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on Financial Development and Growth |
| By: | Sheila Jiang; Alessandro Rebucci; Gang Zhang |
| Abstract: | We develop and estimate a new model of endogenous growth in bank efficiency and firm productivity in which banks adopt technology embedded in capital goods produced by entrepreneurs, and agents choose whether to become workers or capital-good-producing entrepreneurs. In this framework, bank efficiency influences firm productivity by affecting agents' occupational choices, while firm productivity affects bank efficiency through the relative price of capital goods. We find that increasing technology adoption in the banking system to the level in the top half of the distribution in the data accelerates the economy's long-term growth from 2% to 2.17%. We also find that empirical evidence based on U.S. bank, metropolitan, and state-level data is consistent with the critical mechanisms of our model. |
| JEL: | G21 O3 O4 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33551 |
| By: | Zakaria Savon (Faculty of Legal, Economic and Social Sciences- Souissi Mohamed V University of Rabat, Morocco) |
| Keywords: | Credit risk, Non-performing loans, Macroeconomic determinants, Morocco |
| Date: | 2025–03–19 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05011828 |
| By: | Martina Halouskov\'a; \v{S}tefan Ly\'ocsa |
| Abstract: | Macroeconomic variables are known to significantly impact equity markets, but their predictive power for price fluctuations has been underexplored due to challenges such as infrequency and variability in timing of announcements, changing market expectations, and the gradual pricing in of news. To address these concerns, we estimate the public's attention and sentiment towards ten scheduled macroeconomic variables using social media, news articles, information consumption data, and a search engine. We use standard and machine-learning methods and show that we are able to improve volatility forecasts for almost all 404 major U.S. stocks in our sample. Models that use sentiment to macroeconomic announcements consistently improve volatility forecasts across all economic sectors, with the greatest improvement of 14.99% on average against the benchmark method - on days of extreme price variation. The magnitude of improvements varies with the data source used to estimate attention and sentiment, and is found within machine-learning models. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.19767 |
| By: | Goran Hristovski (Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje); Kiril Jovanovski (Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje); Gjorgji Gockov (Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje); Elena Naumovska (Ss. Cyril and Methodius University in Skopje, Faculty of Economics - Skopje) |
| Abstract: | This paper presents an empirical analysis of the dynamic relationships between the Macedonian Stock Exchange Index and a set of macroeconomic variables including Gross Domestic Product (GDP), central bank bills interest rate, interest rates on deposits, inflation, and crude oil prices. Utilizing the Autoregressive Distributed Lag (ARDL) approach, we examine the short-term and long-term impacts of these variables on the stock market from Q1 2009 to Q3 2023. Our ARDL Bounds Test results confirm the presence of a cointegrated relationship, indicating that the stock market and macroeconomic variables are mutually influenced over the long term. In the long run, increases in GDP positively impact the Macedonian stock exchange market, while rising central bank interest rates exert a negative effect on the MBI10 index. While, in the short term, only changes in oil prices and the stock index itself are found to have significant impacts on the MBI-10, with the error correction term indicating a swift adjustment to equilibrium after short-term shocks. This study contributes to the literature by providing nuanced insights into the macroeconomic determinants of stock market performance in North Macedonia, offering implications for policymakers and investors regarding the critical factors influencing market dynamics. The findings underscore the importance of economic growth for stock market vitality, the critical role of monetary policy, and the sensitivity of the stock market to oil price volatility, emphasizing the need for strategic economic policies to foster a stable and growth-conducive market environment.The main objective of this study is a systematisation of relevant published scientific papers on green finance and green transition economy published in the renowned scientific databases Scopus and Web of Science. For this purpose, PRISMA guidelines have been applied. Scientific databases were surveyed with the keywords "green finance" and "green transition", with an emphasis on economy and business-related studies. Areas of application of green finance and literature related to green transition are identified and presented, and in this way, trends over the years, publication year, types of documents, and, most importantly, research gaps are illuminated to provide guidelines for future work. |
| Keywords: | Macedonian Stock Exchange Index, Macroeconomic Variables, ARDL Model |
