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作者：Gelos, RG; Werner, AM
作者单位：International Monetary Fund; Bank of Mexico
摘要：We examine the impact of financial liberalization on fixed investment in Mexico using establishment-level data from the manufacturing sector. In addition to analyzing changes in cash-flow sensitivities, an innovative approach explores the role of real estate as collateral and addresses a potential censoring problem. The results suggest that financial constraints were eased for the smallest firms, but not for larger ones. However, the importance of possessing real estate increased, given banks'...
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作者：Campos, NF; Nugent, JB
作者单位：University of Southern California; University of Michigan System; University of Michigan; Centre for Economic Policy Research - UK; Newcastle University - UK
摘要：An unstable macroeconomic environment is often regarded as detrimental to economic growth. Among the sources contributing to such instability, much of the blame has been assigned to political issues. This paper empirically tests for a causal and negative long-run relation between political instability and economic growth but finds no evidence of such a relationship. Sensitivity analysis indicates that there is a contemporaneous negative relationship but also that, in the long run and ignoring ...
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作者：Jafarey, S; Lahiri, S
作者单位：University of Essex; University of Liverpool
摘要：We examine the interaction between credit markets, trade sanctions and the incidence of child labour in a two-good, two-period model with unequally wealthy households. Both poverty and poor education quality, inter alia, are important determinants of child labour. The incidence of child labour decreases as we move from the case of borrowing constraints to the case in which poor households can borrow freely from rich ones and then to the case of perfect international credit markets. Trade sanct...
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作者：Murata, Y
作者单位：Tokyo Metropolitan University
摘要：This paper presents a model of industrialization through rural-urban interdependence. It shows how an economy with a low cost share of industrial inputs in agricultural production and a low expenditure share of manufactured goods, together with a limited variety of industrial inputs, can be caught in a low development trap. By escaping from the trap the economy moves toward more roundabout methods of agricultural production, mass consumption of manufactured goods, and urbanization. The transit...
