Cyclical fiscal policy, credit constraints, and industry growth

• 成果类型: Article
• 署名作者: Aghion, Philippe; Hemous, David; Kharroubi, Enisse
• 署名单位: Harvard University; Bank for International Settlements (BIS); INSEAD Business School
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.12.003
• 发表日期: 2014
• 页码: 41-58
• 关键词: growth; Financial dependence; fiscal policy; Countercyclicality

摘要

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. (C) 2014 Elsevier B.V. All rights reserved.