| JEL: | G10 E44 C22 |
| Date: | 2024–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:aoh:conpro:2024:i:5:p:274-286 |
| By: | Hanif, Muhammad |
| Abstract: | Abstract. The study identifies the difference in the long-run risk factors for Conventional Capital Market (CCM) and Islamic Capital Market (ICM) in the post-Shari’ah-screening era in an emerging market. The sample includes macroeconomic variables representing the real sector (industrial production), money market (interest rate), international market (exchange rate) and external sector (exports and workers’ remittances) and two market indexes for 164 Months (01/10–08/23). Johansen cointegration and Granger causality tests are applied to document the evidence. Results support the integration of market indexes with macroeconomic indicators; however, market indexes lack mutual integration in the long run. The integrated group of variables differs slightly for ICM (exchange rate and industrial production) and CCM (industrial production). The real sector activity is reflected in the market, while the monetary sector is missing. The behaviour of the Islamic market is in line with the theory – a reflection of the real sector and lack of integration with interest rates. We recommend three policy actions, including improved facilitation of industrial production, prudent management of exchange rate, and a balanced monetary policy, as theory suggests the usefulness of stock indicators for monetary policymaking. The comparative study on macroeconomic risk factors in an emerging market enhances the understanding of a market with dual indexes, including CCM and ICM. |
| Date: | 2025–03–30 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:24kpt_v1 |
| By: | Klingebiel, Stephan (Ed.); Pérez Pineda, Jorge Antonio (Ed.); Berensmann, Kathrin (Ed.) |
| Abstract: | The United Nations financing for development process, including the Fourth International Conference on Financing for Development (FfD4) in Seville in 2025, is an important building block to foster global cooperation amid the current geopolitical tensions and multiple crises that have led to increased development financing needs on the one hand, and increased spending on the other, with the OECD estimating that the financing gap in funding required for developing countries to achieve the Sustainable Development Goals is $3.9 trillion per year. Against this backdrop, a coordinated international effort is essential to increase the scale and effectiveness of development financing and promote sustainable development globally, particularly in line with the 2030 Agenda. The overarching goal of the FfD process, including FfD4, is to mobilise adequate financial resources for the sustainable development of countries in the Global South, and to design appropriate architectures for development and sustainable finance. The FfD process is unique in that it takes a holistic approach, involving all sources of development finance and all public and private stakeholders. In this respect, the FfD process has an extraordinary convening power. The purpose of this Discussion Paper is to provide meaningful input to the preparatory process of FfD4 by offering insights into key challenges, opportunities and innovative approaches. The paper aims to contribute to the broader dialogue on financing for sustainable development and support informed decision-making for a robust and inclusive development agenda beyond 2030. Topics range from reforms of official development assistance, innovative approaches to private-sector and sustainable finance, and innovative reforms of multilateral development banks. |
| Keywords: | Development finance, Financing for Development, United Nations, Sustainable Development goals (SDGs), Official Development Assistance (ODA), Global South, Sustainable Finance, Multilateral Development Banks |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:diedps:316407 |
| By: | Zhengyang Jiang |
| Abstract: | China’s rising presence in international finance, which has long lagged behind its prominence in international trade, is now reshaping global financial dynamics. Using a large sample of developing countries, this paper documents that countries more reliant on China’s lending are less exposed to the global financial cycle in exchange rates, equity prices, bond yields, and capital flows. These countries were not less exposed before China became a major lender, and trade linkages to China do not explain these results. Since China lends primarily in dollar, the exposure reduction is not through the traditional channel of mitigating currency mismatch. These findings suggest that international lending plays a unique role in insulating developing countries from global shocks, and through this channel U.S. and Chinese policies interact to shape global financial outcomes. |
| JEL: | F34 F42 G15 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33519 |
