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  1. Impact of FDI on economic growth
    the role of country income levels and institutional strength
    Autor*in: Baiashvili, Tamar; Gattini, Luca
    Erschienen: January 2020
    Verlag:  European Investment Bank, Luxembourg

    Foreign direct investment (FDI) is generally considered a driving factor to economic growth. Nevertheless, empirical evidence is rather mixed, reporting a positive, neutral, or even negative relationship of FDI with growth. Our investigation... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Foreign direct investment (FDI) is generally considered a driving factor to economic growth. Nevertheless, empirical evidence is rather mixed, reporting a positive, neutral, or even negative relationship of FDI with growth. Our investigation concentrates on the impact of FDI inflows on growth and their effect mediated by income levels and the quality of the institutional environment. Specifically, we focus the interaction between country income levels - including low-, middle- and high-income countries - and FDI. This was not analysed thoroughly in earlier studies. Moreover, we deploy a new perspective to look into the FDI effects on growth mediated by institutional quality whereby we make use of country income levels as the key elements to peer-reference countries. Our study is based on 111 countries, stretching from developed economies to developing and emerging markets starting in 1980. Our estimations make use of panel GMM techniques robust to sample size, instrument proliferation and endogeneity concerns. We find that FDI benefits do not accrue mechanically and evenly across countries. We detect an inverted-U shaped relationship between countries' income levels and the size of FDI impact on growth. Moving from low to middle-income countries the effect gets larger. On the other hand, it diminishes again transitioning to high income countries. Finally yet importantly, we find that absorptive capacity matters in channelling FDI effects. Institutional factors have a mediating positive effect on FDI within country income groups, whereby countries with better-developed institutions relative to their income group peers show a positive impact of FDI on growth.

     
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    Sprache: Englisch
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    ISBN: 9789286145735; 9789286145742
    Weitere Identifier:
    hdl: 10419/214165
    Schriftenreihe: Economics - working papers ; 2020, 02
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. ECB corporate QE and the loan supply to bank-dependent firms
    Autor*in: Betz, Frank; De Santis, Roberto A.
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan... mehr

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    Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan supply in favour of firms that do not have access to bond-based financing. Identification comes from matching bank-dependent firms to their lenders and accounting for the effect of CSPP on banks' activity in the syndicated loan market. In a difference-in-differences setting, we show that credit access improved relatively more for firms borrowing from banks relatively more exposed to CSPP-eligible firms. Unlike in previous studies, this result applies regardless of bank balance sheet quality as measured by Tier 1 and NPL ratios.

     
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    ISBN: 9789289938839
    Weitere Identifier:
    hdl: 10419/208348
    Schriftenreihe: Working paper series / European Central Bank ; no 2314 (September 2019)
    Schlagworte: Geldpolitik; Quantitative Lockerung; Unternehmensanleihe; Kreditgeschäft; Eurozone; EU-Staaten; Corporate Sector Purchase Programme CSPP
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  3. Financing in Georgia
    small and medium enterprises and the private sector
    Autor*in: Conde, Joana; Gattini, Luca
    Erschienen: 2019
    Verlag:  European Investment Bank, Luxembourg

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    ISBN: 9789286143618
    Weitere Identifier:
    hdl: 10419/233932
    Schriftenreihe: Array
    Schlagworte: Unternehmensfinanzierung; KMU; Finanzsektor; Georgien
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  4. How do firms cope with losses from extreme weather events?
    Autor*in: Benincasa, Emanuela; Betz, Frank; Gattini, Luca
    Erschienen: July 2022
    Verlag:  European Investment Bank, Luxembourg

    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either... mehr

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    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either replenish damaged capital or to adapt to climate change, firms hit by extreme weather are more likely to invest in long-term assets. In addition, they are more likely to integrate climate-friendly measures in their production processes. Although these firms have higher needs for bank credit, they are not more likely to be credit constrained than the average firm. Nonetheless, they face higher loan rejection rates and they are more leveraged than otherwise comparable firms. This suggests that climate change has the potential to erode the quality of firm balance sheets over time.

     
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    ISBN: 9789286153730
    Weitere Identifier:
    hdl: 10419/261495
    Schriftenreihe: Economics - working papers ; 2022, 10
    Schlagworte: Physical climate risk; Extreme weather; Access to credit; Corporate investment
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  5. Access to finance in the Middle East and North Africa
    evidence from the 2019 Enterprise Survey
    Autor*in: Akbas, Ozan; Alper, Koray; Benincasa, Emanuela; Betz, Frank; Davradakis, Emmanouil; Gattini, Luca; Kadereit, Till
    Erschienen: [2022]
    Verlag:  European Investment Bank, [Luxembourg]

