In the aftermath of the international debt crisis of the 1980s reciprocal trade arrangements experienced a resurgence. This paper examines how countertrade can help highly indebted countries to finance imports if they are not able to use standard credit arrangements. It compares the credit...

Difficulties in contract enforcement impede international transactions in the world economy and domestic transactions in transition economies. In Contracts in Trade and Transition, Dalia Marin and Monika Schnitzer explain how barter as an economic institution can facilitate contract enforcement...

In this paper we measure knowledge spillovers arising from venture-capital nanced companies on the patenting activities of other companies and com- pare them to spillovers from established rms. We develop a novel measure to to identify the appropriate spillover pool based on backward citations...

Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information...

This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The...

Recent evidence suggests that despite opening up a country for trade, the productivity gap between developed and emerging economies often does not close. This paper examines credit constraints as one channel held responsible for hampering convergence. Specifically, we extend a Melitz and...

type="main" xml:id="twec12167-abs-0001" <title type="main">Abstract</title> <p>Trade credits are an important financing tool for internationally active firms. This is surprising, as trade credits are generally more expensive than bank credits and thus a costly substitute for bank financing. In this paper, we investigate the...</p>

Moderne Evaluationsmethoden auf der Basis ökonometrischer Verfahren und randomisierter Feldexperimente machen es für immer mehr Politikbereiche möglich, die Wirksamkeit wirtschaftspolitischer Maßnahmen zu überprüfen. Gleichwohl sind diese Methoden in der deutschen Evaluationspraxis nicht...

This paper examines micro-level channels through which financial development can affect such macroeconomic outcomes as level of income. Specifically, we investigate theoretically and empirically how financial constraints affect a firm’s innovation activities. Theoretical predictions are tested...