| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7359 |
| DP7359 Credit Constraints, Cyclical Fiscal Policy and Industry Growth | |
| Philippe Aghion; Enisse Kharroubi; David Hemous | |
| 发表日期 | 2009-07-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Data show that better creditor protection is correlated across countries with lower average stock market volatility. Moreover, countries with better creditor protection are observed to have suffered lower decline in their stock market indexes during the current financial crisis. To explain this regularity, we use a stylised Tobin-q model of investment. Our model predicts that (1) the incidence of credit crunches should be lower in countries with better creditor protection; and, {2) that the decline in the stock market index during crises should be lower in countries with better creditor protection. We find support for these mechanisms in a panel data consisting of both OECD and OECD countries. We find that countries with higher level of creditor-rights protection are less likely to experience liquidity crises, even within the subsamples of OECD and non-OECD countries. We find, however, that only in the subsample of non-OECD countries do we observe a larger decline in the stock market index for countries with low level of creditor rights protection, in the presence of credit crunches. |
| 主题 | International Macroeconomics |
| 关键词 | Credit crunch Tobin q |
| URL | https://cepr.org/publications/dp7359 |
| 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/536197 |
| 推荐引用方式 GB/T 7714 | Philippe Aghion,Enisse Kharroubi,David Hemous. DP7359 Credit Constraints, Cyclical Fiscal Policy and Industry Growth. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
