We have investigated the influence of fiscal instruments, notably taxes on income and government spending, on household consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used dynamic panel models and the GMM approach for...

Informed investors have been shown to break up their larger trades into smaller trades in order to disguise their information. This study considers informed trading strategies when investors face borrowing constraints. Borrowing constraints may induce more intense trading and increase the use of...

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...

This paper studies the long-lasting effect of a credit supply shock on firms’ economic activity and labour force composition. Using a novel matched bank-employeremployee dataset from Denmark covering 2000 to 2016, I exploit differences in bank exposure to the freeze of the international...