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Investment in productivity and the long-run effect of financial crises in output
Ridder, Maarten de - 2016
models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …
Persistent link: https://www.econbiz.de/10011573282
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Capital deaccumulation and the large persistent effects of financial crises
Knowles, Matthew - 2023
In a panel of OECD and emerging economies, I find that recessions are associated with larger initial drops in investment and more persistent drops in output if they occur simultaneously with banking crises. Furthermore, the banking crises that are followed by more persistent output slumps are...
Persistent link: https://www.econbiz.de/10014233623
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International transmission of credit shocks in an equilibrium model with production heterogeneity
Imura, Yuko; Thomas, Julia K. - 2015
face persistent idiosyncratic productivity shocks and occasionally binding collateralized borrowing constraints for … international trade than do productivity shocks. These results shed light on the great trade collapse over 2008-09, suggesting that …
Persistent link: https://www.econbiz.de/10011280030
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International credit markets and global business cycles
Pintus, Patrick A.; Wen, Yi; Xin, Xiaochuan - 2018 - This version: May 14, 2018
This paper stresses a new channel through which global financial linkages contribute to the co-movement in economic activity across countries. We show in a two-country setting with borrowing constraints that international credit markets are subject to self-fulfilling variations in the world real...
Persistent link: https://www.econbiz.de/10011911509
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Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment
Aghion, Philippe; Banerjee, Abhijit V.; Angeletos, … - 2015
We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby … a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less …
Persistent link: https://www.econbiz.de/10014028049
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Capital misallocation and secular stagnation
Caggese, Andrea; Pérez, Ander - 2017 - This version: January 17, 2017
finance, firms are credit constrained, and there is substantial dispersion in productivity. In a tangibles-intense economy …
Persistent link: https://www.econbiz.de/10011708126
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Financial Crises, Investment Slumps, and Slow Recoveries
Cerra, Valerie; Hakamada, Mai; Lama, Ruy - 2022
output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …
Persistent link: https://www.econbiz.de/10013306789
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Policy uncertainty and foreign direct investment : evidence from the China-Japan island dispute
Chen, Cheng; Senga, Tatsuro; Sun, Chang; Zhang, Hongyong - 2016
Can a temporary negative shock generate long-lasting effects on economic activities? To show causal evidence, we utilize data from Japanese multinational corporations (MNCs) and explore the economic impact of the unexpected escalation of an island dispute between China and Japan in 2012. Our...
Persistent link: https://www.econbiz.de/10011554377
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Distribution-led growth in the long run
Nikiforos, Michalis - 2014
The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and...
Persistent link: https://www.econbiz.de/10010402587
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Financial Development and Economic Volatility : A Unified Explanation
Wang, Pengfei; Wen, Yi - 2009
Empirical studies showed that firm-level volatility has been increasing but the aggregate volatility has been decreasing in the US for the post-war period. This paper proposes a unified explanation for these diverging trends. Our explanation is based on a story of financial development -...
Persistent link: https://www.econbiz.de/10014208300