| By: | Amine Leghrari (Ph, D Student in Economic and Management, Departement of Economic and Management, Laboratory: Economic Sciences and Public Policy, Faculty of Economic and Management, Ibn Tofail University, Morocco); Chakib Jerry (Professor of Mathematics and Statistics at the Faculty of Juridical, Economic and Social Sciences, University of Moulay Ismail, Morocco, Departement of Economic and Management, Laboratory: Economic Sciences and Public Policy, Faculty of Economic and Management, Ibn Tofail University, Morocco); Mounir Jerry (Professor of Mathematics and Statistics at the Faculty of Economics and management, University of Ibn Tofail, Morocco, Departement of Economic and Management, Laboratory: Economic Sciences and Public Policy, Faculty of Economic and Management, Ibn Tofail University, Morocco) |
| Abstract: | This study examines the impact of external public debt on Morocco's economic growth from 1998 to 2022, using gross domestic product (GDP) as the dependent variable. Key explanatory variables include external public debt, gross national savings, external public debt service, and the investment rate. Employing annual time series data, the study adopts advanced econometric techniques such as the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests to assess stationarity, Johansen cointegration to identify long-run relationships, and the Vector Error Correction Model (VECM) to analyze both short-and long-term dynamics. The results show a significant long-run equilibrium relationship between the variables. External public debt and debt servicing negatively affect GDP, highlighting their detrimental impact on Morocco's economy. Conversely, gross national savings and the investment rate show potential for positive growth contributions. These findings align with global evidence and emphasize the critical need for effective external debt management. To enhance growth, policymakers should focus on optimizing debt allocation toward productive investments, diversifying exports to bolster foreign exchange reserves, and encouraging domestic savings to reduce external borrowing reliance. This study provides valuable insights into debt sustainability challenges and contributes to the discourse on public finance strategies for developing economies like Morocco. |
| Keywords: | Economic Growth Gross Domestic Product External Debt Public External Debt Public Service VECM Johansen Cointegration approach Morocco, Economic Growth, Gross Domestic Product, External Debt Public, External Debt Public Service, VECM, Johansen Cointegration approach, Morocco |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05021290 |
| By: | Engelbert Stockhammer |
| Abstract: | One of Tom Palley’s many contributions has been on developing Minsky’s theory of financial cycles and propose empirical tests for cycles with a central role for household debt (Palley 1994, 2011). Minsky developed a rich theoretical argument, but there is no canonical Minsky model. One feature that sets Minsky’s approach apart from mainstream models of financial instability is that it features endogenous cycles. Such models need an overshooting and a dampening force. Most of Minsky’s original writings were centered on business debt, with investment as the overshooting and business debt as the dampening force. In the Global Financial Crisis, however, household debt played the key role. This paper suggests that Minksy models can be grouped along two axes: whether the core cycle mechanisms is a real expenditures-debt interaction cycle or a speculative asset price cycle; and whether the indebted sector is businesses or households. Thus there are types of Minsky models. After reviewing empirical evidence the paper concludes that two are empirically particularly relevant: first, corporate debt seems to follow business investment-business debt interaction cycle; second for household debt speculative house price dynamics are the key driver and momentum trader-fundamentalist models help to understand these housing cycles. |
| Keywords: | financial cycles, Minsky models, household debt, house price cycles |
| JEL: | E12 E50 G01 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2513 |
| By: | Rudiger von Arnim; Luis Felipe Eick |
| Abstract: | Barbosa-Filho and Taylor (2006) propose a theoretical model with the Goodwin mechanism (profit-led economic activity and profit-squeeze distribution of income) that generates the Goodwin pattern (a counter-clockwise cycle in activity-labor share space), which fits data well. Stockhammer and Michell (2017) investigate a three-dimensional model in output, labor share and firms' debt, and demonstrate that the inclusion of the financial linkage produces the Goodwin pattern in simulations even if demand is not profit-led (or weakly wage-led). This paper extends neo-Goodwinian theory to include the valuation ratio q. In two different models, we corroborate that the Goodwin pattern can indeed arise in simulations without profit-led demand when a financial linkage is present. Further, the Keynesian distributive cycle theory we build on clearly distinguishes between short run (usually profit-led) cycles, and a long run (potentially wage-led) steady state. In the two models discussed here, redistribution has no steady state effects. |
| Keywords: | Goodwinian theory; cyclical growth, growth and distribution. JEL Classification: E12, E25, E32, J50. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:uta:papers:2025-02 |
| By: | Sara A. Safari; Maximilian Janisch; Thomas Leh\'ericy |
