Financial Constraints and Innovation: Why Poor Countries Don't Catch Up
In: NBER Working Paper No. w15792
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In: NBER Working Paper No. w15792
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Working paper
In: Journal of International Economics, Band 82, Heft 2
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This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such as expropriation, unreliable intellectual property rights and confiscatory taxation. In our theoretical analysis we find that, as political risk increases, the ownership share tends to decrease, whereas leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of the Deutsche Bundesbank, we find supportive evidence for these different effects.
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In: Bundesbank Series 1 Discussion Paper No. 2009,02
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This paper investigates how multinational firms choose their capital structure in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, like expropriation, corruption and confiscatory taxation, and In our theoretical analysis we find that as political risk increases the ownership share always decreases whereas leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of the Deutsche Bundesbank, we find supportive evidence for these different effects.
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In: Journal of international economics, Band 68, Heft 2, S. 456-468
ISSN: 0022-1996
In: Journal of Institutional and Theoretical Economics, Band 159, Heft 3, S. 599
In: The economic journal: the journal of the Royal Economic Society, Band 112, Heft 479, S. 293-316
ISSN: 1468-0297
In: IZA Discussion Paper No. 4786
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In: CEPR Discussion Paper No. DP15713
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Working paper
In: CESifo Working Paper No. 9138
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In: CEPR Discussion Paper No. DP15189
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Working paper
In: The World Economy, Band 37, Heft 11, S. 1507-1540
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Die Expertenkommission Forschung und Innovation betont in ihrem aktuellen Gutachten die schnell voranschreitende Internationalisierung der Forschung und Entwicklung durch multinationale Unternehmen. Um für zukünftige technologische Entwicklungen gerüstet zu sein, empfehlen die Gutachter, die bildungspolitischen Anstrengungen und die Grundlagenforschung breit anzulegen. ; The internationalisation of research and development (R&D) is continuously increasing and will also take on steadily growing importance in the future. Firms are very mobile when deciding upon their R&D locations and choose locations where they can profit from local knowledge. In the light of the high degree of specialisation in certain technology fields by German firms while at the same time foreign firms focus their R&D activities on these very same fields, the authors recommend a broad approach for policies regarding education and basic research in order to be prepared for future technological developments.
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Moderne Evaluationsmethoden auf der Basis ökonometrischer Verfahren und randomisierter Feldexperimente machen es für immer mehr Politikbereiche möglich, die Wirksamkeit wirtschaftspolitischer Maßnahmen zu überprüfen. Gleichwohl sind diese Methoden in der deutschen Evaluationspraxis nicht der Standard. Andere Länder sind Deutschland in dieser Hinsicht voraus. Gerade vor dem Hintergrund knapper öffentlicher Mittel ist eine Verbesserung der Evaluationspraxis dringend geboten, um die Mittelverwendung auf solche Maßnahmen fokussieren zu können, deren Wirksamkeit nachgewiesen ist. In diesem Beitrag werden institutionelle Voraussetzungen für methodisch valide Wirkungsanalysen diskutiert und mögliche Schritte hin zu einer stärker evidenzbasierten Wirtschaftspolitik in Deutschland vorgeschlagen.
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