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Managerial and Financial Barriers to the Net Zero Transition 净零转型的管理和财务障碍
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2021-03-02 DOI: 10.2139/ssrn.3796559
R. de Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger
{"title":"Managerial and Financial Barriers to the Net Zero Transition","authors":"R. de Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger","doi":"10.2139/ssrn.3796559","DOIUrl":"https://doi.org/10.2139/ssrn.3796559","url":null,"abstract":"We use data on 11,233 firms across 22 emerging markets to analyse how credit constraints and low-quality firm management inhibit corporate investment in green technologies. For identification, we exploit quasi-exogenous variation in local credit conditions and in exposure to weather shocks. Our results suggest that both financial frictions and managerial constraints slow down firm investment in more energy efficient and less polluting technologies. Complementary analysis of data from the European Pollutant Release and Transfer Register (E-PRTR) corroborates some of this evidence by revealing that in areas where banks deleveraged more after the global financial crisis, industrial facilities reduced their carbon emissions by less. On aggregate this kept local emissions 15% above the level they would have been in the absence of financial frictions.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133992885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword 金融全球化与不平等:资本流动是一把双刃剑
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3772791
Barry Eichengreen, Balázs Csontó, Asmaa A ElGanainy, Z. Kóczán
{"title":"Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword","authors":"Barry Eichengreen, Balázs Csontó, Asmaa A ElGanainy, Z. Kóczán","doi":"10.2139/ssrn.3772791","DOIUrl":"https://doi.org/10.2139/ssrn.3772791","url":null,"abstract":"We review the debate on the association of financial globalization with inequality. We show that the within country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on the composition of capital flows, their interaction, and on broader economic and institutional conditions. A comprehensive set of policies – macroeconomic, financial and labour- and product-market specific – is important for facilitating wider sharing of the benefits of financial globalization.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125448876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
First Time Around: Local Conditions and Multi-dimensional Integration of Refugees 第一次:难民的当地条件和多维融合
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2020-11-27 DOI: 10.2139/ssrn.3738561
C. Aksoy, Panu Poutvaara, Felicitas Schikora
{"title":"First Time Around: Local Conditions and Multi-dimensional Integration of Refugees","authors":"C. Aksoy, Panu Poutvaara, Felicitas Schikora","doi":"10.2139/ssrn.3738561","DOIUrl":"https://doi.org/10.2139/ssrn.3738561","url":null,"abstract":"We study the causal effect of local labor market conditions and attitudes towards immigrants at the time of arrival on refugees’ multi-dimensional integration outcomes (economic, linguistic, navigational, political, psychological, and social). Using a unique dataset on refugees, we leverage a centralized allocation policy in Germany where refugees were exogenously assigned to live in specific counties. We find that high initial local unemployment negatively affects refugees’ economic and social integration: they are less likely to be in education or employment and they earn less. We also show that favorable attitudes towards immigrants promote refugees’ economic and social integration. The results suggest that attitudes toward immigrants are as important as local unemployment rates in shaping refugees’ integration outcomes. Using a machine learning classifier algorithm, we find that our results are driven by older people and those with secondary or tertiary education. Our findings highlight the importance of both initial economic and social conditions for facilitating refugee integration, and have implications for the design of centralized allocation policies.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125223870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 30
Killing Two Birds with One Stone? Sound Investment with Social Impact 一石二鸟?具有社会影响的稳健投资
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3790680
Tea Gamtkitsulashvili, A. Plekhanov, A. Stepanov
{"title":"Killing Two Birds with One Stone? Sound Investment with Social Impact","authors":"Tea Gamtkitsulashvili, A. Plekhanov, A. Stepanov","doi":"10.2139/ssrn.3790680","DOIUrl":"https://doi.org/10.2139/ssrn.3790680","url":null,"abstract":"This paper uses a novel dataset on investments by the European Bank for Reconstruction and Development to quantify a (sizeable) trade‐off between the impact and financial objectives of a large lender. The unique feature of this dataset is ex ante records of impact. These are made at the early stages of work on each transaction alongside probability‐of‐default scores. Impact scores are further updated at the final approval stage with around 55 percent of transaction concepts translating into signed deals. We show that this approach delivers a simultaneous selection of debt investments on the quality of credit and impact with a sizable trade‐off between pursuing commercial and development objectives. For commercially riskier investments, impact characteristics have a greater bearing on the probability of an investment going ahead. We further use machine‐learning analysis to show that the impact of some investments is strengthened prior to project approval.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133460603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Determinants of Real Exchange Rates in Transition Economies 转型经济中实际汇率的决定因素
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2019-07-10 DOI: 10.2139/ssrn.3451317
Dan Meshulam, Peter Sanfey
{"title":"The Determinants of Real Exchange Rates in Transition Economies","authors":"Dan Meshulam, Peter Sanfey","doi":"10.2139/ssrn.3451317","DOIUrl":"https://doi.org/10.2139/ssrn.3451317","url":null,"abstract":"Real exchange rates in the transition region have been relatively volatile over the past two decades, with major variation across countries and over time. In most countries, there was a shift between the pre-global crisis period, when the region saw significant real appreciation of currencies, and the post-crisis period during which real exchange rates have been mostly stable or depreciating. In broad terms, real exchange rates have tended to move in line with GDP growth and productivity rates, albeit with important exceptions. Our empirical results show some support for the traditional Balassa-Samuelson hypothesis, according to which real appreciation is driven by productivity differentials in the traded goods sector. Other factors, including government consumption, terms of trade, and capital inflows, do not seem to be significant drivers of real exchange rate movements.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128456070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Lending Cycles and Real Outcomes: Costs of Political Misalignment 贷款周期和实际结果:政治错位的成本
