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Financial Constraints, Productivity, and Investment: Evidence from Lithuania
This paper studies the relation between firms' access to finance, labor productivity and investment using Lithuanian firm-level data from 2000–2018. To do so, we construct a measure of financial constraints. We estimate that, given firm characteristics, removing these constraints can improve average productivity and investment of firms in Lithuania by 0.51 percent and 7.2 percent, respectively. Our results further suggest that policies targeting firm age and size together will be more effective in mitigating the impact of financial constraints as the relationship between firm age and size with financial constraints exhibits non-linearities.
Finance & Development, December 2023
Generative AI has introduced tantalizing new possibilities. Yet the initial excitement surrounding AI has given way to genuine concerns. This issue is an early attempt to understand AI’s implications for growth, jobs, inequality, and finance.
Free Imagination
Free Imagination argues that the brain's capacity to imagine is the fundamental basis of human Free Will. Laws of physics need not apply in our internal simulations, so virtually anything is possible there. And since some of our actions can follow from that which we imagine, especially from processes of deliberation that involve imagining possible scenarios and outcomes, our actions inherit the freedom of our imaginings. The creative power of the human imagination may have evolved as a consequence of the demodularization of neural circuitry associated with volitional attentional operations over operands downloadable into a mental workspace where, virtually, anything could be combined with an...
Water
The story of the most abundant substance on Earth, from its origins in the birth of stars billions of years ago to its importance in the living world. Water is so ubiquitous in our lives that it is easy to take for granted. The average American uses ninety gallons of water a day; nearly every liquid we encounter is mostly water--milk, for example, is 87 percent water. Clouds and ice--water in other forms--affect our climate. Water is the most abundant substance on Earth, and the third-most abundant molecule in the universe. In this lavishly illustrated volume, science writer Jack Challoner tells the story of water, from its origins in the birth of stars to its importance in the living world....
Fashioning the Modern Middle East
"Explores the role of the dressed and undressed body in the making of the modern Middle East, from perspectives such as nation, gender, post-colonialism and historiography"--
A Neurophilosophy of Libertarian Free Will
This book offers an intellectually fierce defence of Libertarian Free Will seen from a neuroscientific and biological perspective. Tse argues that causation in living systems is dominated by non-linear goal-seeking automatic feedback loops and a continual criterial reparameterization of what will count as an adequate solution to goal fulfilment. For this reason, outcomes are neither determined nor random. That is, for each cycle, outcomes could have turned out differently than they actually did. Humans, he argues, have two kinds of libertarian free will. One type concerns the ability to choose freely and is shared with other highly developed animals. Second-order free will, in contrast, is u...
Why Time Flies
“[Why Time Flies] captures us. Because it opens up a well of fascinating queries and gives us a glimpse of what has become an ever more deepening mystery for humans: the nature of time.” —The New York Times Book Review “Erudite and informative, a joy with many small treasures.” —Science “Time” is the most commonly used noun in the English language; it’s always on our minds and it advances through every living moment. But what is time, exactly? Do children experience it the same way adults do? Why does it seem to slow down when we’re bored and speed by as we get older? How and why does time fly? In this witty and meditative exploration, award-winning author and New Yorker ...
