tional transmission mechanism in the context of a two-country general equilibrium model. I incorporate realistic frictions with respect to the external financing of investment, and I calibrate these frictions to reflect important differences in lending institutions between developed and developing economies. To overcome these frictions, the paper focuses, in particular, on the role of leverage ...

The innovation of supply chain financial services can alleviate the plight of SMEs financing difficulties. In the aspect of supply chain finance model, there is a credit guarantee financing model, which is different from the simple external financing and internal financing mode of supply chain. Based on this, this paper studies the decision-making of supply chain finance under the partial credi...

BACKGROUND National health accounts provide useful information to understand the functioning of a health financing system. This article attempts to present a profile of the health system financing in Malawi using data from NHA. It specifically attempts to document the health financing situation in the country and proposes recommendations relevant for developing a comprehensive health financing ...

Asset values often fall sharply once assets are placed outside of the …rm. When this happens, investors have fewer incentives to enforce their right to liquidate or reorganize the …rm. Instead, they may allow an underperforming business to continue and may even re…nance it under its current management. The problem that this creates is that …rm insiders then have fewer incentives to implement va...

For several decades, International development and financing institutions have considered gross national income (GNI) the economic touchstone for assessing and evaluating countries’ eligibility for development assistance. TheWorld Bank first developed the metric in 1960s as the basis for decisions on concessional financing through International Development Association (IDA). Since its establish...

1.1 Systemic barriers to growth in the socialist 6 countries in the 1970s 1.2 Growing need for reform and the Hungarian experience 8 1.3 Systemic reforms vs. external financing.

The influential papers on the effect of credit constraints on growth and international trade (Rajan and Zingales, 1998; Manova, 2013) tend to assume that asset tangibility and the share of external borrowing are exogenous industry characteristics, which are timeand country-invariant. In the finance literature, however, the share of external borrowing is viewed as endogenous and dependent on the...

We propose a dynamic structural corporate model in which firms face imperfect capital markets and frictional product markets. We highlight the importance of the endogeneity of firms’ short-term cash flows and the endogeneity of the marginal value of liquidity in determining the interactions between investment, financing and product price setting decisions. Our primary goal is to develop a finan...

Studies have shown that firm asset growth predicts cross-sectional stock returns. Firms that shrink their assets earn superior returns while firms that substantially expand their assets incur poor returns in the following years. I show that the negative asset growth often implies poor operating performance and a high probability subsequently to be delisted from the exchanges and that the high a...