Credit Constraints, Cyclical Fiscal Policy and Industry Growth

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Credit Constraints, Cyclical Fiscal Policy and Industry Growth

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Title: Credit Constraints, Cyclical Fiscal Policy and Industry Growth
Author: Aghion, Philippe; Hemous, David; Kharroubi, Enisse

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Citation: Aghion, Philippe, David Hemous, and Enisse Kharroubi. 2014. “Cyclical fiscal policy, credit constraints, and industry growth.” Journal of Monetary Economics 62 (March): 41–58.
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Abstract: What are the effects of cyclical fiscal policy on industry growth? We show that industries with a relatively heavier reliance on external finance or lower asset tangibility tend to grow faster (in terms of both value added and of labor productivity growth) in countries that implement fiscal policies that are more countercyclical. We reach this conclusion using Rajan and Zingales׳s (1998) difference-in-difference methodology on a panel data sample of manufacturing industries across 15 OECD countries over the period 1980–2005.
Published Version: doi:10.3386/w15119
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:12585130
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