Financial Liberalization and Financing Constraints: Evidence from Panel Data on Emerging Economies

... severe financing constraints before financial liberalization, and face financing constraints of the same order as large firms after financial liberalization In addition, we find some evidence ... empirical work, we consider several, related definitions of financial liberalization Our basic classification of financial liberalization uses the level of the financial liberalization index (FLI) ... impact on the financing constraints of small firms only Since our classification of financial liberalization may suffer from the problem to time liberalization dates we also simply compare financing...

LEGAL SYSTEM AND TRADE CREDIT EVIDENCE FROM INTERNATIONAL DATA

... effect between trade credit and bank credit For example, Bastos and Pindado (2012) used a dataset of 147 firms from Argentina, Brazil and Turkey in 1999 to 2003; and found that trade credit increases ... impact of legal system on trade credit First, I re-estimate equation (1) using alternative measures of trade credit and legal system Table reports the Tobit regression results In columns (1) and (2), ... Ex-colonies only) 19,597 7.463 3.823 17.790 45 Table 3: Patterns of Trade Credit and Legal System Trade Credit Legal System Across Legal Origins Common Law Civil Law Across Sectors Agriculture Manufacturing...

LEGAL SYSTEM AND TRADE CREDIT EVIDENCE FROM INTERNATIONAL DATA

Credit channel, trade credit channel, and inventory investment: evidence from a panel of UK firms pot

... firm-years rather than simply firms See Carpenter and Guariglia (2003), Bond and Meghir (1994), Kaplan and Zingales (1997), Guariglia and Schiantarelli (1998), and Guariglia (2000) for a similar approach ... differentiating the effects of the latter variable across small firm-years making a low use of trade credit; small firm- years making a high use of trade credit; large firmyears making a low use of trade ... Atanasova, C and Wilson, N (2001) ‘Borrowing constraints and the demand for trade credit: evidence from UK panel data.’ Mimeo, Credit Management Research Centre, University of Leeds 22 Atanasova,...

Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya∗ ppt

... combine experimental and survey evidence from India and Indonesia to argue that the demand for bank savings accounts is not constrained by lack of ﬁnancial literacy, but rather by high prices ratio ... oﬀer insurance in case of a funeral or other catastrophic events (Dupas and Robinson, 2012) Finally, while bank savings are made individually, ROSCA contributions are made in a group The social aspect ... Chaia, Alberto, Aparna Dalal, Tony Goland, Maria Jose Gonzalez, Jonathan Morduch, and Robert Schi (2009) “Half the World is Unbanked.” Financial Access Initiative Framing Note [13] Charness, Gary...

THE DEGREE OF JUDICIAL ENFORCEMENT AND CREDIT MARKETS: EVIDENCE FROM JAPANESE HOUSEHOLD PANEL DATA ppt

... capture the pure impact of the degree of judicial enforcement Finally, our data set allowed us to investigate the impact of the degree of judicial enforcement on the flow (rather than the stock) of ... Fabbri (2002), employ the stock of debt to examine the impact of the degree of judicial enforcement on loan size Most of these studies find the impact of the degree of judicial enforcement to be ... Fabbri and Padula (2004) used data from the 1989, 1995, and 1998 waves of the “Survey of Household Income and Wealth (SHIW)” together with the ISTAT data and found that the ratio of the backlog of...

Environmental regulation and economic competitiveness: Evidence from the textile industry in Vietnam

... impacts The thesis would bring some insights into the environmental legal regulation in Vietnam and the impacts they have on the industry I.1 Research questions The thesis aims to answer the following ... of environment within the Vietnam textile industry - Collecting and studying the Vietnamese environmental policies and standards, especially those applying to the industry The search began with ... for the industrial pollution control III.2 The textile industry in Vietnam III.2.1 Overview of textile- garment industry In Vietnam, Textile- Garment industry is of pivotal value in the overall industrialization...

Tài liệu Resource Mobilization, Financial Liberalization, and Investment: The Case of Some African Countries doc

... restructure the debate on financial liberalization and to articulate the arguments against the financial liberalization theory It puts into focus some of the worries, criticisms and limitations of the financial ... liberalization theory which are important to bear in mind when evaluating the implementation of policies in the context of African countries Total Saving, Financial Saving, and the Leakage The flow of total ... saving and financial saving are identical only in the case of a zero leakage (i.e., L=0) In their flow forms the equations can be interpreted as giving the ‘dynamics’ of the process of financial...

