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Firms and the Decline in Earnings Inequality in Brazil

Firms and the Decline in Earnings Inequality in Brazil »

Volume/Issue: 2017/278

Series: IMF Working Papers

Author(s): Jorge Alvarez , Felipe Benguria , Niklas Engbom , and Christian Moser

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333037.001

ISBN: 9781484333037

Keywords: Brazil, Western Hemisphere, Earnings Inequality, Linked Employer-Employee Data, Firm and Worker Heterogeneity, Productivity, Firm Behavior: Empirical Analysis

We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand th...

Corporate Vulnerabilities in India and Banks' Loan Performance

Corporate Vulnerabilities in India and Banks' Loan Performance »

Volume/Issue: 2014/232

Series: IMF Working Papers

Author(s): Peter Lindner , and Sung Eun Jung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2014

DOI: http://dx.doi.org/10.5089/9781498334235.001

ISBN: 9781498334235

Keywords: firm resilience, bank-corporate dependencies, leverage, corporate performance, debt, share, loan, market, Firm Behavior: Empirical Analysis, General

The financial performance of India's corporate sector has been under pressure since the Global Financial Crisis. Balance-sheet data on a large cross-section of Indian non-financial corporates show that the growth i...

Corporate Indebtedness and Low Productivity Growth of Italian Firms1

Corporate Indebtedness and Low Productivity Growth of Italian Firms1 »

Source: Corporate Indebtedness and Low Productivity Growth of Italian Firms

Volume/Issue: 2018/33

Series: IMF Working Papers

Author(s): Gareth Anderson , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2018

ISBN: 9781484343265

Keywords: Productivity, Europe, Italy, Corporate debt, dynamic heterogeneous panel threshold models, cross-sectional dependence, Models with Panel Data, Firm Behavior: Empirical Analysis, General

Productivity growth in Italy has been persistently anemic and has lagged that of the euro area over the period 1999-2015, while the indebtedness of its corporate sector has increased. Using the ORBIS firm-level dat...

Pouring Oil on Fire: Interest Deductibility and Corporate Debt

Pouring Oil on Fire: Interest Deductibility and Corporate Debt »

Source: Pouring Oil on Fire: Interest Deductibility and Corporate Debt

Volume/Issue: 2018/257

Series: IMF Working Papers

Author(s): Pietro Dallari , Nicolas End , Fedor Miryugin , Alexander Tieman , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484389102

Keywords: Tax incentives, Tax policy, Corporate debt, Corporate income taxes, Leverage, Debt Bias, Corporate Income Tax, SMEs, Micro data, Business Taxes and Subsidies

This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a...

The Limits of Meritocracy1

The Limits of Meritocracy1 »

Source: The Limits of Meritocracy

Volume/Issue: 2018/231

Series: IMF Working Papers

Author(s): John Morgan , Justin Tumlinson , and Felix Vardy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2018

ISBN: 9781484381175

Keywords: Meritocracy, Efficiency, Level Playing Field, Firm Behavior: Empirical Analysis, Market Design, Equity, Justice, Inequality, and Other Normative Criteria and Measurement, Organization of Production

We show that too much meritocracy, modeled as accuracy of performance ranking in contests, can be a bad thing: in contests with homogeneous agents, it reduces output and is Pareto inefficient. In contests with suff...

Resolving China's Zombies: Tackling Debt and Raising Productivity1

Resolving China's Zombies: Tackling Debt and Raising Productivity1 »

Source: Resolving China's Zombies: Tackling Debt and Raising Productivity

Volume/Issue: 2017/266

Series: IMF Working Papers

Author(s): W. Raphael Lam , Alfred Schipke , Yuyan Tan , and Zhibo Tan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 November 2017

ISBN: 9781484330722

Keywords: Corporate debt, Debt restructuring, Asia and Pacific, China, state-owned enterprises, and zombie firms, zombie firms, General, Firm Behavior: Empirical Analysis

Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (...

Identifying Binding Constraints to Growth

Identifying Binding Constraints to Growth »

Source: Identifying Binding Constraints to Growth : Does Firm Size Matter?

Volume/Issue: 2015/3

Series: IMF Working Papers

Author(s): Mauricio Vargas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2015

ISBN: 9781498358088

Keywords: Firm Size, Firms&;amp;#x2019; Constraints, IV-Oprobit, transportation, firms, firm, transport, Firm Behavior: Empirical Analysis, Firm Performance: Size, Diversification

As emphasized by Hausmann, Rodrik and Velasco, the policy challenge of boosting growth requires prioritization and identifying what are the most binding constraints. This paper draws on firm-level data from the Wor...

Corporate Indebtedness and Low Productivity Growth of Italian Firms

Corporate Indebtedness and Low Productivity Growth of Italian Firms »

Volume/Issue: 2018/33

Series: IMF Working Papers

Author(s): Gareth Anderson , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2018

DOI: http://dx.doi.org/10.5089/9781484343265.001

ISBN: 9781484343265

Keywords: Productivity, Europe, Italy, Corporate debt, dynamic heterogeneous panel threshold models, cross-sectional dependence, Models with Panel Data, Firm Behavior: Empirical Analysis, General

Productivity growth in Italy has been persistently anemic and has lagged that of the euro area over the period 1999-2015, while the indebtedness of its corporate sector has increased. Using the ORBIS firm-level dat...

Pouring Oil on Fire: Interest Deductibility and Corporate Debt

Pouring Oil on Fire: Interest Deductibility and Corporate Debt »

Volume/Issue: 2018/257

Series: IMF Working Papers

Author(s): Pietro Dallari , Nicolas End , Fedor Miryugin , Alexander Tieman , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484389102.001

ISBN: 9781484389102

Keywords: Tax incentives, Tax policy, Corporate debt, Corporate income taxes, Leverage, Debt Bias, Corporate Income Tax, SMEs, Micro data, Business Taxes and Subsidies

This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a...

The Limits of Meritocracy

The Limits of Meritocracy »

Volume/Issue: 2018/231

Series: IMF Working Papers

Author(s): John Morgan , Justin Tumlinson , and Felix Vardy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2018

DOI: http://dx.doi.org/10.5089/9781484381175.001

ISBN: 9781484381175

Keywords: Meritocracy, Efficiency, Level Playing Field, Firm Behavior: Empirical Analysis, Market Design, Equity, Justice, Inequality, and Other Normative Criteria and Measurement, Organization of Production

We show that too much meritocracy, modeled as accuracy of performance ranking in contests, can be a bad thing: in contests with homogeneous agents, it reduces output and is Pareto inefficient. In contests with suff...