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Business Conditions and Default Risks across Countries

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Author Info

  • Pflüger, Michael P.

    ()
    (University of Würzburg)

  • Russek, Stephan

    ()
    (University of Passau)

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    Abstract

    The risk of default that business firms face is very significant and differs widely across countries. This paper explores the links between countries' business conditions and international trade embedment and the default risk at the country level from a theoretical point of view. Our main contribution is to set up a general equilibrium model which allows us to derive sharp predictions concerning how key factors which shape a country's business and trade environment impact on the default risk of firms which operate in these environments. The predictions are in accord with readily available data.

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    Bibliographic Info

    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5541.

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    Length: 31 pages
    Date of creation: Feb 2011
    Date of revision:
    Handle: RePEc:iza:izadps:dp5541

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    Related research

    Keywords: business conditions and firm productivity; trade integration; firm death; firm heterogeneity;

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    Cited by:
    1. Wim Naudé, 2011. "Foreign Aid for Innovation: The Missing Ingredient in Private Sector Development?," Working Papers, Maastricht School of Management 2011/35, Maastricht School of Management.
    2. Philipp J.H. Schröder & Allan Sørensen, 2011. "Firm Exit, Technological Progress and Trade," Economics Working Papers, School of Economics and Management, University of Aarhus 2011-17, School of Economics and Management, University of Aarhus.

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