Browsing by Autor "Claudio Raddatz"
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Item type: Item , Financial Constraints, Competition, and Markup Cyclicality(RELX Group (Netherlands), 2016) Matías Braun; Claudio RaddatzThis article provides evidence on the relation among financial constraints, competition, and the cyclicality of markups. Based on a long series of industry data from a large number of countries, we find that markups increase in conjunction with the business cycle in environments with higher short-term financial constraints (liquidity constraints) and more competition. The evidence also suggests that these two elements complement each other: the procyclicality of markups in firms facing both high competition and high liquidity constraints is higher than that explained by each determinant independently.Item type: Item , Global Firms and the Dimensions of Economic Policy Uncertainty(RELX Group (Netherlands), 2023) Matías Braun; Gabriel Fernández; Claudio Raddatz; Tiago FerreiraItem type: Item , Global Firms and the Dimensions of Economic Policy Uncertainty(RELX Group (Netherlands), 2024) Matías Braun; Claudio Raddatz; Tiago Ferreira; Gabriel FernándezItem type: Item , How Do ESG Firms Invest?(RELX Group (Netherlands), 2024) Matías Braun; Claudio Raddatz; Francisco MarcetItem type: Item , The Good, the Bad, and the not-so Ugly of Credit Booms: Capital Allocation and Financial Constraints(RELX Group (Netherlands), 2021) Matías Braun; Francisco Marcet; Claudio RaddatzItem type: Item , The Politics of Financial Development: Evidence from Trade Liberalization(RELX Group (Netherlands), 2005) Matías Braun; Claudio RaddatzItem type: Item , Trade Liberalization, Capital Account Liberalization and the Real Effects of Financial Development(RELX Group (Netherlands), 2008) Claudio Raddatz; Matías BraunThis paper provides evidence that international economic integration changes the real effect of domestic financial institutions. Using a cross-country panel we show that domestic financial development has a smaller effect on growth in countries that are open to trade and capital flows than among countries that are closed in both dimensions. We then use sectoral data to show that this decline in the importance of financial development can be explained by its irrelevance for tradable sectors in countries that are fully integrated to the world economy. In contrast to non-tradable sectors, for tradable sectors international economic integration seems to be a good substitute for domestic financial development. We also explore the consequences of these findings for the sequencing of reform.