| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7489 |
| DP7489 Spain is Different: Falling Trends of Inequality | |
| Virginia Sánchez-Marcos; Josep Pijoan-Mas | |
| 发表日期 | 2009-10-11 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In this paper we analyze the impact of government and private ownership of banks on firms? probability to innovate. We estimate firms? decision to innovate and their selection of a main lender for a sample of 9000 German manufacturing companies. Since these two decisions may be simultaneously made we use the number of private and government bank branches located in close proximity to our sample firms as an instrument for the selection of each firm?s main lender. We find that the probability of a firm to innovate is about 10 to 13 percent higher if the main lender is a private compared to a government bank (after controlling for firm characteristics and selectivity bias). The ownership type of the main lender is especially important for small firms since their access to finance is more dependent on the local supply of lenders. Therefore, extensive government involvement in the allocation of credit comes at the cost of lower corporate innovation and economic growth. |
| 主题 | International Macroeconomics |
| 关键词 | Bank governance Government ownership Innovation Relationship lending |
| URL | https://cepr.org/publications/dp7489 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536326 |
| 推荐引用方式 GB/T 7714 | Virginia Sánchez-Marcos,Josep Pijoan-Mas. DP7489 Spain is Different: Falling Trends of Inequality. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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