratio...

Using a unique dataset covering the universe of Portuguese firms and their credit situation we show that financially constrained firms are found across the entire firm size distribution, even in the top 1%. Incorporating a richer, empirically supported, productivity process into a standard...

This paper investigates the impact of financial constraints on firms' inventory holdings, an area of significant interest given that inventories are volatile over the business cycle. I use detailed data on Swedish firms' balance sheets, income statements, and credit scores. I employ a regression...

Firms' sensitivities to business cycles differ by size and age. The differences are large: "young and small firms" are more cyclical than large firms, whereas "old and small" firms are closer to acyclical. A heterogeneous-firm model with heterogeneous returns to scale can replicate these...