MUSSO , Patrick

We propose a new approach for identifying and measuring the degree of fnancial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996 - 2004 period, we find that (i) financial constraints significantly increase the...

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We propose a new approach for identifying and measuring the degree of fnancial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996 - 2004 period, we find that (i) financial constraints significantly increase the...

We propose a new approach for identifying and measuring the degree of financial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996–2004 period, we find that (1) financial constraints significantly increase the...

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We propose a simple model of endogenous growth which puts forward the non linear impact of monetary policy on long run economic growth. Moreover, we show that, out of steady state, the volatility of inflation (expected and non-expected) decreases the rate of growth. In a stochastic framework, the precautionary saving induced by inflation...

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We develop a new method to estimate the parameters of threshold distributions for market participation based upon an agent-specific attribute and its decision outcome. This method requires few behavioral assumptions, is not data demanding, and can adapt to various parametric distributions. Monte Carlo simulations show that the algorithm...

We develop a new method to estimate the parameters of threshold distributions for market participation based upon an agent-specific attribute and its decision outcome. This method requires few behavioral assumptions, is not data demanding, and can adapt to various parametric distributions. Monte Carlo simulations show that the algorithm...

International audience

The paper is devoted at analyzing the co-ordination role that markets and organizations are called to play in order to make viable innovation processes. This analysis reveals that the viability of innovation processes cannot be dissociated from the way market structures emerge and evolve, and hence that there is not a 'new economy' problem...

The paper analyses the co-ordinating role that markets and organisations are called on to play in determining productivity gains. In fact, the viability of innovation processes cannot be dissociated from the way market structures emerge and evolve. The success (or not) of the introduction of new technologies and the emergence and evolution of...

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When firms enjoy increasing returns in presence of a high rate of innovation, competition may obtain due to the continuous changes in demand and cost conditions even when there is no differentiation and the products of competing firms are essentially homogeneous. In this paper we intend to provide theoretical structure to this conjecture, and...

In this paper we analyse the role of financial resources in a process of competition interpreted as a continuous restructuring of productive capacities. Financial constraints appear an essential means of co-ordination. Co-ordination with the environment where this process of restructuring takes place for the process itself to be viable and...

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The paper analyzes the link between financial constraints and firms' export decisions, using a large micro-level data set on French manufacturing firms over the 1996-2004 period. Our main finding is that firms enjoying better ex-ante financial heath are more likely to start exporting. This results contrasts with the previous empirical...

This paper analyses post-entry and pre-exit performance of French firms using a dataset covering 14 manufacturing industries over the period 1990-2002. The main focus is on market selection mechanisms looking at total factor productivity levels of entrants and exitors relative to incumbent firms. Entrants are found to outperform incumbents,...

In this paper, we analyse post-entry and pre-exit performance of French manufacturing firms using a dataset covering 14 industries over the period 1990-2002. Our purpose is to shed light on the working of market selection mechanisms within French manufacturing industries. We found that market selection in France rightly operates in favour of...

This article analyses market selection in French manufacturing in the nineties. It argues that the determinants of firm survival have different effects depending on firm age. Results show that exiting firms display low levels of profitability and productivity. This selection process is more severe for young firms because industry structures...

Sunk costs due to entry into foreign markets are used as the main justification of the relationship between firm productivity and exports. We use a large-scale dataset on French manufacturing firms to evaluate how sunk costs affect the productivity of new exporters. We find that the typical productivity dynamics of a new exporter is U-shaped....

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This paper analyses post-entry and pre-exit performance of French firms using a dataset covering 14 manufacturing industries over the period 1990-2002. The main focus is on market selection mechanisms looking at total factor productivity levels of entrants and exitors relative to incumbent firms. Entrants are found to outperform incumbents,...

We analyse the evolution of French mark-ups and their determinants in manufacturing industries from 1986 to 2004, using an extended version of Roeger's specification. With a value of 13.8%, French mark-ups in manufacturing are found to be slightly above those found by Görg and Warzynski (2006) in UK manufacturing. Over the period, French...