, resulted in lower investment, employment, and bank debt for younger and smaller firms. Importantly, these effects dominate … those of banks’ balance-sheet variables. We also show that higher CDS spreads led to lower aggregate investment, employment …

, resulted in lower investment, employment, and bank debt for younger and smaller firms. Importantly, these effects dominate … those of banks' balance-sheet variables. We also show that higher CDS spreads led to lower aggregate investment, employment …

Has financial liberalization improved the efficiency with which investment funds are allocated to competing uses? In … index of the efficiency of investment allocation that measures whether, and to which extent, investment funds are going to … investment funds are allocated. This conclusion holds after a series of robustness checks and is consistent with firm level …

in short-term dept and a steeper fall in both sales and inventory. Finally, inventory and fixed investment equations are … estimated in an ECM form. Consistently with our expectations, we find that both inventory and fixed investment decisions by …

efficiency with which investment funds are allocated. A summary index of the efficiency of investment allocation that measures … whether investment funds are going to firms with a higher marginal return to capital is developed. We examine the relationship … investment funds are allocated. This holds after various robustness checks and is consistent with firm level evidence that a …

Has financial liberalization improved the efficiency with which investment funds are allocated to competing uses? In … investigate whether financial liberalization has increased the share of investment going to firms with a higher marginal return to … capital. To this end we develop a summary index of the efficiency of allocation of investment. We then examine the …

countries. Will these developments improve economic performance in terms of creating jobs, fostering investment, and encouraging …

also developed a summary index of the efficiency of investment allocation that measures whether, and to what extent …, investment funds are going to firms with a higher marginal return to capital. Then it was examined the relationship between this … has led to an increase in the efficiency with which investment funds are allocated. …

, resulted in lower investment, employment, and bank debt for younger and smaller firms. Importantly, these effects dominate … those of banks' balance-sheet variables. We also show that higher CDS spreads led to lower aggregate investment, employment …