For historical reasons, 10-year Japanese government bond (JGB) yields, which are often used as the risk-free rate, are not available consistently. This paper estimates 10-year JGB yields from 1961 to 1984. Then, by merging our estimated yields with the official yield data provided by the Japanese government, a 10-year yield series is available for economists from 1961 to the present, which is the same period as the seminal paper presented by Gurkaynak et al. (2007). The yield estimates from this paper are available at: https://sites.google.com/site/hattori0819/data.
{"title":"Estimation of 10-year JGB yields: From 1961 to 1984","authors":"Takahiro Hattori","doi":"10.2139/ssrn.3734887","DOIUrl":"https://doi.org/10.2139/ssrn.3734887","url":null,"abstract":"For historical reasons, 10-year Japanese government bond (JGB) yields, which are often used as the risk-free rate, are not available consistently. This paper estimates 10-year JGB yields from 1961 to 1984. Then, by merging our estimated yields with the official yield data provided by the Japanese government, a 10-year yield series is available for economists from 1961 to the present, which is the same period as the seminal paper presented by Gurkaynak et al. (2007). The yield estimates from this paper are available at: https://sites.google.com/site/hattori0819/data.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122776202","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}
This paper explores a novel database of 140 cases of debt restructurings that China conducted between 2000 and 2019 in 65 debtor countries. It uncovers a number of salient features of the restructuring terms that China has offered and the ways in which China has interacted with other creditors and the International Monetary Fund (IMF). The majority of debt relief operations have been executed through debt forgiveness rather than debt rescheduling through maturity extension or/and interest rate reduction. Interestingly, a large number of Chinese debt relief operations took place within a two-year timeframe of debt relief agreements with Paris Club or private sector creditors and in the context of financial assistance from the IMF. Using local projections, this paper sheds light on the negative impact of China’s debt relief operations on growth and development prospects in debtor countries, especially when China provides debt rescheduling and does not treat the stock of nominal debt. Subdued domestic fixed capital investment and fiscal policy tightening seem to be the main drag on economic growth in debtor countries after a restructuring.
{"title":"China’s Debt Relief Actions Overseas and Macroeconomic Implications","authors":"Gatien Bon, Gong Cheng","doi":"10.2139/ssrn.3746174","DOIUrl":"https://doi.org/10.2139/ssrn.3746174","url":null,"abstract":"This paper explores a novel database of 140 cases of debt restructurings that China conducted between 2000 and 2019 in 65 debtor countries. It uncovers a number of salient features of the restructuring terms that China has offered and the ways in which China has interacted with other creditors and the International Monetary Fund (IMF). The majority of debt relief operations have been executed through debt forgiveness rather than debt rescheduling through maturity extension or/and interest rate reduction. Interestingly, a large number of Chinese debt relief operations took place within a two-year timeframe of debt relief agreements with Paris Club or private sector creditors and in the context of financial assistance from the IMF. Using local projections, this paper sheds light on the negative impact of China’s debt relief operations on growth and development prospects in debtor countries, especially when China provides debt rescheduling and does not treat the stock of nominal debt. Subdued domestic fixed capital investment and fiscal policy tightening seem to be the main drag on economic growth in debtor countries after a restructuring.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121515807","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}