| Abstract: | In the theory of financial markets, a stylized fact is a qualitative summary of a pattern in financial market data that is observed across multiple assets, asset classes and time horizons. In this article, we test a set of eleven stylized facts for financial market data. Our main contribution is to consider a broad range of geographical regions across Asia, continental Europe, and the US over a time period of 150 years, as well as two of the most traded cryptocurrencies, thus providing insights into the robustness and generalizability of commonly known stylized facts. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.08611 |
| By: | Hoang-Anh Le; Xuan Vinh Vo |
| Abstract: | This paper investigates cross-border lending behavior from the Group of Seven (G7) during the 2001-2013 period. We employ gravity model to consider how bilateral factors, global factors, and other determinants of pull factors affect cross -border lending . The empirical results demonstrate that driving factors for cross-border lending have been changing since the 2008 Global Financial Crisis . Particularly , continent variable has more significant correlation with cross-border claims during the post-crisis period, while distance variable becomes less important during that time than it was in the pre-crisis period. Additionally , higher lending claims is more likely related to common language after the financial crisis. Moreover, the role of pull factors, except the size of borrowing economies, is not significant in explaining cross-border banking activities since GFC. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.12490 |
| By: | Raphael Auer; Ulf Lewrick; Jan Paulick |
| Abstract: | We investigate trends and drivers of cross-border flows of the two major native cryptoassets (Bitcoin and Ether) and the two major asset-backed stablecoins (Tether and USD Coin) between 184 countries from 2017 to 2024. These flows are substantial, peaking at around USD 2.6 trillion in 2021, with stablecoins accounting for close to half the volume. The unique bilateral data allow us to estimate the drivers of these flows in a gravity framework, and how they differ across different types of crypto assets. Our findings highlight speculative motives and global funding conditions as key drivers of native crypto asset flows. Transactional motives play a significant role in cross-border flows for stablecoins and low-value Bitcoin transactions, where we further find a strong association with higher costs of traditional remittances. Geographic barriers play a diminished role compared to traditional financial flows, and capital flow management measures appear ineffective. |
| Keywords: | cryptocurrency, payments, cross-border flows, blockchain, decentralised finance, capital flow management, Bitcoin, Ether, USD Coin, Tether, stablecoins, remittances |
| JEL: | F24 F32 F38 G15 G23 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1265 |
| By: | Hassan, Wesam Adel |
| Abstract: | This article examines cryptocurrency trading in Turkey, focusing on the ‘gamblification’ of this emerging market. Based on 18 months of ethnographic research (2021-2022) conducted during an economic crisis exacerbated by the COVID-19 pandemic, the research reveals how Turks engaged with cryptocurrencies are considering the structural parallels between trading and gambling. The article also incorporates the perspective of Turkey's Directorate for Religious Affairs (Diyanet), which has declared cryptocurrency trading impermissible, highlighting the tension between contemporary financial practices and traditional Islamic frameworks. The article links the perception of cryptocurrency trading as a modern game of chance, as articulated by research participants, to Turkey's economic instability and their technological shift from traditional state-regulated games of chance (lotteries, betting on sports, and horse racing) to cryptocurrency trading. My ethnographic method brings new empirical data and qualitative analysis to understand the cultural and religious dynamics shaping this emergent financial phenomenon in the under-studied context of Turkey. I argue that cryptocurrency adoption in Turkey is driven by more than economic necessity; it reflects a cultural transformation valuing modernity and innovation. Many Turks view cryptocurrency as a viable alternative to traditional financial systems and a representation of the future of money. This shift signifies a departure from conventional monetary practices and reflects a collective idealisation of the future of finance. The article thus illuminates how Turkish individuals navigate risk and speculation during economic crises, demonstrating their adaptability in engaging with non-monetary financial markets. |
| Keywords: | cryptocurrency; gambling; Turkey; trading; Islam |
| JEL: | F3 G3 J1 |
| Date: | 2025–03–24 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127631 |
| By: | António Afonso; M. Carmen Blanco-Arana |
