Browsing by Issue Date, starting with "2023-05-17"
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- The bank lending channel and industrial competition dynamics : evidence from matched firmbank dataPublication . Minolfi, Giovanni; Silva, Joana; Bonfim, DianaThis thesis explores how bank lending shocks affect competition dynamics between firms. We ar gue that a bank lending shock dampens a firm’s competitive position, instead advantaging her rivals, which reap benefits from the firm’s distress. Using matched firm-bank data from the Portuguese credit register (2006-2017), we show that a bank lending shock hitting a firm’s competitors is asso ciated with higher capital, sales and employment growth rates for that firm. However, this impact is not significant at a 5% level, suggesting that the industrial competition channel is not a substan tial mechanism in our main sample. Instead, we find significant effects on a subset of firms: i) larger firms and ii) firms operating in more concentrated industries, which exhibit higher sales and employment growth rates when their competitors go into financial distress. This has an important implication: credit shocks could have distributional impacts across firms. We present evidence that both credit and market shares distribution became increasingly concentrated during the Great Fi nancial Crisis. Finally, while we cannot make inference at the macroeconomic level, the industrial competition channel hypothesis suggested by our results is consistent with the reallocation process observed.
- Iron nanofertilizers for the development of sustainable soybean cropsPublication . Pinho, Simão; Santos, Carla; Rangel, Maria; Vasconcelos, Marta; Granja, Andreia; Reis, Salette; Moniz, Tânia
- Monetary policy in a low inflation regime : evidence from the Euro AreaPublication . Piccirillo, Bianca; Silva, JoanaThis thesis examines the transmission of monetary policy in a low inflation environment, discussing the policy implications of sluggish and persistent inflation in a European Union framework and addressing possible causes behind cross-sectional heterogeneities at the sector-specific level. Exploring a disaggregated panel dataset of monthly HICPs for Germany, this thesis shows that the principal component of sectoral prices, a proxy for “pure-inflation”, successfully tracks the transmission of macroeconomic shocks in the economy. The proportion of sectors affected though is limited as the law of motion of inflation in a low regime is denoted by a self-stabilising pattern, which limits monetary authorities’ margins of action. However, when positive and negative shocks are treated asymmetrically, the difference in impact is striking: the proportion of sectors affected by pure positive (contractionary) shocks are more than three times the proportion affected by negative (expansionary) shocks, stressing the key role of the existing inflation environment. Overall, the broad sectoral categories that respond meaningfully to monetary intervention are those endowed with cyclical properties and, by definition, more sensitive to policy-induced fluctuations of aggregate demand.
- The overall redistributive effect and progressivity of the Portuguese tax-transfer systemPublication . Mariana Isabel Sanches Felizardo; Alves, NunoThe redistribution effect of the tax-transfer system is a first-order issue for policymakers. The degree of progressivity of taxes and transfers plays a central role in this respect. We apply the Kakwani index to evaluate the redistributive effect and progressivity of the overall tax and transfer system - including cash transfers, direct taxes and indirect tax liabilities - for Portugal in 2010 and 2015. To the best of our knowledge, this computation is novel for the Portuguese case. The first stage of our research project involves using parametric statistical techniques to link expenditure data from the HBS dataset with information on income and transfers from the EU-SILC. After building this new dataset, we assess both the overall redistributive effect and progressivity of the tax-transfer system, as well as the contribution of each tax and benefit instrument. Our empirical analysis shows that the overall redistributive effect translates into an inequality reduction of approximately 6 and 7 Gini percentage points, respectively for 2010 and 2015. The decrease in inequality is mainly driven by direct taxes, and this impact increased between 2010 and 2015. Corroborating the existing literature, cash benefits and direct taxes are progressive, while indirect taxes are regressive. The overall tax-transfer system is progressive. From 2010 to 2015, the Portuguese tax-transfer system became less progressive, yet the overall redistribution effect increased, mostly due to increased average direct tax rates.