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Book
[Boîte de tirés à part]
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Publisher: [Lieu de publication inconnu]: Ed. var,

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How do credit conditions shape economic recoveries ?
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Year: 2011 Publisher: London Centre For Economic Policy Research

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Finance and growth: when does credit really matter?
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Year: 2008 Publisher: London Centre For Economic Policy Research

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Dissertation
L'origine et le rôle des normes et conventions sociales dans la théorie économique
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Year: 1990

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Dissertation
Hydrolyse des boues primaires de station d'épuration : étude de la production d'acides gras volatils
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Year: 1997

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L'origine et le rôle des normes et conventions sociales dans la théorie économique
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Year: 1990 Publisher: Namur: FUNDP,

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Dissertation
The Inside of silence

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Excess leverage and productivity growth in emerging economies: is there a threshold effect?
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Year: 2009 Publisher: London Centre For Economic Policy Research

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The Aggregate Consequences of Default Risk : Evidence from Firm-level Data
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Year: 2020 Publisher: Cambridge, Mass. National Bureau of Economic Research

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This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of credit contracts with moral hazard, we show that a firm's probability of default is a sufficient statistic for capital allocation. The theoretical framework suggests an aggregate measure of the impact of credit market frictions based on firm-level probabilities of default which can be applied using data on firm-level employment and default risk. We obtain direct estimates of firm-level default probabilities using Standard and Poor's PD Model to capture the expectations that lenders were forming based on their historical information sets. We implement the method on the UK, an economy that was strongly exposed to the global financial crisis and where we can match default probabilities to administrative data on the population of 1.5 million firms per year. As expected, we find a strong correlation between default risk and a firm's future performance. We estimate that credit frictions (i) cause an output loss of around 28% per year on average; (ii) are much larger for firms with under 250 employees and (iii) that losses are overwhelmingly due to a lower overall capital stock rather than a misallocation of credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms

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Dissertation
Are Poland, Hungary and the Czech Republic suitable EMU candidates? : An assessment of asymmetric growth developments.
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Year: 2005 Publisher: Leuven K.U.Leuven. Faculteit economische en toegepaste economische wetenschappen

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