Aghion, P.; Askenazy, P.; Berman, N.; Cette, G.; Eymard, L. - Banque de France - 2008
We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit …&D investment over total investment is countercyclical without credit constraints, but it becomes more procyclical as firms face … tighter credit constraints; (ii) the result is magnified for firms in sectors that depend more heavily upon external finance …