Bureaucratic organisations are inertial, incremental, and dispiriting. In a bureaucracy, the power to initiate change is vested in a few senior leaders. When those at the top fall prey to denial, arrogance, and nostalgia, as they often do, the organization falters. That’s why deep change in a bureaucracy is usually belated and convulsive. Bureaucracies are also innovation-phobic. They are congenitally risk averse, and offer few incentives to those inclined to challenge the status quo. In a bureaucracy, being a maverick is a high-risk occupation. Worst of all, bureaucracies are soul crushing. Deprived of any real influence, employees disconnect emotionally from work. Initiative, creativity, and daring—requisites for success in the creative economy — often get left at home. (Hamel and Zanini, 2020) The main purpose of this research paper is to understand ethical leadership and humanocracy, a word coined by Gary Hamel and Michele Zanini in 2020. Ethical leaders possess diverse thinking about long term consequences, limitations and benefits of the decisions they are required to make within the organization. The main job of the ethical leaders is, they should take into consideration, norms, principles, values, standards and ethics, when they are carrying out various job duties and convey the same to the other members. Ethical leaders set high standards and carry out tasks and activities in accordance to them. They convey to the other members, how to implement ethics in their work, hence, they themselves need to be professional and skilled in their conduct. They influence ethical values of the organization through their behaviour. Leaders serve as role models for their followers and show them the behavioural boundaries set within an organization. They are perceived as honest, truthful, trustworthy, responsible, reliable, courageous, fair and authentic. In this paper, thankfully, bureaucracy isn’t the only way to organize human activity at scale. Around the world, a small but growing band of post-bureaucratic pioneers are proving it’s possible to capture the benefits of bureaucracy — control, consistency, and coordination — while avoiding the penalties — inflexibility, mediocrity, and apathy. When compared to their conventionally managed peers, the vanguard are more proactive, inventive, and profitable. These companies were built, or in some cases rebuilt, with one goal in mind — to maximize human contribution. This aspiration is the animating spirit of humanocracy, and stands in stark contrast to the bureaucratic obsession with control. Both goals are important, but in most organizations, the effort spent on ensuring conformance is a vast multiple of the energy devoted to enlarging the capacity for human impact. This gross imbalance is dangerous for organizations, a drag on the economy, and ethically troubling. Bureaucracy as Hamel and Zaninin (2020) put it is particularly problematic for large companies. As an organization grows, layers get
官僚组织是惯性的、渐进的、令人沮丧的。在官僚机构中，发起变革的权力被赋予了少数高级领导人。当高层管理者成为否认、傲慢和怀旧情绪的牺牲品时(他们经常这样)，组织就会摇摇欲坠。这就是为什么官僚机构的深刻变革通常是姗姗来迟和惊心动魄的。官僚机构也害怕创新。他们天生厌恶风险，对那些倾向于挑战现状的人几乎没有什么激励。在官僚机构中，特立独行是一项高风险的职业。最糟糕的是，官僚主义令人窒息。员工被剥夺了任何真正的影响力，从情感上脱离了工作。主动性、创造性和胆识——在创意经济中取得成功的必备条件——常常被遗忘在家里。(Hamel and Zanini, 2020)本研究论文的主要目的是了解道德领导和人道主义，这是Gary Hamel和Michele Zanini在2020年创造的一个词。有道德的领导者对他们在组织内所做的决定的长期后果、限制和好处有不同的思考。道德领导者的主要工作是在执行各种工作职责时考虑规范、原则、价值观、标准和道德，并将其传达给其他成员。有道德的领导者设定高标准，并按照这些标准执行任务和活动。他们向其他成员传达如何在他们的工作中实施道德规范，因此，他们自己需要在他们的行为中专业和熟练。他们通过自己的行为影响组织的道德价值观。领导者是下属的榜样，向他们展示组织内设定的行为界限。他们被认为是诚实、真实、值得信赖、负责、可靠、勇敢、公平和真实的。在这篇论文中，谢天谢地，官僚主义并不是大规模组织人类活动的唯一方式。在世界各地，一群规模虽小但不断壮大的后官僚主义先锋派正在证明，在获得官僚主义的好处(控制、一致性和协调)的同时，避免其弊端(缺乏灵活性、平庸和冷漠)是可能的。与传统管理的同行相比，先锋企业更积极主动、更有创造力、更有利可图。这些公司的建立，或者在某些情况下重建，都是为了一个目标——最大化人类的贡献。这种渴望是人类民主的精神，与官僚主义对控制的痴迷形成鲜明对比。这两个目标都很重要，但是在大多数组织中，用于确保一致性的努力是用于扩大人类影响能力的能量的巨大倍数。这种严重的不平衡对组织来说是危险的，是经济的拖累，也是道德上的麻烦。正如Hamel和Zaninin(2020)所指出的，官僚主义对大公司来说尤其有问题。随着组织的发展，层级会增加，员工群体会膨胀，规则会激增，合规成本也会增加。一旦一家公司达到一定的复杂性门槛——根据经验，大约有200到300名员工，官僚主义就开始比组织本身发展得更快。这就是为什么大公司比小公司有更多的官僚主义，为什么他们背负着规模管理不经济的负担。如果大型组织不是如此占主导地位，管理者缺乏道德领导，那么腰围和“官僚硬化”之间的联系就不会那么令人担忧了。尽管大家都在谈论零工经济，但为大公司工作的美国劳动力比例比以往任何时候都要高。1987年，28.8%的美国雇员在员工超过5000人的公司工作。30年后，这一比例为33.8%。今天，在员工超过1万人的公司工作的员工数量超过了在员工少于50人的公司工作的员工数量。维持现状的捍卫者会告诉你，官僚主义是复杂性的必然产物，但我们的证据表明并非如此。先锋公司证明，建立一个规模大、速度快、纪律严明、权力大、效率高、有创业精神、大胆而谨慎的组织是可能的。这篇论文将展示人道主义和道德领导如何终结官僚主义。
