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Diskussionspapiere 443 / 2004

Macroeconomic Uncertainty and Firm Leverage

This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non{financial US firms drawn from the COM-PUSTAT quarterly ...

2004| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera

Macroeconomic Uncertainty and Firm Leverage

Chestnut Hill, Mass.: Boston College, Department of Economics, 2004, 23 S.
(Boston College Working Papers in Economics ; 602)
| Christopher F. Baum, Andreas Stephan, Oleksandr Talavera

Trends in Infrastructure Regulation and Financing: International Experience and Case Studies from Germany

Cheltenham [u.a.]: Edward Elgar, 2004, XIV, 295 S. | Christian von Hirschhausen, Thorsten Beckers, Kay Mitusch (Eds.)

Special Issue: Entrepreneurship, Innovation and Growth

London: Carfax, 2004, VI S., S. 161-263
(Industry and Innovation ; 11,3)
| Birgit Soete, Andreas Stephan (Eds.)
Diskussionspapiere 327 / 2003

Mis-Leading Indicators? The Argentinean Currency Crisis

Despite the fact that Argentina has been suffering from recession for years the timing and severity of the recent currency crisis has surprised most observers. This paper analyzes whether the "early warning" or "signals" approach of Kaminsky (1998), Kaminsky/Lizondo/Reinhart (1998) and Kaminsky/Reinhart (1999) could have predicted the Argentinean currency crisis at an earlier point in time. Using a ...

2003| Patricia Alvarez-Plata, Mechthild Schrooten
Externe referierte Aufsätze

The Impact of Fiscal Policy and Deregulation on Shadow Economics in Transition Countries: The Case of Ukraine

A model of Ukrainian shadow economy money demand is estimated that includes new regulatory burden, tax complexity, andsoft-budget constraint variables. This model is analyzed to determine the causes and dynamics of the Ukrainian shadow economy and to assess the effectiveness of state measures undertaken to reduce itssize. The direct tax burden, the broadly defined regulatory burden, the complexity ...

In: Public Choice 114 (2003), 3-4, S. 295-318 | UlrichThießen
Externe referierte Aufsätze

The Political Economy of Intergovernmental Grants

We study the effect of politics on the distribution of intergovernmental grants. We consider a model where local government officials lobby the central government who in turn distributes grants based on the local governments' lobbying efforts. We argue that the marginal costs of lobbying increase with the geographical and "political" distance from the central government capital. Hence, in equilibrium, ...

In: Regional Science & Urban Economics 33 (2003), 2, S. 139-156 | Rainald Borck, Stephanie Owings
Economic Bulletin 5 / 2003

The German Economy in the Spring of 2003

Economic Bulletin 12 / 2003

Latin America after the Argentine Crisis: Diminishing Financial Market Integration

2003| Patricia Alvarez-Plata, Mechthild Schrooten
Weitere Aufsätze

An Investigation into the 1999 Collapse of the Brazilian Real

In: Economia internazionale 56 (2003), 2, S. 193-206 | Omar F. Saqib
738 results, from 691