| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6676 |
| DP6676 Does access to credit improve productivity?Evidence from Bulgarian firms | |
| Inessa Love; Roberta Gatti | |
| 发表日期 | 2008-02-01 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We study a mechanism through which strong creditor protection affect positively the level, and negatively the volatility, of the aggregate stock market price. In a Tobin-q model with liquidity and productivity shocks, two channels are at work: (1) Creditor protection raises the stock value in a credit-constraint regime; (2) Creditor protection lowers the probability of the credit crunch. We confront the key predictions of the model to a panel of 40 countries over the period from 1984 to 2004. We find support to the hypothesis that creditor protection have a positive effect on the level, and a negative effect of the volatility, of stock prices, via the negative effect of the creditor protection on the probability of credit crunch. |
| 主题 | International Macroeconomics |
| 关键词 | Credit crunch Probit estimation Tobin q |
| URL | https://cepr.org/publications/dp6676 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535513 |
| 推荐引用方式 GB/T 7714 | Inessa Love,Roberta Gatti. DP6676 Does access to credit improve productivity?Evidence from Bulgarian firms. 2008. |
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