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2018-12-26 DOI: 10.2139/ssrn.3321904
Çağatay Bircan, O. Saka
{"title":"Lending Cycles and Real Outcomes: Costs of Political Misalignment","authors":"Çağatay Bircan, O. Saka","doi":"10.2139/ssrn.3321904","DOIUrl":"https://doi.org/10.2139/ssrn.3321904","url":null,"abstract":"\u0000 We document a strong political cycle in bank credit and industry outcomes in Turkey. In line with theories of tactical redistribution, state-owned banks systematically adjust their lending around local elections compared with private banks in the same province based on electoral competition and political alignment of incumbent mayors. This effect only exists in corporate lending and creates credit constraints for firms in opposition areas, which suffer drops in assets, employment and sales but not firm entry. Financial resources and factors of production are misallocated as more efficient provinces and industries suffer the greatest constraints, reducing aggregate productivity.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124802400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
The Revolving D0or for Political Elites: Policymakers’ Professional Background and Financial Regulation 政治精英的旋转门:决策者的专业背景与金融监管
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2018-11-08 DOI: 10.2139/ssrn.3280933
E. Wirsching
{"title":"The Revolving D0or for Political Elites: Policymakers’ Professional Background and Financial Regulation","authors":"E. Wirsching","doi":"10.2139/ssrn.3280933","DOIUrl":"https://doi.org/10.2139/ssrn.3280933","url":null,"abstract":"Regulatory capture of public policy by financial entities, especially via the revolving door between government and financial services, has increasingly become a subject of intense public scrutiny. This paper empirically analyses the relation between public-private career crossovers of high ranking government officials and financial policy. Using curriculum vitae of more than 400 central bank governors and finance ministers from 32 OECD countries between 1973 and 2005, I compile a new dataset including details on officials’ professional careers before and after their tenure and data on financial regulation. Panel data analyses show that central bank governors with past experience in the financial sector deregulate significantly more than governors without a background in finance (career socialisation hypothesis). Using linear probability regressions, the results also indicate that finance ministers, especially from left-wing parties, are more likely to be hired by financial entities in the future if they please their future employers through deregulatory policies during their time in office (career concerns hypothesis). Thus, although the revolving door effects differ between government officials, this study shows that career paths and career concerns of policymakers should be taken into account when analysing financial policy outcomes.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130817204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Convergence Success and the Middle-Income Trap 趋同成功与中等收入陷阱
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2018-04-09 DOI: 10.2139/ssrn.3162012
Jong‐Wha Lee
{"title":"Convergence Success and the Middle-Income Trap","authors":"Jong‐Wha Lee","doi":"10.2139/ssrn.3162012","DOIUrl":"https://doi.org/10.2139/ssrn.3162012","url":null,"abstract":"Emerging economies have an increasing influence on the global economy and there is general optimism regarding their prospects. However, given a sustained income gap between emerging and advanced economies, there is concern that many emerging economies will never match the advanced economies in terms of their per capita income, and will be trapped in a middle-income status. Thus, the approach to sustaining economic growth is an important policy challenge. This paper investigates what those sources of sustained long-term growth are, focusing on the experiences of middle-income emerging economies over the past half century.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"195 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134397955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
What Determines Non-Financial Project Success? Evidence from the EBRD 什么决定非金融项目的成功?来自欧洲复兴开发银行的证据
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2018-03-27 DOI: 10.2139/ssrn.3155312
Natalia Kryg
{"title":"What Determines Non-Financial Project Success? Evidence from the EBRD","authors":"Natalia Kryg","doi":"10.2139/ssrn.3155312","DOIUrl":"https://doi.org/10.2139/ssrn.3155312","url":null,"abstract":"This paper looks at how various project- and client-related factors determine the non-financial success of EBRD investments. Non-financial project success is defined as the extent to which transition objectives, such as the demonstration of new financing methods or the expansion of competitive markets, have been realised once the project is finished. For our data we use 1,600 EBRD projects completed between 2003 and 2016. The results suggest that the probability of success is higher for larger projects and for projects that are part of a framework. Projects with state clients are less likely to be successful, mainly because state ownership tends to significantly slow down project delivery.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127494537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effect of Income on Trust: Evidence from the 2009 Economic Crisis in Russia 收入对信任的影响:来自2009年俄罗斯经济危机的证据
European Bank for Reconstruction & Development Research Paper Series Pub Date : 2018-03-09 DOI: 10.2139/ssrn.3121128
M. Ananyev, S. Guriev
{"title":"Effect of Income on Trust: Evidence from the 2009 Economic Crisis in Russia","authors":"M. Ananyev, S. Guriev","doi":"10.2139/ssrn.3121128","DOIUrl":"https://doi.org/10.2139/ssrn.3121128","url":null,"abstract":"This article draws on a natural experiment to identify the relationship between income and trust. We use a unique panel data set on Russia where GDP experienced an 8% drop in 2009. The effect of the crisis had been uneven among Russian regions because of their differences in industrial structure inherited from the Soviet period. After instrumenting average regional income by Soviet industrial structure, we find that 10% decrease in income is associated with a five percentage point decrease in social trust. We also find that post-crisis economic recovery did not fully restore pre-crisis trust level.","PeriodicalId":225158,"journal":{"name":"European Bank for Reconstruction & Development Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131281472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 65
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