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Asymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis

Khramov, Vadim - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms'' balance sheets. This paper deepens our understanding of firms'' investment behavior …

Persistent link: https://www.econbiz.de/10014396632

Asymmetric effects of the financial crisis : collateral-based investment-cash flow sensitivity analysis

Khramov, Vadim - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior …

Persistent link: https://www.econbiz.de/10009614528

Revenue implications of destination-based cash-flow taxation

Hebous, Shafik; Klemm, Alexander; Stausholm, Saila - 2019

We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries....

Persistent link: https://www.econbiz.de/10012001493

Corporate tax reform : from income to cash flow taxes

Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, … - 2019

boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects … from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the …

Persistent link: https://www.econbiz.de/10012001561

Macroprudential liquidity stress testing in FSAPs for systemically important financial systems

Jobst, Andreas A.; Ong, Li Lian; Schmieder, Christian - 2017

Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency stress testing. The ability to adequately identify, model and assess the impact of liquidity shocks, which are infrequent but can...

Persistent link: https://www.econbiz.de/10011704407

Demographic changes in Latin America : the good, the bad and …

Acosta Ormaechea, Santiago Leonardo Enrique; … - 2017

The paper develops a simple, integrated methodology to project public pension cash flows and healthcare spending over the long term. We illustrate its features by applying it to the LAC5 (Argentina, Brazil, Chile, Colombia and Mexico), where public spending pressures are expected to increase...

Persistent link: https://www.econbiz.de/10011671097

Foreign Direct Investment in Emerging Markets : Income, Repatriations and Financial Vulnerabillities

Lehmann, Alexander - 2002

Based on U.S. data, the returns on foreign direct investment in emerging markets are shown to be substantially higher …

Persistent link: https://www.econbiz.de/10014399589

Complex Ownership Structures and Corporate Valuations

Laeven, Luc - 2007

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...

Persistent link: https://www.econbiz.de/10014401077

Finance and employment in developing countries : the working capital channel

Dao, Mai; Liu, Lucy Qian - 2017

We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital...

Persistent link: https://www.econbiz.de/10011742739

Farms, fertiliser, and financial frictions : yields from a DSGE model

Walker, Sébastien E. J.; Willems, Tim - 2017

This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between...

Persistent link: https://www.econbiz.de/10011704444