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Working Paper
Financing Ventures
Greenwood, Jeremy; Sanchez, Juan M.; Han, Pengfei (2021-11)
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and IPO values. The increased efficiency ...
Working Papers , Paper 2017-035

Working Paper
Credit Enforcement Cycles
Drozd, Lukasz A.; Serrano-Padial, Ricardo (2017-08-21)
Empirical evidence suggests that widespread financial distress, by disrupting enforcement of credit contracts, can be self-propagatory and adversely affect the supply of credit. We propose a unifying theory that models the interplay between enforcement, borrower default decisions, and the provision of credit. The central tenets of our framework are the presence of capacity constrained enforcement and borrower heterogeneity. We show that, despite heterogeneity, borrowers tend to coordinate their default choices, leading to fragility and to credit rationing. Our model provides a rationale for ...
Working Papers , Paper 17-27

Speech
Welcoming remarks at The Evolving Structure of the U.S. Treasury Market conference
Dudley, William (2015-10-20)
Remarks at The Evolving Structure of the U.S. Treasury Market conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 182

Working Paper
Natural Resources and Global Misallocation
Sanchez, Juan M.; Monge-Naranjo, Alexander; Santaeulalia-Llopis, Raul (2015-10-31)
Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, ...
Working Papers , Paper 2015-36

Working Paper
Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms
Xu, Lixin Colin; Cull, Robert; Sun, Bo; Li, Wei (2015-01-21)
We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially less severe financial constraints (i.e., less reliance on internal cash flows to fund investment), and that the sensitivity of investment to internal cash flows is higher for firms that report greater obstacles to obtaining external funds. We also find that those large non-state firms with weak ...
International Finance Discussion Papers , Paper 1129

Working Paper
Firm Dynamics and SOE Transformation During China's Economic Reform
Jia, Chengcheng; Gu, Shijun (2021-10-19)
We study China’s state-owned enterprises (SOE) reform with a focus on the corporatization of SOEs. We first empirically document that small SOEs are more likely to exit or become privatized, whereas big SOEs are more likely to be corporatized while remaining under state ownership. We then build a heterogeneous-firm model featuring financial frictions, endogenous entry and exit, and optimal firm-type choices. Our calibrated model suggests that in the long run, the SOE reform increases the aggregate output by facilitating resource reallocation to the private sector. Along the transition, the ...
Working Papers , Paper 21-24

Working Paper
Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers
Choudhary, M. Ali; Jain, Anil K. (2022-12)
https://www.federalreserve.gov/econres/ifdp/credit-access-and-relational-contracts.htm
International Finance Discussion Papers

Working Paper
How Big is the Wealth Effect? Decomposing the Response of Consumption to House Prices
Kalemli-Ozcan, Sebnem; Elul, Ronel; Aruoba, S. Boragan (2019-01-22)
We investigate the effect of declining house prices on household consumption behavior during 2006-2009. We use an individual-level dataset that has detailed information on borrower characteristics, mortgages and credit risk. Proxying consumption by individual-level auto loan originations, we decompose the effect of declining house prices on consumption into three main channels: wealth effect, household financial constraints, and bank health. We find a negligible wealth effect. Tightening householdlevel financial constraints can explain 40-45 percent of the response of consumption to declining ...
Working Papers , Paper 19-6

Working Paper
The Intangible Gender Gap: An Asset Channel of Inequality
Avenancio-León, Carlos F.; Shen, Leslie Sheng (2021-08-03)
We propose an "asset channel of inequality" that contributes to gender inequities. We establish that industries with low (high) gender pay gaps have high (low) shares of tangible assets. Because asset tangibility determines firms' ability to collateralize assets and borrow, credit conditions affect industries differently. We show that credit expansions further reduce the pay gap in low-pay-gap industries while leaving it unaffected in high-pay-gap industries, making low-pay-gap industries more appealing for women. Consequently, gender sorting across industries increases, which then cements ...
International Finance Discussion Papers , Paper 1322

Working Paper
The great housing boom of China
Chen, Kaiji; Wen, Yi (2014-08-22)
China?s housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China?s housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce currently productive agents to speculate in the housing market. Our model can quantitatively account for ...
Working Papers , Paper 2014-22

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