{"title":"Revisiting the Literature Review on Ethical Leadership and Humanocracy","authors":"Professor Alain Ndedi, Florence Nisabwe","doi":"10.2139/ssrn.3704240","DOIUrl":"https://doi.org/10.2139/ssrn.3704240","url":null,"abstract":"Bureaucratic organisations are inertial, incremental, and dispiriting. In a bureaucracy, the power to initiate change is vested in a few senior leaders. When those at the top fall prey to denial, arrogance, and nostalgia, as they often do, the organization falters. That’s why deep change in a bureaucracy is usually belated and convulsive. Bureaucracies are also innovation-phobic. They are congenitally risk averse, and offer few incentives to those inclined to challenge the status quo. In a bureaucracy, being a maverick is a high-risk occupation. Worst of all, bureaucracies are soul crushing. Deprived of any real influence, employees disconnect emotionally from work. Initiative, creativity, and daring—requisites for success in the creative economy — often get left at home. (Hamel and Zanini, 2020) The main purpose of this research paper is to understand ethical leadership and humanocracy, a word coined by Gary Hamel and Michele Zanini in 2020. Ethical leaders possess diverse thinking about long term consequences, limitations and benefits of the decisions they are required to make within the organization. The main job of the ethical leaders is, they should take into consideration, norms, principles, values, standards and ethics, when they are carrying out various job duties and convey the same to the other members. Ethical leaders set high standards and carry out tasks and activities in accordance to them. They convey to the other members, how to implement ethics in their work, hence, they themselves need to be professional and skilled in their conduct. They influence ethical values of the organization through their behaviour. Leaders serve as role models for their followers and show them the behavioural boundaries set within an organization. They are perceived as honest, truthful, trustworthy, responsible, reliable, courageous, fair and authentic. \u0000 \u0000In this paper, thankfully, bureaucracy isn’t the only way to organize human activity at scale. Around the world, a small but growing band of post-bureaucratic pioneers are proving it’s possible to capture the benefits of bureaucracy — control, consistency, and coordination — while avoiding the penalties — inflexibility, mediocrity, and apathy. When compared to their conventionally managed peers, the vanguard are more proactive, inventive, and profitable. \u0000 \u0000These companies were built, or in some cases rebuilt, with one goal in mind — to maximize human contribution. This aspiration is the animating spirit of humanocracy, and stands in stark contrast to the bureaucratic obsession with control. Both goals are important, but in most organizations, the effort spent on ensuring conformance is a vast multiple of the energy devoted to enlarging the capacity for human impact. This gross imbalance is dangerous for organizations, a drag on the economy, and ethically troubling. \u0000 \u0000Bureaucracy as Hamel and Zaninin (2020) put it is particularly problematic for large companies. As an organization grows, layers get","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129664508","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}
This study investigates empirically how managerial practices have affected macroeconomic adjustment during the Great Recession after the 2008 economic crisis. We start by constructing a country*industry balanced panel data over the 2007-2015 period for eighteen industries in ten OECD countries, and complementing it by two indicators: an indicator of management quality at the country level based on the managerial practices categorical scores at firm level from Bloom et al. (2012); and an indicator at the industry level for the shocks stemming from the 2008 economic crisis. We then rely on the local projection method pioneered by Jorda (2005) to estimate the direct impacts of country management quality indicators and industry economic shocks as well as their joint impacts, on five variables of interest: value-added, employment, labor productivity, wage per employee and labor share during the Great Recession. We find that, in countries where management quality is higher, production and employment are more resilient during the Great Recession, with less production losses and employment damages, no effects on productivity, wage moderation and a slight increase in the labor shares. It appears, moreover, that this resilience is increasing with the size of industry shocks.
{"title":"Economic Adjustment during the Great Recession: The Role of Managerial Quality","authors":"G. Cette, Jimmy Lopez, J. Mairesse, G. Nicoletti","doi":"10.2139/ssrn.3738232","DOIUrl":"https://doi.org/10.2139/ssrn.3738232","url":null,"abstract":"This study investigates empirically how managerial practices have affected macroeconomic adjustment during the Great Recession after the 2008 economic crisis. We start by constructing a country*industry balanced panel data over the 2007-2015 period for eighteen industries in ten OECD countries, and complementing it by two indicators: an indicator of management quality at the country level based on the managerial practices categorical scores at firm level from Bloom et al. (2012); and an indicator at the industry level for the shocks stemming from the 2008 economic crisis. We then rely on the local projection method pioneered by Jorda (2005) to estimate the direct impacts of country management quality indicators and industry economic shocks as well as their joint impacts, on five variables of interest: value-added, employment, labor productivity, wage per employee and labor share during the Great Recession. We find that, in countries where management quality is higher, production and employment are more resilient during the Great Recession, with less production losses and employment damages, no effects on productivity, wage moderation and a slight increase in the labor shares. It appears, moreover, that this resilience is increasing with the size of industry shocks.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125033907","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}
Small and Medium Enterprises (SMEs) are one of the major sources of economic growth. Recent economic growth and development of Bangladesh have been highly linked with the flourishment of SMEs. Access to formal finance is one of the major impediments for the growth of SMEs. The recent economic slowdown due to the COVID-19 pandemic causes the SMEs to suffer to remain in the business. Supply chain disruption, unsold products, lack of product demand, liquidity crisis become more severe in this case. The government of Bangladesh is trying to help SMEs by providing funds through the banking sector but previous studies show the banking sector is not as effective for SME financing. Besides recent banking sector performance seems to be very poor. Therefore, to ensure the best use of funds we need an alternative channel. Mico-Finance Institutions (MFIs) can play a better role in this case. Several studies have shown microfinance was a successful tool to recover small businesses after natural disasters. This paper aims to address the role of microfinance to post-disaster SME financing and identifies the current gap between these two.
{"title":"Associating MFIs with SMEs to Assist Post Pandemic Economic Resilience in Bangladesh","authors":"Md. Aminul Karim, T. Tanisa, K. Sakib","doi":"10.2139/ssrn.3659434","DOIUrl":"https://doi.org/10.2139/ssrn.3659434","url":null,"abstract":"Small and Medium Enterprises (SMEs) are one of the major sources of economic growth. Recent economic growth and development of Bangladesh have been highly linked with the flourishment of SMEs. Access to formal finance is one of the major impediments for the growth of SMEs. The recent economic slowdown due to the COVID-19 pandemic causes the SMEs to suffer to remain in the business. Supply chain disruption, unsold products, lack of product demand, liquidity crisis become more severe in this case. The government of Bangladesh is trying to help SMEs by providing funds through the banking sector but previous studies show the banking sector is not as effective for SME financing. Besides recent banking sector performance seems to be very poor. Therefore, to ensure the best use of funds we need an alternative channel. Mico-Finance Institutions (MFIs) can play a better role in this case. Several studies have shown microfinance was a successful tool to recover small businesses after natural disasters. This paper aims to address the role of microfinance to post-disaster SME financing and identifies the current gap between these two.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114945744","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}
How do firms finance their investment? To what extent does the financing mix depends on the nature or the size of investment? To what extent does the funding mix of investment vary along firm size? Relying on a unique database of firms covering 72% of the value added in France over three decades, this paper addresses those questions and provides a comprehensive picture of the financial resources used by firms to finance their investment. We uncover significant cross-sectional heterogeneity in the financing mix of investment along firm size, asset tangibility and investment size. In particular, we show that the commonly held view that "firms strongly rely on bank credit in a bank-based economy" weakens significantly as we consider larger firms or when it comes to finance intangible investments or relatively small investments.
{"title":"The Financing of Investment: Firm Size, Asset Tangibility and the Size of Investment","authors":"Mathias Lé, F. Vinas","doi":"10.2139/ssrn.3664080","DOIUrl":"https://doi.org/10.2139/ssrn.3664080","url":null,"abstract":"How do firms finance their investment? To what extent does the financing mix depends on the nature or the size of investment? To what extent does the funding mix of investment vary along firm size? Relying on a unique database of firms covering 72% of the value added in France over three decades, this paper addresses those questions and provides a comprehensive picture of the financial resources used by firms to finance their investment. We uncover significant cross-sectional heterogeneity in the financing mix of investment along firm size, asset tangibility and investment size. In particular, we show that the commonly held view that \"firms strongly rely on bank credit in a bank-based economy\" weakens significantly as we consider larger firms or when it comes to finance intangible investments or relatively small investments.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"362 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116322567","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}
French Abstract: Le défaut de paiement désigne une entreprise qui n’est pas en mesure d’honorer ses paiements envers un tiers à la date d’échéance de la facture pour les marchandises délivrées ou des services rendus. La littérature sur le phénomène du défaut de paiement des entreprises bénéficiant des financements bancaires est presqu’inexistante, au profit d’une foisonnante littérature sur la faillite des entreprises, cette dernière étant essentiellement vue sous l’angle juridique. En effet, si pendant longtemps les chercheurs ont ignoré le phénomène du « défaut de paiement » des entreprises en le qualifiant d’effet de mode, donc marginale, pour faire la part belle à celui de la faillite, la réalité quotidienne nous replace devant les conséquences néfastes sur les banques et autres établissements de crédit, du défaut de paiement des entreprises : dépôts de bilan des banques, licenciements massifs, restructuration, interventions financières de l’Etat afin de limiter les effets systémiques. Le présent article aborde le sujet en se focalisant sur le contexte camerounais d’autant plus que plusieurs établissements de crédits au Cameroun ont été placés par le régulateur sous « administration provisoire » à cause de leurs actifs de crédits très sinistrés. Dans cette perspective, la question centrale de notre recherche consiste alors à se demander dans quelle mesure et avec quelle efficacité la modélisation du phénomène de « défaut de paiement » des entreprises peut répondre aux soucis permanents des banques camerounaises et contribuer par ricochet à la réduction du volume de leurs créances en souffrance. English Abstract: Failure to pay means a company that is unable to honor its payments to a third party by the due date of the invoice for the goods delivered or services rendered. The literature on the phenomenon of default of companies benefiting from bank financing is almost nonexistent, to the benefit of an abundant literature on business bankruptcy, the latter being mainly seen from the legal angle. Indeed, if for a long time researchers have ignored the phenomenon of corporate “default” by describing it as a fad, therefore marginal, to give pride of place to that of bankruptcy, everyday reality puts us back in front of the adverse consequences for banks and other credit institutions, corporate default: bankruptcy filing, mass layoffs, restructuring, state financial intervention to limit systemic effects. This article tackles the subject by focusing on the Cameroonian context, especially since several credit institutions in Cameroon have been placed by the regulator under "provisional administration" because of their very damaged credit assets. In this perspective, the central question of our research then consists in wondering to what extent and with what effectiveness the modeling of the phenomenon of “default of payment” of the companies can answer the permanent concerns of the Cameroonian banks and contribute by ricochet to the reduction of the
英文摘要:违约是指在交付的货物或提供的服务的发票到期日，公司无法支付给第三方的款项。关于接受银行融资的企业违约现象的文献几乎不存在，取而代之的是大量关于企业破产的文献，后者主要是从法律的角度来看待的。。事实上,如果长久以来科学家们忽略«»付款违约现象,认为企业的时尚效果,份额微乎其微,所以为了美丽与破产的面前,我们回到现实生活造成有害影响,各银行和其他金融机构、信用违约的公司:银行存款、大规模裁员、重组、国家金融干预以限制系统性影响。本文将重点关注喀麦隆的背景，特别是喀麦隆的几家信贷机构由于信贷资产严重受损而被监管机构置于“临时管理”之下。有鉴于此,我们研究的核心问题,而在于自己做多少,在多大程度上有效«»付款违约现象建模可满足企业的烦恼和银行提高喀麦隆常驻反过来有助于逾期债权规模的减少。英文摘要:不付款是指一家公司在交付货物或提供服务的发票到期日之前无法向第三方支付款项。关于从银行融资中受益的公司违约现象的文献几乎不存在，而关于企业破产的文献却比比皆是，后者主要是从法律角度看的。Indeed, if for a long time研究家have the phenomenon of corporate工字钢“违约”by it as a fad,所以他边际,plaisir pride of place to that of reality破产”,每日看跌期权us back in front of the敌方for banks and other信贷机构、公司债券违约后果:破产备案、mass layoffs重组、国有金融干预《限制系统效应。本文通过关注喀麦隆的情况来解决这一问题，特别是喀麦隆的一些信贷机构由于其信贷资产严重受损而被监管机构置于“临时管理”之下。In this, the central research of our puis问题视角主要由In wondering what多少摄氏度and with what成效建模of the phenomenon of“默认of sion”of the companies can回答有关常设of the banks Cameroonian圣母体积与减轻连带似乎并未by to the of their逾期receivables。
{"title":"La prévention du défaut de paiement des entreprises par les Etablissements de crédit Camerounais (Prevention of Corporate Default by Cameroonian Credit Institutions)","authors":"Professor Alain Ndedi, Jules Banaken","doi":"10.2139/ssrn.3583516","DOIUrl":"https://doi.org/10.2139/ssrn.3583516","url":null,"abstract":"French Abstract: Le défaut de paiement désigne une entreprise qui n’est pas en mesure d’honorer ses paiements envers un tiers à la date d’échéance de la facture pour les marchandises délivrées ou des services rendus. La littérature sur le phénomène du défaut de paiement des entreprises bénéficiant des financements bancaires est presqu’inexistante, au profit d’une foisonnante littérature sur la faillite des entreprises, cette dernière étant essentiellement vue sous l’angle juridique. En effet, si pendant longtemps les chercheurs ont ignoré le phénomène du « défaut de paiement » des entreprises en le qualifiant d’effet de mode, donc marginale, pour faire la part belle à celui de la faillite, la réalité quotidienne nous replace devant les conséquences néfastes sur les banques et autres établissements de crédit, du défaut de paiement des entreprises : dépôts de bilan des banques, licenciements massifs, restructuration, interventions financières de l’Etat afin de limiter les effets systémiques. Le présent article aborde le sujet en se focalisant sur le contexte camerounais d’autant plus que plusieurs établissements de crédits au Cameroun ont été placés par le régulateur sous « administration provisoire » à cause de leurs actifs de crédits très sinistrés. Dans cette perspective, la question centrale de notre recherche consiste alors à se demander dans quelle mesure et avec quelle efficacité la modélisation du phénomène de « défaut de paiement » des entreprises peut répondre aux soucis permanents des banques camerounaises et contribuer par ricochet à la réduction du volume de leurs créances en souffrance. English Abstract: Failure to pay means a company that is unable to honor its payments to a third party by the due date of the invoice for the goods delivered or services rendered. The literature on the phenomenon of default of companies benefiting from bank financing is almost nonexistent, to the benefit of an abundant literature on business bankruptcy, the latter being mainly seen from the legal angle. Indeed, if for a long time researchers have ignored the phenomenon of corporate “default” by describing it as a fad, therefore marginal, to give pride of place to that of bankruptcy, everyday reality puts us back in front of the adverse consequences for banks and other credit institutions, corporate default: bankruptcy filing, mass layoffs, restructuring, state financial intervention to limit systemic effects. This article tackles the subject by focusing on the Cameroonian context, especially since several credit institutions in Cameroon have been placed by the regulator under \"provisional administration\" because of their very damaged credit assets. In this perspective, the central question of our research then consists in wondering to what extent and with what effectiveness the modeling of the phenomenon of “default of payment” of the companies can answer the permanent concerns of the Cameroonian banks and contribute by ricochet to the reduction of the","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129904741","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}
This paper documents the aggregate properties of credit relationship flows within the commercial loan market in France from 1998 through 2018. Using detailed bank-firm level data from the French Credit Register, we show that banks actively and continuously adjust their credit supply along both intensive and extensive margins. We particularly highlight the importance of gross flows associated with credit relationships and show that they are (i) volatile and pervasive throughout the cycle, and (ii) can account for up to 48 percent of the cyclical and 90 percent of the long-run variations in aggregate bank credit.
{"title":"Aggregate Implications of Credit Relationship Flows: a Tale of Two Margins","authors":"Yasser Boualam, C. Mazet-Sonilhac","doi":"10.2139/ssrn.3840196","DOIUrl":"https://doi.org/10.2139/ssrn.3840196","url":null,"abstract":"This paper documents the aggregate properties of credit relationship flows within the commercial loan market in France from 1998 through 2018. Using detailed bank-firm level data from the French Credit Register, we show that banks actively and continuously adjust their credit supply along both intensive and extensive margins. We particularly highlight the importance of gross flows associated with credit relationships and show that they are (i) volatile and pervasive throughout the cycle, and (ii) can account for up to 48 percent of the cyclical and 90 percent of the long-run variations in aggregate bank credit.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133270967","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}
Purpose: The current paper assesses the effects of export product structure on the economic growth in transition economies. Design/methodology/approach: The preferred estimation methods are Pedroni/Kao panel cointegration, along with FMOLS and Granger causality tests. The employed dataset corresponds to 11 transition economies over the period of 1997-2017. Findings: The results of empirical estimation showed that manufactured exports are not always the source of high economic growth as suggested by a vast literature. It appeared that the growth in transition economies has a higher response to the changes in exports of primary goods rather than manufactures. Practical Implications: Considering current trade patterns and the high demand elasticity attached to manufactured exports, the study concludes that selected transition economies should incorporate somewhat balanced trade policy fostering both exports of primary commodities and manufactures, where earnings from commodities should be facilitated to support rise of manufactures as it exhibits larger demand and potential to deploy technology/knowledge spillovers, thus, further complement economic growth. Originality/value: The paper represents valuable addition to the empirical literature concerning the exports and economic growth, especially for the selected sample corresponding to the remaining transition economies after massive transformation in 2004/2007 when several European states successfully completed the transition process.
{"title":"Export Structure and Economic Performance in Transition Economies","authors":"Davit Belkania","doi":"10.35808/ersj/1564","DOIUrl":"https://doi.org/10.35808/ersj/1564","url":null,"abstract":"Purpose: The current paper assesses the effects of export product structure on the economic growth in transition economies. Design/methodology/approach: The preferred estimation methods are Pedroni/Kao panel cointegration, along with FMOLS and Granger causality tests. The employed dataset corresponds to 11 transition economies over the period of 1997-2017. Findings: The results of empirical estimation showed that manufactured exports are not always the source of high economic growth as suggested by a vast literature. It appeared that the growth in transition economies has a higher response to the changes in exports of primary goods rather than manufactures. Practical Implications: Considering current trade patterns and the high demand elasticity attached to manufactured exports, the study concludes that selected transition economies should incorporate somewhat balanced trade policy fostering both exports of primary commodities and manufactures, where earnings from commodities should be facilitated to support rise of manufactures as it exhibits larger demand and potential to deploy technology/knowledge spillovers, thus, further complement economic growth. Originality/value: The paper represents valuable addition to the empirical literature concerning the exports and economic growth, especially for the selected sample corresponding to the remaining transition economies after massive transformation in 2004/2007 when several European states successfully completed the transition process.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":"46 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121004605","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}
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