Tài liệu Financial Liberalization and the Capital Account Thailand 1988–1997 doc

... Account and Financial Sector in the early 1990s Liberalization of the Capital Account Liberalization of the Financial System IV Consequences of the Liberalization of the Capital Account and the Financial ... to the Regulatory Regime in the Aftermath of the Liberalization of the Financial System and the Capital Account Financial sector liberalization and the opening of the capital account changed the ... of the total amount of shares sold Source: Bank of Thailand, Financial Institutions and Markets in Thailand, 1998 - 21 - IV Consequences of the Liberalization of the Capital Account and the Financial...

Tài liệu FOREIGN BANK ENTRY AND BUSINESS VOLATILITY: EVIDENCE FROM U.S. STATES AND OTHER COUNTRIES docx

... viewed as foreign, and most states strictly forbid entry by banks from other states until the mid-1970s Even banks from other cities within a state were often blocked from opening branches in other ... resulting from foreign bank entry has been associated with more or less business cycle volatility We approach the topic with mix of theory and evidence from both the U.S states and countries ... López-de-Silanes, and Shleifer, 2002) Bank privatization has been held up, in part, by fear of foreign bankers who, in many cases, are the only, or most likely, buyers In the United States, banks from other states...

Tài liệu Quantitative Easing and Bank Lending: Evidence from Japan ppt

... city banks, regional banks and member banks of the Second Association of Regional Banks (also called Tier II regional banks), long-term credit banks, trust banks and other City banks are major banks ... the sum of “cash and due from banks” and “call loans” under “Assets” on banks’ balance sheets Due from banks include both banks’ reserves at the BOJ and banks’ deposits with other banks The JBA ... Total loans and bank assets in Japan by bank type Bank Type Loans and bills discounted 207.84 Total assets City banks Total number Regional Banks 64 136.00 205.83 Tier II Regional Banks 56 45.96...

Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc

... Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market Abstract This paper estimates the impact of monetary policy actions on bill, note, and bond yields, ... with the effects of Fed policy on bond prices And because the ﬁrst link in the transmission of Federal Reserve policy is from the Fed funds target to other interest rates, the issue is an important ... Kenneth N 1996 The Fed Funds Futures Rate as a Predictor of Federal Reserve Policy Journal of Futures Markets, 16(8), 865–879 Mehra, Yash P 1996 Monetary Policy and Long-Term Interest Rates Federal...

Mental Accounting and Consumer Choice: Evidence from Commodity Price Shocks pot

... gasoline prices and retailer markups documented in Lewis (2011) The primary contribution of this paper is to provide evidence of mental accounting “in the wild.” Most evidence on mental accounting ... models of consumer demand Econometrica 52 (3): 541-561 Heath, Chip and Jack B Soll 1996 Mental budgeting and consumer decisions The Journal of Consumer Research 23(1): 40-52 Heiss, Florian and Viktor ... supply and demand conditions cause an increase in the price of oil, the prices of all three grades of gasoline tend to increase in parallel The psychology of mental accounting predicts that such price...

Parental Education and Child Health: Evidence from China* doc

... low mortality and low growth rates For example, the 1982, 1990 and 2000 population census, and the 1997 and 2001 population and reproductive health surveys PARENTAL EDUCATION AND CHILD HEALTH ... relationship between parental education and child health Most of these studies ﬁnd that parental education level is positively associated with child health, and that maternal education has a stronger ... Youngest child 0–1 year Rural households PARENTAL EDUCATION AND CHILD HEALTH Table Sample means and standard deviations Variables (continued ) All households Youngest child 0–5 years Youngest child...

Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis ppt

... al (2012) Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis 13 dispersion in the beliefs of investors on the probability that certain European countries ... 1% (5% and 10%) Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis 35 7Conclusions This paper analyses the extent to which the sovereign CDS and bond ... valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis 29 The price-discovery metric for the bond and CDS markets, denoted by GGbond and GGCDS, respectively, can then...

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