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Uncertainty and the employment dynamics of small and large businesses

Ghosal, Vivek; Ye, Yang - 2015

We examine the impact of uncertainty on employment dynamics. Alternative measures of uncertainty are constructed based on the survey of professional forecasters, and regressionbased forecasting models for GDP growth, inflation, S&P500 stock price index, and fuel prices. Our results indicate that...

Persistent link: https://www.econbiz.de/10010479342

SMEs’ Access to Finance in the Euro Area : What Helps or Hampers?

Öztürk, Bahar - 2014

The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in bank funding costs and borrower leverage matter for...

Persistent link: https://www.econbiz.de/10014411219

External financing dependence and corporate saving in ASEAN5

Li, Xin - 2020

Using firm-level data on ASEAN5, this paper studies the differential effects of macro-financial and structural factors on corporate saving behavior through the lens of external financing dependence. The finding suggests that non-financial corporations in ASEAN5 have been subject to binding...

Persistent link: https://www.econbiz.de/10012392418

Non-financial corporate debt in advanced economies, 2010–17

Almeida, Luiza Antoun de; Tressel, Thierry - 2020

This paper studies the evolution of non-financial corporate debt among publicly listed companies in major advanced economies between 2010 and 2017. Since 2010, firms have started to rely more on corporate bond markets and have used part of their debt to increase their holdings of cash. In our...

Persistent link: https://www.econbiz.de/10012252676

Corporate funding and the COVID-19 crisis

Deghi, Andrea; Seneviratne, Dulani; Tsuruga, Tomohiro; … - 2021

This paper assesses whether corporate liquidity needs in the G7 economies were met during the containment phase of the COVID-19 pandemic (February-June 2020) using various approaches to identify credit supply shocks. The pandemic crisis adversely affected nonfinancial corporate sector cash...

Persistent link: https://www.econbiz.de/10012518978

The COVID-19 impact on corporate leverage and financial fragility

Haque, Sharjil Muktafi; Varghese, Richard - 2021

We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...

Persistent link: https://www.econbiz.de/10012796218

Pouring oil on fire : interest deductibility and corporate debt

Dallari, Pietro; End, Nicolas; Miryugin, Fedor; Tieman, … - 2018

This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage, for both small and medium-sized enterprises and...

Persistent link: https://www.econbiz.de/10011978432

SMEs’ access to finance in the euro area : what helps or hampers?

Öztürk, Bahar; Mrkaic, Mico - 2014

Persistent link: https://www.econbiz.de/10010388731

What role can financial policies play in revitalizing SMEs in Japan?

Lam, W. Raphael; Shin, Jongsoon - 2012

). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high … support measures should be phased out and SME restructuring be accelerated. Efforts are also needed to deepen capital markets …

Persistent link: https://www.econbiz.de/10012671534

SME financial inclusion for sustained growth in the Middle East and Central Asia

Ghassibe, Mishel; Appendino, Maximiliano; Elsadek … - 2019

countries with higher SME financial inclusion exhibit more effective monetary policy transmission and tax collection. Second, we … higher for SMEs. We also obtain evidence of a substantial positive impact on SME employment and labor productivity growth … employment and growth gains from SME financial inclusion, which appear larger in the Middle East and Central Asia than in other …

Persistent link: https://www.econbiz.de/10012103763