Linear Vector Autoregression (VAR) models provide a useful starting point for analysing multivariate relationships between economic variables. They are frequently used for empirical macroeconomic modelling, policy analysis and forecasting. However, linear VAR systems fail to capture non-linear...

Linear Vector Autoregression (VAR) models provide a useful starting point for analysing multivariate relationships between economic variables. They are frequently used for empirical macroeconomic modelling, policy analysis and forecasting. However, linear VAR systems fail to capture non-linear...

I develop a conceptual framework for analyzing the effect of the availability of institutional loans on firms' demand for supplier (trade) finance. I test for the existence of credit constraints and their effect on corporate financing policies. My empirical results support the hypothesis that...

We examine the dynamics of firm's choice of short-term financing between intermediated loans and trade credit. We argue that trade credit facilitates the access to and improves the terms of conventional loans. We model the idea that trade credit is a favorable signal of the creditworthiness of...

We examine the dynamics of firm's short-term financing choice between intermediated loans and trade credit. We argue that for firms with high agency costs, trade credit facilitates the access to and improves the terms of conventional loans. We model the idea that trade credit is a positive...