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    Format: Online
    ISBN: 9789286153228
    Weitere Identifier:
    Schriftenreihe: Economics
    MENA enterprise survey report working papers ; volume 1
    Schlagworte: Credit constraints; financial autarky; crowding out; physical climate risk
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  6. Structural and cyclical determinants of access to finance
    evidence from Egypt
    Autor*in: Betz, Frank; Ravasan, Farshad R.; Weiss, Christoph T.
    Erschienen: 23 Januar 2020
    Verlag:  European Investment Bank, Luxembourg

    Using panel data on Egyptian firms to explore cyclical and structural determinants of access to finance, we find that firms with more educated and more experienced managers are more likely to open a checking account, often a prerequisite for... mehr

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    Using panel data on Egyptian firms to explore cyclical and structural determinants of access to finance, we find that firms with more educated and more experienced managers are more likely to open a checking account, often a prerequisite for obtaining credit. Firms that started operating in the informal sector before registering are less likely to engage with the banking system. Exploiting data on the location of firms and bank branches, we also show that firms located in areas with a greater presence of banks that invest more in government debt are more likely to be credit constrained due to crowding out of the private sector.

     
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    ISBN: 9789286144882; 9789286144875
    Weitere Identifier:
    hdl: 10419/213425
    Schriftenreihe: Economics - working papers ; 2019, 10
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  7. Stochastische Bevölkerungsprognose für West- und Ostdeutschland
    Autor*in: Lipps, Oliver; Betz, Frank
    Erschienen: 2003
    Verlag:  Universitätsbibliothek Mannheim, Mannheim

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  8. Quantifying credit gaps using survey data on discouraged borrowers
    Autor*in: Akbas, Ozan E.; Betz, Frank; Gattini, Luca
    Erschienen: November 2023
    Verlag:  European Investment Bank, Luxembourg

    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a... mehr

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    The credit gap in this study is given by the financing needs of firms that are bankable but discouraged from applying for a loan. To quantify the credit gap, we combine a scoring model that assesses the creditworthiness of discouraged firms with a credit allocation rule. Our study covers 35 emerging markets and developing economies and uses the 2018-2020 EBRD-EIB-World Bank Enterprise Survey. We show that on average discouraged firms are less creditworthy than successful applicants. Nonetheless, the share of bankable discouraged firms is large, suggesting inefficient credit rationing. The baseline results point to an aggregate credit gap of 8.4% of GDP with significant variation across countries. SMEs account for more than two-thirds of the total, reflecting both their contribution to economic activity and the fact that they are more likely to be credit-constrained.

     
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    ISBN: 9789286156212
    Weitere Identifier:
    hdl: 10419/280955
    Auflage/Ausgabe: This Version: 20 September 2023
    Schriftenreihe: Economics - working papers ; 2023, 06
    Schlagworte: credit rationing; discouraged borrowers; firm-level data; EMDEs
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  9. Republic of Belarus
    financial sector review and private sector financing
    Autor*in: Gattini, Luca; Borysko, Sofia
    Erschienen: [2018]
    Verlag:  European Investment Bank, Luxembourg

    The study assesses the macro-financial situation of Belarus. It analyses the Belarus financial sector, with a specific look at the banking sector. Moreover this study explores the private sector financing environment. In particular the study... mehr

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    The study assesses the macro-financial situation of Belarus. It analyses the Belarus financial sector, with a specific look at the banking sector. Moreover this study explores the private sector financing environment. In particular the study investigates the SMEs segment and looks at the needs of the intermediaries that specialize in SME financing. It examines the needs and obstacles of SMEs in getting financing, including their access to finance conditions as well as the institutional environment.

     
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    ISBN: 9789286136443
    Weitere Identifier:
    hdl: 10419/190866
    Schriftenreihe: Economics - regional studies
    Schlagworte: Finanzsektor; Bank; Finanzmarkt; Mikrofinanzierung; Unternehmensfinanzierung; KMU; Belarus
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  10. Stochastic population projection for Germany
    Autor*in: Betz, Frank; Lipps, Oliver
    Erschienen: 2004
    Verlag:  MEA, Mannheim

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    Schriftenreihe: MEA discussion papers ; 59
    Schlagworte: Bevölkerungsprognose; Prognoseverfahren; Stochastischer Prozess; Westdeutsche Bundesländer; Ostdeutschland; Deutschland
    Umfang: 18 S, graph. Darst
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  11. Marx vs. Weber
    does religion affect politics and the economy?
    Autor*in: Basten, Christoph; Betz, Frank
    Erschienen: 2011
    Verlag:  European Central Bank, Frankfurt am Main

    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical quasiexperiment in Western Switzerland, where in the 16th century a so far homogeneous region was split and one part assigned to convert to Protestantism. We find that Reformed Protestantism reduces the fraction of citizens voting for more leisure by 13, and that voting for more redistribution and government intervention by respectively 3 and 11 percentage points. These preferences are found to translate into greater income inequality, but we find no robust effect on average income. - Max Weber ; Culture ; Protestant Work Ethic ; Political Preferences ; Regression Discontinuity Design

