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  1. Credit rationing and French mature SMEs
    a disequilibrium model (2002-2010)
    Author: Adair, Philippe; Adaskou, Mohamed
    Published: [2019]
    Publisher:  Equipe de recherche sur l'utilisation des données individuelles en lien avec la théorie économique, [Marne-la-Vallée]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 580
    Inter-library loan:
    No inter-library loan
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    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Series of ERUDITE working papers ; no 2019, 02
    Subjects: balanced panel; capital structure; credit rationing; disequilibrium model; France; SME
    Scope: 1 Online-Ressource (circa 17 Seiten)
  2. Does public debt produce a crowding out effect for public investment in the EU?
    Author: Picarelli, Mattia; Vanlaer, Willem; Marneffe, Wim
    Published: 2019
    Publisher:  ESM, Luxembourg

    This paper exploits a panel dataset for 26 EU countries, between 1995 and 2015, to examine the extent to which increased levels of public debt have led to reduced public investment, the so-called 'debt overhang' hypothesis. To address endogeneity... more

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 423
    Inter-library loan:
    No inter-library loan

     

    This paper exploits a panel dataset for 26 EU countries, between 1995 and 2015, to examine the extent to which increased levels of public debt have led to reduced public investment, the so-called 'debt overhang' hypothesis. To address endogeneity concerns, we use an instrumental variable approach based on a GMM estimation. Our results validate the debt overhang hypothesis and remain robust across various estimation techniques. The GMM specification with year dummies indicates that a 1% increase in public debt in the EU brings about a reduction in public investment of 0.03%. Moreover, we find evidence that: 1) the results are mainly driven by high-debt countries; 2) the negative impact of debt on investment is slightly smaller in the Eurozone than in the entire EU; 3) both the stock and flow of public debt play a role in reducing public investment with the impact of the latter that is found to be more profound.

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295085565
    Other identifier:
    Series: Working paper series / European Stability Mechanism ; 36 (2019)
    Subjects: debt overhang; credit rationing; public investment; public debt; euro area; credit; international finance; European Union
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen