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Exchange rate volatility and growth in small open economies at the EMU periphery

Schnabl, Gunther - 2007

growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies … important transmission channels from exchange rate stability to more growth. It is argued that fixed exchange rates provide a … accelerating growth. Panel estimations reveal a robust negative relationship between exchange rate volatility and growth for …

Persistent link: https://www.econbiz.de/10011604819

Output growth and fluctuation: the role of financial openness

Popov, Alexander - 2011

I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel … of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative … skewness of the growth process. The increase in output skewness appears to come from a more negatively skewed distribution of …

Persistent link: https://www.econbiz.de/10011605414

Fiscal policy and growth: do financial crises make a difference?

Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010

In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...

Persistent link: https://www.econbiz.de/10011605263

Macroeconomic Rates of Return of Public and Private Investment : Crowding-In and Crowding-Out Effects

Afonso, António; St. Aubyn, Miguel - 2009

Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to assess the extent of crowding-in or crowding-out of both...

Persistent link: https://www.econbiz.de/10014220513

Corporate Debt and Investment : A Firm Level Analysis for Stressed Euro Area Countries

Gebauer, Stefan - 2017

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and...

Persistent link: https://www.econbiz.de/10012947848

Debt Overhang and Investment Eﬃciency

Popov, Alexander A. - 2018

than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time …

Persistent link: https://www.econbiz.de/10012906647

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10012892581

Medium-Term Investment Responses to Activity Shocks : The Role of Corporate Debt

Barrela, Rodrigo; López-García, Paloma; Setzer, Ralph - 2022

This paper analyses the implications of corporate indebtedness for investment following large economic shocks. The empirical analysis is based on a large Orbis-iBACH firm-level data set for euro area countries from 2005 to 2018. Our results suggest that investment of high-debt firms is...

Persistent link: https://www.econbiz.de/10014238400

Market Finance as a Spare Tyre? Corporate Investment and Access to Bank Credit in Europe

Andersson, Malin; Maurin, Laurent; Rusinova, Desislava - 2021

We estimate a FAVAR with Bayesian techniques in order to investigate the impact of loan supply conditions on euro area corporate investment and its financing structure. We identify shocks to overall demand and loan supply with sign and impact restrictions. Although tightened financial conditions...

Persistent link: https://www.econbiz.de/10013324181

Corporate Investment and Bank-Dependent Borrowers During the Recent Financial Crisis

Buca, Andra - 2015

We use the recent financial crisis period to analyse the effect of bank credit tightening on real firm investment. We derive a new set of credit tightening indexes from the ECB Bank Lending Survey. Combining these with annual balance sheet data from Germany, France, Italy, Spain, Belgium and...

Persistent link: https://www.econbiz.de/10013009661