| Abstract: | This paper assesses the impact of the regulatory environment on the new business creation in 45 Least Developed Countries (LDC) using a panel data from 2000 to 2021. Empirical evidence, derived from a fixed effects (FE) model, indicates a strong relationship between business regulation and new business creation in LDC. This suggests that the regulatory framework of a country is a crucial factor that influences entrepreneurial decisions and can significantly contribute to economic growth. The overall economic situation of a country also has a positive and significant impact. Additionally, factors such as accessibility to financial services, political stability, control of corruption, and economic freedom clearly affect the establishment of new businesses in these countries. Similar results are obtained using the Generalised Method of Moments (GMM) estimator, through the use of a dynamic panel data approach. Finally, business regulation is also strongly associated with new business creation in OECD countries. |
| Keywords: | new business, regulatory environment, FE, GMM, panel data, LDC. |
| JEL: | M20 G18 C23 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11838 |
| By: | Alicia Robb; Adji Fatou Diagne |
| Abstract: | Understanding the dynamics of startup businesses' growth, exit, and survival is crucial for fostering entrepreneurship. Among the nearly 30 million registered businesses in the United States, fewer than six million have employees beyond the business owners. This research addresses the gap in understanding which companies transition to employer businesses and the mechanisms behind this process. Job creation remains a critical concern for policymakers, researchers, and advocacy groups. This study aims to illuminate the transition from non-employer businesses to employer businesses and explore job creation by new startups. Leveraging newly available microdata from the U.S. Census Bureau, we seek to gain deeper insights into firm survival, job creation by startups, and the transition from non-employer to employer status. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:25-26 |
| By: | Dominic Russel; Claire Shi; Rowan Clarke |
| Abstract: | We use transaction-level data from a major payment processor in South Africa to study revenue-based financing for small businesses provided by financial technology (fintech) companies. After eight months, payments through the selected processor are 16% lower for businesses that take financing offers than for observably similar non-takers, due to businesses hiding revenue to avoid repayments (moral hazard) and the tendency for riskier businesses to seek financing more frequently (adverse selection). Two natural experiments suggest that fintech platforms non-lending interactions with small businesses for example, payment processing and inventory management can limit both hiding and selection. By tying repayment to the continued use of non-lending products, fintechs can reduce enforcement and monitoring frictions. Our results help explain the rise of fintech-provided revenue-based financing and provide evidence for policymakers looking to increase financial inclusion and boost the growth of firms, particularly in developing economies. |
| Date: | 2025–05–13 |
| URL: | https://d.repec.org/n?u=RePEc:rbz:wpaper:11078 |
| By: | Jennie Ebihara; Ryuichiro Izumi (Department of Economics, Wesleyan University) |
| Abstract: | We study how the speed of withdrawals affects bank fragility by examining two dimensions: unpredictability in outflows and frictions in the timing of policy intervention. We extend Ennis and Keister (2009) by introducing uncertainty into the policymaker’s ex-post suspension problem. When withdrawals are more unpredictable, the policymaker intervenes earlier, making the bank less fragile. In contrast, the frequency of intervention opportunities may have a non-monotonic effect: a modest decrease delays suspension and increases fragility, but when opportunities become sufficiently infrequent, the authority suspends earlier to avoid costly delays. |
| Keywords: | Fast bank runs, Suspensions, Ex-post optimal intervention |
| JEL: | G21 G28 E58 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:wes:weswpa:2025-004 |
| By: | Isabel Gödl-Hanisch; Jordan Pandolfo |
| Abstract: | We provide empirical evidence on banks’ market power in financial services and its implications for monetary policy transmission through deposit rates. Banks with market power in financial services charge higher fees for their service and also offer lower deposit rates with less pass-through from monetary policy. We argue that this is the result of product tying: consumers must open a deposit account to access a bank’s financial services. We develop and calibrate a quantitative model of the U.S. banking industry where banks generate non-interest income from services in addition to a standard loan-deposit model. Counterfactuals emphasize the importance of non-interest income for credit supply, financial stability, and deposit pricing. |
| Keywords: | monetary policy, banks, pass-through, market power, product tying. |
| JEL: | D43 E44 E52 G21 G51 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11847 |
| By: | Takagi, Shinji |
