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Financial Frictions and the Great Productivity Slowdown /
We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting quasi-experimental variation in firm-level exposure to the crisis,...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
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| Colección: | IMF working paper ;
WP/17/129. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; Contents; 1. Introduction; 2. Empirical Strategy; 2.1. Identification Approach; 2.2. Data and Stylized Facts; 3. Empirical Results; 3.1. Baseline and Extended Specifications; 3.2. Placebo Test; 3.3. The Role of Intangible Investment; 4. Dynamic Responses of Productivity Growth; 5. Robustness Check: Labor Productivity versus TFP; 6. Conclusion; References; Tables; 1. Summary Statistics; 2. Baseline Regression Results; 3. Extended Specification; 4. Placebo Test; 5. Intangible Investment Regression Results; 6. Share of Intangible Assets Regression Results.
- 7. Dynamic Response of the Change in TFP Growth to Pre-Crisis Leverage8. Dynamic Response of the Change in TFP Growth to Pre-Crisis Debt Maturity; 9. Dynamic Response of the Change in Investment in Intangible Assets to Pre-Crisis Leverage; 10. Dynamic Response of the Change in Investment in Intangible Assets to Pre-Crisis Debt Maturity; 11. Baseline Regression: Labor Productivity; Figures; 1. TFP Level Path for Firms with Different Leverage Ratios and Rollover Risks; 2. Estimated TFP Growth Decline for Firms with Different Leverage Ratios and Rollover Risks.
- 3. Estimated TFP Growth Decline for Firms with Different Leverage Ratios and Rollover Risks4. Estimated TFP Level Path for Firms with Different Leverage Ratios and Rollover Risks; 5. Estimated Decline in Investment Rate in Intangible Assets for Firms with Different Leverage Ratios and Rollover Risks.