     
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    hdl: 10419/153827
    Schriftenreihe: Working paper series / European Central Bank ; 1393
    Umfang: Online-Ressource, (49 S., 2,17 MB)
  12. House price responsiveness of housing investments across major European economies
    Autor*in: Gattini, Luca; Ganoulis, Ioannis
    Erschienen: 2012
    Verlag:  European Central Bank, Frankfurt am Main

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    hdl: 10419/153894
    Schriftenreihe: Working paper series / European Central Bank ; 1461
    Umfang: Online-Ressource (35 S.), graph. Darst.
  13. A global perspective on inflation and propagation channels
    Autor*in: Gattini, Luca; Pill, Huw; Schuknecht, Ludger
    Erschienen: 2012
    Verlag:  European Central Bank, Frankfurt am Main

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    hdl: 10419/153895
    Schriftenreihe: Working paper series / European Central Bank ; 1462
    Umfang: Online-Ressource (40 S.), graph. Darst.
  14. Forecasting and assessing Euro area house prices through the lens of key fundamentals
    Autor*in: Gattini, Luca; Hiebert, Paul
    Erschienen: 2010
    Verlag:  European Central Bank, Frankfurt am Main

    This paper presents a parsimonious model for forecasting and analysing euro area house prices and their interrelations with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces central... mehr

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    This paper presents a parsimonious model for forecasting and analysing euro area house prices and their interrelations with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces central to the determination of euro area house prices in equilibrium and their dynamics: housing investment, real disposable income per capita and a mixed maturity measure of the real interest rate. In addition to house price forecasts using the resulting reduced form equation, a structural decomposition of the system is obtained employing a common trends framework of King, Plosser, Stock, and Watson (1991), which allows for the identification and economic interpretation of permanent and transitory shocks. The main results are twofold. First, the reduced form model tracks closely turning points in house prices when examining out-ofsample one- and two- step ahead forecasts. Moreover, the model suggests that euro area housing was overvalued in recent years, implying a period of stagnation to bring housing valuation back in line with its modelled fundamentals. Second, housing demand and financing cost shocks appear to have contributed strongly to the dynamism in euro area house prices over the sample period. While much of the increase appears to reflect a permanent component, a transitory component has also contributed from 2005 onwards. Specification tests suggest a robustness of the small model to alternative specifications, along with validity of the long-run restrictions. - House price ; forecasting ; vector autoregression

     
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    hdl: 10419/153683
    Schriftenreihe: Working paper series / European Central Bank ; 1249
    Schlagworte: Immobilienpreis; Prognoseverfahren; VAR-Modell; Modellierung; EU-Staaten
    Umfang: Online-Ressource, (48 S., 1,28 MB)
  15. Beyond work ethic
    religion, individual and political preferences
    Autor*in: Basten, Christoph; Betz, Frank
    Erschienen: 2012
    Verlag:  KOF, Zürich

    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure, and for redistribution and intervention in the economy. We use a Fuzzy Spatial Regression Discontinuity Design to exploit a historical... mehr

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure, and for redistribution and intervention in the economy. We use a Fuzzy Spatial Regression Discontinuity Design to exploit a historical quasi-experiment in Western Switzerland, where in the 16th century a hitherto homogeneous region was split and one part assigned to adopt Protestantism. We find that Reformed Protestantism reduces referenda voting for more leisure by 12, for redistribution by 7, and for government intervention by 6 percentage points. These preferences translate into higher per capita income as well as greater income inequality.

     
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    hdl: 10419/80857
    Schriftenreihe: KOF working papers / KOF Swiss Economic Institute, ETH Zurich ; 309
    Schlagworte: Protestantismus; Katholizismus; Regionale Einkommensverteilung; Leistungsmotivation; Freizeitverhalten; Arbeitsethik; Geschichte; Westschweiz; Experiment
    Umfang: Online-Ressource (PDF-Datei: 42 S., 1,09 MB), graph. Darst., Kt.
  16. Collateral regimes and missing job creation in the MENA region
    Autor*in: Betz, Frank; Ravasan, Farshad R.
    Erschienen: 06 July 2016
    Verlag:  European Investment Bank, Luxembourg

    The economies in the Middle East and North Africa have not been able to generate a sufficient number of jobs for a fast growing population. This paper uses data from the MENA Enterprise Survey to investigate the extent to which prevailing collateral... mehr

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    The economies in the Middle East and North Africa have not been able to generate a sufficient number of jobs for a fast growing population. This paper uses data from the MENA Enterprise Survey to investigate the extent to which prevailing collateral practices affect the allocation of credit and firms' ability to expand and create jobs. Using matched bank-firm data to recover banks' collateral policies and exploiting data on the location of firms and bank branches, the paper aggregates the estimated collateral policies into branch-weighted indices that represent collateral practices at the local level. We find that less stringent collateral regimes are conducive to employment growth. Young firms in particular benefit from lower collateral ratios, while a greater willingness to accept movables benefits both young and old firms.

