In this paper we investigate whether macroeconomic uncertainty could distort banks’ allocation of loanable funds. To provide a road– map for our empirical investigation, we present a simple framework which demonstrates that lower uncertainty about the return from lending should lead to a more unequal distribution of lending across banks as managers take advantage of more precise knowledge of di...

We examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intranational real exchange rates. Strikingly, we find that while the international real rates taken as a group appear mean reverting, the intranational rates are not. This is consistent with the view that while nominal shocks ...

The paper extends the literature on financial development, inflation, and growth by using the idea that both the rates of return on physical and human capital affect growth. This leads to the introduction of the investment rate into the model, as a proxy for the return to physical capital, along with the inflation rate as a variable affecting the return to human capital. As a result financial d...

Total Factor Productivity (TFP) accounts for a sizable proportion of the income differences across countries. Two challenges remain to researchers aiming to explain these differences: on the one hand, TFP growth is hard to measure empirically; on the other hand, model uncertainty hampers consensus on its key determinants. This paper combines a non-parametric measure of TFP growth with Bayesian ...

Working capital management (WCM) is a critical matter for the growth of firms, especially small and medium-sized manufacturing companies faced with liquidity shortages whose current assets account significant part their investments. These characteristics describe most in fish processing industry. Using sample more than 1050 European during period 2013–2020 applying dynamic panel data methods, t...

This paper implements a reduced form credit default swap (CDS) pricing model. Theoretical prices found are compared with market prices to evaluate the goodness of fit. Theoretical prices and pricing errors are inspected by rating classes, sectors of economic activity and currency denomination of CDS. Pricing errors are analyzed through panel data estimation techniques, to find determinants of p...

In this paper a formal model of the productivity dynamics of manufacturing industries is developed with key features being the absence of optimal decisions and equilibrium coordination, heterogeneity of industries with respect to their innovative ability and cumulativeness of innovations together with the working of spillover effects. From that model the law of motion of the productivity distri...

The paper examines how hospital cost efficiency has reacted to extensive horizontal integrations of hospitals and rapid growth of managed care in the US health care industry. Cost efficiency is estimated by using panel data approaches to relax the assumptions for the hospital effects imposed in earlier studies. The paper shows that higher managed care penetration over time is associated with gr...

I address the spread and wage implications of schooling mismatches, given the possible lack of synchronisation in the education system-labour market relationship. My main contribution is in studying the role of unobserved heterogeneity in the overand under-education phenomena, by drawing on a matched employer-employee panel. I find that the identification of the key parameters is made difficult...

Job Losses and Child Outcomes Based on matched employer-employee data from Norway, we analyze the effects of worker displacement in 1986-1987 on their children’s earnings in 1999-2001. Using displacement of fathers to indicate an exogenous earnings shock we seek to identify whether family resources have a direct effect on children’s economic outcome. As in previous Scandinavian studies, we find...