| Abstract: | The paper uses the panel data methodology to reassess the scholarly consensus in the economic history literature ("silver-standard myth") that attributes Japan's export boom of the late nineteenth century to the country's fortuitous adoption of the silver standard. The paper, based on the annual panel data of Japanese trade flows with five gold- and five silver-standard countries for 1885-97, finds that the growth of exports was consistently higher for silver- than for gold-standard destinations (though the difference was statistically not significant), refuting the near-consensus view that the falling relative price of silver stimulated exports to gold-standard countries. This finding should be both logical and intuitive. First, given the higher rate of inflation in Japan, the yen's real exchange rate did not depreciate during the silver-standard era. Second, Japan, as a small open economy, was a price-taker in world markets. The expansion of Japanese exports can best be understood as resulting from Japan's increased capacity to produce goods, a surplus of which the country was able to sell at given world prices. |
| Keywords: | silver standard, Japan and the silver standard, early industrialization in Japan, impact of the silver standard on Japanese trade |
| JEL: | F33 E42 N15 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:agi:wpaper:02000146 |
| By: | Sissoko, Carolyn; Ishizu, Mina |
| Abstract: | This paper contributes to the understanding of the complex relationship between British economic performance during the Napoleonic wars and the ‘West Indies’, as the Caribbean slave colonies were called. Not only did profits from slave‐based commerce provide financing for the growth of the financial sector, as has been claimed, but the risk of financial instability created by the financial sector's investment in and exposure to the Caribbean slave economies made it necessary for the government – and the Bank of England – to support this trade. The Bank of England archival records demonstrate that the Bank developed lending facilities specifically for the purpose of supporting West India merchants through the financial crises of the 1790s and the first decades of the nineteenth century. Not only did the Bank engage in unconventional lending, explicitly providing loans of more than a year, but the Bank also made innovative crisis loans, both accepting goods as collateral and providing large loans that were protected by extensive third‐party guarantees. Furthermore, the 1799 loan is a documented instance of the Bank accepting consols as collateral for crisis lending. These innovations made it possible for the Bank to act alongside the government in supporting the West India merchants through the Napoleonic wars and may have been influenced by the growing number of directors of the Bank who were themselves West India merchants. |
| Keywords: | slave trade; Bank of England; banking crises; West India merchants; creative lending techniques |
| JEL: | N0 |
| Date: | 2025–03–06 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126278 |
| By: | Take, Gunnar |
| Abstract: | The purpose of this paper is to revive the historical research on the GDR's savings banks. It argues that socialist banks were interesting intermediary organizations which have so far been largely overlooked by financial, economic, and social historians. Hence, sources produced by the socialist banking apparatus have not received enough attention in comparison to their potential. The main part comprises six chapters which give extensive suggestions about topics worthy of future research regarding 1) personnel and organization of savings banks, 2) their role as part of the dictatorial regime, 3) saving and hoarding, 4) lending, 5) international contacts and comparisons, and 6) deviant behavior and self-portrayals. These ideas include the contributions of savings banks towards socialist state building and crisis management, the temporary existence of anonymous accounts in an apparent contradiction to Socialist propaganda, the use of lending as an instrument to influence consumption patterns and many more. In each case, an outline of the relevant state of research is given and archive collections or published sources are recommended. Part III contains a survey of German archives from the federal to the local level which contain relevant source material, particularly the historical archives of the East German savings banks and of their association. |
| Keywords: | Bank History, History of Financial Institutions, Socialism, Savings Banks, GDR, Archives, Sources |
| JEL: | E21 G21 N24 P21 P34 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ibfpps:316697 |
| By: | Andrea Lanteri; Adriano A. Rampini |
| Abstract: | We analyze the adoption of clean technology by heterogeneous firms subject to financing constraints. In the model, capital goods differ in terms of their energy needs and age. In equilibrium, cleaner and newer capital requires more financial resources. Therefore, financial constraints induce an endogenous pattern in clean technology adoption: Financially constrained, smaller firms optimally invest in dirtier and older capital than unconstrained, larger firms. The model is consistent with the empirical patterns of technology adoption we document using data on commercial shipping fleets. We use a calibrated version of our model to simulate the aggregate transition dynamics to cleaner technology. |
| JEL: | E22 G31 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33545 |