Financial Fragility, Patterns of Firms' Entry and Exit and Aggregate Dynamics PDF Download
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Author: Domenico Delli Gatti
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: Domenico Delli Gatti
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
Get Book Here
Book Description
Author: Domenico Delli Gatti
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this paper, extending the framework originally put forward by Greenwaldand Stiglitz (1988, 1990, 1993), we have developed a theoretical framework in which the financial conditions affect the capital accumulation decisions of the firm. In contrast to Greenwald and Stiglitz we allow for an unconstrained turnover of firms. In particular we will allow for an endogenously determined flow of exiting firms (through bankruptcy) and a stochastic flow of entrant firms.This entry-exit process will affect the dynamics of the distribution of firms which are differentiated by the equity ratio,i.e. the ratio of net worth to the capital stock. Aggregate variables (the capital stock, the equity base and aggregate output) can be interpreted as the outcome of a dynamic process which involves persistent financial heterogeneity and firms' turnover. It turns out that changes in financial conditions play an important role in determining output fluctuations. The ratio of financially fragile (Ponzi and speculative) firms to hedge units increases during the ascending phase of the business cycle as predicted in Minsky's financial instability hypothesis. We may also note that the entry and exit rates are strongly correlated, a prediction which is broadly consistent with the empirical evidence for advanced market economies.
Author: Roberto Veneziani
Publisher: John Wiley & Sons
ISBN: 111948331X
Category : Political Science
Languages : en
Pages : 500
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Book Description
Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics
Author: Vivek Ghosal
Publisher: International Monetary Fund
ISBN: 1498356176
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
We examine the impact of uncertainty on employment dynamics. Alternative measures of uncertainty are constructed based on the survey of professional forecasters, and regressionbased forecasting models for GDP growth, inflation, S&P500 stock price index, and fuel prices. Our results indicate that greater uncertainty has a negative impact on growth of employment, and the effects are primarily felt by the relatively smaller businesses; the impact on large businesses are generally non-existent or weaker. Our results suggest that to truly understand the effects of uncertainty on employment dynamics, we need to focus on the relatively smaller and entrepreneurial businesses. We discuss implications for the framing of economic policy.
Author: Nguyen Ngoc Thach
Publisher: Springer Nature
ISBN: 3031591100
Category :
Languages : en
Pages : 724
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Book Description
Author: Robin Cowan
Publisher: Springer Science & Business Media
ISBN: 3642556515
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
Author: Cyrille Bertelle
Publisher: Springer Science & Business Media
ISBN: 3540880739
Category : Technology & Engineering
Languages : en
Pages : 233
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Book Description
This book, the outcome of a workshop meeting within ESM 2006, explores the use of emergent computing and self-organization modeling within various applications of complex systems.
Author: Sauro Longhi
Publisher: Springer Nature
ISBN: 3030338797
Category : Science
Languages : en
Pages : 212
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Book Description
The book describes significant multidisciplinary research findings at the Università Politecnica delle Marche and the expected future advances. It addresses some of the most dramatic challenges posed by today’s fast-growing, global society and the changes it has caused, while also discussing solutions to improve the wellbeing of human beings. The book covers the main research achievements made in the social sciences and humanities, and includes chapters that focus on understanding mechanisms that are relevant to all aspects of economic and social interactions among individuals. In line with Giorgio Fuà’s contribution, the interdisciplinary research being pursued at the Faculty of Economics of Università Politecnica delle Marche is aimed at interpreting the process of economic development in all of its facets, both at the national and local level, with a particular focus on profit and non-profit organizations. Various disciplines are covered, from economics to sociology, history, statistics, mathematics, law, accounting, finance and management.
Author: Dunhong Jin
Publisher: International Monetary Fund
ISBN: 1513519492
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Author: Sónia Félix
Publisher: International Monetary Fund
ISBN: 1513521519
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.