     
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    Weitere Identifier:
    hdl: 10419/144176
    Auflage/Ausgabe: this draft: 20/05/2016
    Schriftenreihe: EIB working papers ; 2016/03
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  17. Systemic risk spillovers in the European banking and sovereign network
    Autor*in: Betz, Frank; Hautsch, Nikolaus; Peltonen, Tuomo; Schienle, Melanie
    Erschienen: January 2016
    Verlag:  KIT, Karlsruher Institut für Technologie, Karlsruhe

    We propose a framework for estimating time-varying systemic risk contributions that is applicable to a high-dimensional and interconnected financial system. Tail risk dependencies and systemic risk contributions are estimated using a penalized... mehr

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    We propose a framework for estimating time-varying systemic risk contributions that is applicable to a high-dimensional and interconnected financial system. Tail risk dependencies and systemic risk contributions are estimated using a penalized two-stage fixed-effects quantile approach, which explicitly links time-varying interconnectedness to systemic risk contributions. For the purposes of surveillance and regulation of financial systems, network dependencies in extreme risks are more relevant than simple (mean) correlations. Thus, the framework provides a tool for supervisors, reflecting the market's view of tail dependences and systemic risk contributions. The model is applied to a system of 51 large European banks and 17 sovereigns during the period from 2006 through 2013, utilizing both equity and CDS prices. We provide new evidence on how banking sector fragmentation and sovereign-bank linkages evolved over the European sovereign debt crisis, and how they are reflected in estimated network statistics and systemic risk measures. Finally, our evidence provides an indication that the fragmentation of the European financial system has peaked.

     
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    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/126093
    Schriftenreihe: Working paper series in economics ; No. 79
    Umfang: 1 Online-Ressource (40 Seiten)
  18. Cross border banking
    pull-push effects of parent banks on subsidiaries' credit extensions
    Autor*in: Gattini, Luca; Zagorisiou, Angeliki
    Erschienen: 2016
    Verlag:  European Investment Bank, Luxembourg

    This study contributes to the analysis of cross border banking behavior in CESEE (Central Eastern and South Eastern Europe). It detects potential transmission channels from parent to subsidiary banks based on a newly constructed database (323 banks... mehr

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    EDZ online a
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 429 (2016,7)
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    This study contributes to the analysis of cross border banking behavior in CESEE (Central Eastern and South Eastern Europe). It detects potential transmission channels from parent to subsidiary banks based on a newly constructed database (323 banks operating in the region and 84 parent banks over the period 2000-2014), which allows for the identification of ultimate ownership over time. On the whole, we find that subsidiary banks provide an extra boost to credit growth at the domestic level. However we detect that domestic and subsidiary banks contracted credit similarly after the financial crisis. Moreover, subsidiaries' ability to extend credit is dependent on home country macroeconomic and financial conditions as well as parent banks' characteristics such as asset quality. Finally, an excessive credit expansions coupled with reductions of capital ratios at the parent bank level jeopardizes subsidiaries' lending capacity. Our findings call for home and host actors to continue to foster cross-border coordination and dialogue.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/148572
    Auflage/Ausgabe: This version: 24 November 2016
    Schriftenreihe: EIB working papers ; 2016, 07
    Umfang: 1 Online-Ressource (circa 40 Seiten)
  19. Neighbourhood SME financing
    Jordan = Jordanien / lead author: Frank Betz (Economist, European Investment Bank), Geoff Frewer (Deputy Head of Division, European Investment Bank)
    Autor*in: Betz, Frank; Frewer, Geoff
    Erschienen: February 2016
    Verlag:  European Investment Bank, Luxembourg

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DSM 22
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/163414
    Übergeordneter Titel: Neighbourhood SME financing - Alle Bände anzeigen
    Schriftenreihe: [Regionale Studien und Rundtischgespräche]
    Schlagworte: Unternehmensfinanzierung; KMU; Jordanien
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  20. Neighbourhood SME financing
    Armenia = Armenien / lead author: Luca Gattini (Economist, European Investment Bank), Tamar Baiashvili (Economist, European Investment Bank (seconded from the National Bank of Georgia))
    Autor*in: Gattini, Luca; Baiashvili, Tamar
    Erschienen: November 2016
    Verlag:  European Investment Bank, Luxembourg

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DSM 22
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/163416
    Übergeordneter Titel: Neighbourhood SME financing - Alle Bände anzeigen
    Schriftenreihe: [Regionale Studien und Rundtischgespräche]
    Schlagworte: Unternehmensfinanzierung; KMU; Armenien
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen