| 1. |
- Schäfer, Dorothea, et al.
(författare)
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Banking Competition, Good or Bad? : The Case of Promoting Micro and Small Enterprise Finance in Kazakhstan
- 2010
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Ingår i: Applied Economics. - : Taylor & Francis. - 0003-6846 .- 1466-4283. ; 42:6, s. 701-716
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Tidskriftsartikel (refereegranskat)abstract
- Competition is claimed to be beneficial in development projects promoting micro and small enterprise finance although there are still doubts as to whether these loans can be developed into a profitable business. Our research sheds new light on the question of how many MSE banking units should optimally be created and supported in a certain region. We employ a unique data set from the European Bank for Reconstruction and Development for Kazakhstan, and investigate which strategy contributes more to the overall success of the programme: a strategy of setting up several competing banks or a strategy of establishing regional monopolies. 'Competition is the most important principle on which our strategy is based. As in any other market, effective competition provides incentives for banks to offer market-based and demand-oriented financial services. Competition encourages the development of better products and services at lower cost.'
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| 2. |
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| 3. |
- Schäfer, Dorothea
(författare)
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Konsolidierung des Landesbankensektors ist ein Muss für die zweite Regierung Merkel
- 2010
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Ingår i: Quarterly Journal of Economic Research (Vierteljahrshefte zur Wirtschaftsforschung). - : Duncker & Humblot GmbH. - 0340-1707. ; 79:1, s. 117-129
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- In 1989 a report has already highlighted the “below-average earnings potential” of the German Landesbanken and called for the merger of these state banks into a single central institution. However, 20 years later the bad bank law of Germany saved the ailing Landesbanken not only from write-downs of toxic assets, but also gives the state banks the option to escape possible consolidation efforts of the federal government by establishing a regional bad bank. Therefore, a reform of the German bad bank law is needed that puts the federal government into a position of being able to actively promote the consolidation of the regional Landesbanken. The reform should require from the Landesbanken to write down toxic securities to their market value and transfer them to a central bad bank run by the SoFFin, the German fund for restructuring ailing banks. The existing shareholders would then be charged with the losses from the bad investments. Thereafter, the remaining state banks could, under the pressure of the federal government be merged and recapitalized by the SoFFin, possibly in conjunction with the German savings banks. A similar procedure has allowed the Swedish banking system a rapid recovery from its crisis at the end of the 80s of the last century. The German government must at last give the restructuring of the public banking sector priority in its financial market policy.
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| 4. |
- Barasinska, Nataliya, et al.
(författare)
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Do Internet Credit Markets Improve Access to Credit for Female Business Owners
- 2010
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Ingår i: Weekly Report. ; 6:29, s. 215-220
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Business owners and founders are a minority of any bank’s business clients. Scientific studies of traditional credit markets often show a lower probability of loan approval or higher loan costs for female business owners compared to male business owners. With this background the question arises whether female business owners have to struggle with this problem less on Internet credit markets. In this current study, DIW Berlin investigated business loans on the largest German Internet platform, smava. smava connects private individuals who wish to take on installment loan at a fixed interest rate or wish to lend money. The findings show that female borrowers are positioned at least as well as their male counterparts on smava. If all other loan and borrower-specific characteristics remain the same, then the loan requests of female business owners have even better prospects for success than loan requests from men. There are indications that this result is not platform-specific, but also applies to other innovative credit markets.
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| 5. |
- Badunenko, Oleg, et al.
(författare)
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Investments : women are more cautious than men because they have less financial resources at their disposal
- 2010
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Ingår i: DIW Berlin, Weekly Report. - 1860-3343. ; 6:1, s. 1-4
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Experts on investments and financial products assume that women are less amenable to risks and therefore put their money into secure investment products. A current study conducted by the DIW Berlin (German Institute for Economic Research) challenges this view. The study demonstrates that men and women are equally likely to take a chance on risky investments – assuming that they have the same financial resources at their disposal. A general cliché may not longer be true: that sex is a determinant factor in investment decisions and that the difference in attitudes toward investment between men and women is a result of gender-based investment attitudes. Women are likely to have cautious investment habits because – as a rule – they have only half the investment resources available that men have at their disposal.
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| 6. |
- Baum, Christopher F., et al.
(författare)
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The impact of the financial system's structure on firms' financial constraints
- 2011
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Ingår i: Journal of International Money and Finance. - : Elsevier. - 0261-5606 .- 1873-0639. ; 30:4, s. 678-691
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Tidskriftsartikel (refereegranskat)abstract
- We estimate firms’ cash flow sensitivity of cash to empirically test how the financial system’s structure and level of development influence their financial constraints. For this purpose we merge Almeida et al.’s work, a path-breaking design for evaluating a firm’s financial constraints, with that of Levine, who paved the way for comparative analysis of financial systems around the world. We conjecture that a country’s financial system, both in terms of its structure and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave unconstrained firms unaffected. We test our hypothesis with a large international sample of 30,000 firm-years from 1989 to 2006. Our findings reveal that both the structure of the financial system and its level of development matter. Bank-based financial systems provide constrained firms with easier access to external financing.
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| 7. |
- Schäfer, Dorothea, et al.
(författare)
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Entrepreneurship, windfall gains and financial constraints : Evidence from Germany
- 2011
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Ingår i: Economic Modelling. - : Elsevier. - 0264-9993 .- 1873-6122. ; 28:5, s. 2174-2180
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Tidskriftsartikel (refereegranskat)abstract
- We investigate the link between the propensity to become an entrepreneur and the exogenous release from financial constraints in Germany. This is defined in terms of the movement from employment to self-employment on receipt of a financial windfall. A theoretical framework developing Evans and Jovanovic (1989) is set up and tested with panel data from German households. The results show that financial constraints do exist given that individuals are more likely to start a personal business after receiving a windfall gain. The value of windfall gains has a significant but non linear effect on the decision to become self employed. The data reveal that differences in ability and income affect the change in employment status. We also report that there is no evidence that becoming self-employed involves the anticipation of windfall gains.
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