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Relationship Banking and SMEs: A Theoretical Analysis

Reliable information on small- and medium-sized enterprises (SMEs) is rare and costly for financial intermediaries. Therefore relationship banking is often considered as the appropriate lending technique. In this paper we offer a theoretical model to analyze relationship banking and the pricing behavior of banks in a Bertrand competition framework with monitoring costs. We show that the lack of reliable ...

Why Are Europeans So Tough on Migrants?

Declining Output Volatility in Germany: Impulses, Propagation and the Role of Monetary Policy

The decline in output volatility in Germany is analysed. A lower level of variance in an autoregressive model of output growth can be either due to a change in the structure of the economy (a change in the propagation mechanism) or a reduced error term variance (reduced impulses). In Germany the decline output volatility is due to a decline in the persistence of the growth process. This is in contrast ...

Banking Crises, Regulation, and Growth: The Case of Russia

Recent empirical analyses of the relationship between financial system development and economic growth find that financial system development causes economic growth, is a good predictor of growth and that its impact is relatively large. Moreover, the empirical literature predicts that the adverse effects of banking crises on economic growth will rise in the absence of an adequate response by the government. ...

Intellectual Property Rights in Mexico: Do They Play a Role?

There is little empirical evidence concerning the effects of intellectual property rights (IPR) in technologically advanced developing countries. Complete enumeration of the Mexican maize breeding industry showed that, contrary to the hypothesis that IPR would support innovation, IPR play no role in the industry. IPR theory should be revised to include characteristics of developing countries critical ...

Influence of Paternal Age on the Risk of Spontaneous Abortion

The frequency of chromosomal anomalies in spermatozoa appears to increase with male age. Because these anomalies play a role in the etiology of spontaneous abortion, an influence of paternal age on risk of spontaneous abortion is plausible but not established. The aim was to characterize this influence in a prospective study among 5,121 California women, who as members of a prepaid health plan were ...

Contests for Cooperation: A New Approach in German Innovation Policy

A new approach in German innovation policy organizes contests of proposals for developing innovation networks. Based on an overview of the different programs, we investigate the advantages and problems of such an approach. We find that this type of policy may have a relatively large impact and can, therefore, be regarded as a rather efficient instrument of innovation policy. Compared to conventional ...

Regionalization of Innovation Policy: Introduction to the Special Issue

Modeling Inflation Dynamics in Transition Economies: The Case of Ukraine

This paper explores the dynamics of inflation in Ukraine in a period of relative macroeconomic stability. The analysis of the interrelationship among inflation, money growth, wage growth, and devaluation expectations is based on impulse responses and variance decomposition of a vector autoregression model. We find that changes in devaluation expectations appear to be the most important factor driving ...

Explaining Income Nonresponse: A Case Study by Means of the British Household Panel Study (BHPS)

Many validation studies deal with item nonresponse and measurement error in earning data. In this paper, we explore motives of respondents for the failure to reveal earnings using the British Household Panel Study (BHPS). The BHPS collects socio-economic information of private households in Great Britain. We explain the evolution of income-nonresponse in the BHPS and demonstrate the importance of a ...