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Business and Economics > Finance: General

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices x
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Cover IMF Working Papers
Resolving China’s Corporate Debt Problem
Wojciech Maliszewski
,
Mr. Serkan Arslanalp
,
Mr. John C Caparusso
,
Jose M Garrido
,
Mr. Si Guo
,
Mr. Joong S Kang
,
Mr. Waikei R Lam
,
Daniel Law
,
Wei Liao
,
Ms. Nadia Rendak
,
Mr. Philippe Wingender
,
Jiangyan Yu
, and
Ms. Longmei Zhang
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Keywords:
WP; construction boom; bond market; credit growth; People's Bank of China; coverage ratio; market forces; Corporate Debt Overhang; Credit; Restructuring; Hardening Budget Constraints; credit boom; credit efficiency; credit financing; shadow credit product; Loans; Credit booms; Solvency; Government liabilities; Global
Cover IMF Working Papers
The Impact of Product Market Reforms on Firm Productivity in Italy
Mr. Sergi Lanau
and
Petia Topalova
This paper examines the role of removing obstacles to competition in product markets in raising growth and productivity. Using firm-level data from Italy during 2003–13 and OECD measures of product market regulation, we estimate the effect of deregulation in network sectors on value added and productivity of firms in these sectors, as well as firms using these intermediates in their production processes. We find evidence of a significant positive impact. These effects are more pronounced in Italian provinces with more efficient public administration, underscoring the complementarities of advancing public administration and product market reforms simultaneously.
Keywords:
WP; firm; firm performance; productivity; growth; structural reforms; product markets; firm data; performance metrics; downstream firm; firm size variable; firms exit; performance variable; Commodity markets; Public expenditure review; Total factor productivity; Competition; Global
Cover IMF Working Papers
Sources of Corporate Profits in India: Business Dynamism or Advantages of Entrenchment?
Michael Walton
,
Anusha Nath
, and
Mr. Ashoka Mody
Some see India’s corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, personal enrichment, and influence over the State, with an ultimately distorting influence. To inform this debate, this paper analyses the correlates of profitability of firms listed on the Bombay Stock Exchange, covering a dynamic period-in terms of firm entry and growth-from the early 1990s to the late 2000s. Overall, the results do not provide support for the systematic exercise of market power via the product market. At least for this period, the story is more consistent with a competitive and dynamic business sector, despite the continued dominance of business houses and public sector firms in terms of sales and assets. Those with opposing views can, with justification, argue that our analysis does not cover influences, such as corporate governance and state-corporate relations, which may paint a less flattering picture of the corporate sector’s role. Those broader themes deserve further attention.
Keywords:
WP; business house; profit rate; BSE firm; sales growth; market power; Corporate sector; India; profitability; growth; firm growth; Housing; Business enterprises; Competition; Global
Cover IMF Working Papers
Domestic Competition, Cyclical Fluctuations, and Long-Run Growth in Hong Kong Sar
Mr. Eric Zitzewitz
This paper provides an empirical assessment of the degree of competition in Hong Kong SAR using industry-level data. Although due to data limitations only approximate measures of competitiveness can be estimated, the results do suggest that Hong Kong SAR is as competitive as a typical OECD economy. The dramatic shift of the economy toward services over the last decade has also made it slightly less competitive on average. Imperfect competition is not leading to counter-cyclical markups and slower price adjustment as some theories predict, however, since markups are more pro-cyclical than in OECD countries. Lastly, markups are sufficiently imperfectly competitive in both Hong Kong SAR and the OECD to significantly downwardly bias growth accounting estimates of total factor productivity in Asian NICs vis-à-vis OECD countries.
Keywords:
WP; Sar; P-AC margin; P-MC; Markups; competitiveness; cyclical fluctuations; growth; Hong Kong SAR; P-MC margin; SAR-OECD sample; AC ratio; imperfect competition; Competition; Manufacturing; Total factor productivity; Labor share