Europe's financial structure has become strongly bank-based–far more so than in other
economies. We document that an increase in the size of the banking system relative to …

This paper presents an endogenous growth model in which the research activity is financed
by intermediaries that are able to reduce the incidence of researcher's moral hazard. It is …

More transparent firms enjoy better access to finance, and also enable closer scrutiny by tax
authorities and thus face a heavier tax burden, insofar as they are required to report the …

We present an endogenous growth model with two sectors: a real sector where the final
good is produced, and a banking sector that intermediates between savers and firms …

While the literature on debt restructuring usually assumes that banks behave uniformly
towards distressed firms, we demonstrate that banks follow different strategies when they …

Investment has declined in the euro area since the start of the economic and financial crisis,
but this does not mean that there is necessarily an 'investment gap', explains Daniel Gros in …

How much protection should a country's judicial system afford creditors? The answer has far-
reaching implications for the functioning of credit markets, particularly in developing regions …

A drawback of available portfolio credit risk models is that they fail to allow for default risk
dependency across loans other than through common risk factors. Thereby, these models …

This paper compares the repayment performance of farmers and non-farmers who borrow
credit in individual and group-based schemes from formal banks in the Mekong Delta (MD) …

Il ruolo rilevante ricoperto dalla prestazione di garanzie nello svolgimento dell'attività
creditizia costituisce uno degli elementi di maggiore accordo nella letteratura dedicata al …