| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12931 |
| DP12931 Does Public Debt Crowd Out Corporate Investment? International Evidence | |
| Ugo Panizza; Yi Huang; Richard Varghese | |
| 发表日期 | 2018-05-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using data for advanced and emerging economies, we show that there is a negative correlation between public debt and corporate investment. Industry-level regressions show that high levels of government debt are particularly damaging for industries that need more external financial resources. Firm-level regressions show that government debt increases the sensitivity of corporate investment to cash flow. These results indicate that the relationship between public debt and investment is likely to be causal and that public debt crowds out corporate investment by tightening credit constraints. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | investment Public debt Crowding out Credit constraints |
| URL | https://cepr.org/publications/dp12931 |
| 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/541743 |
| 推荐引用方式 GB/T 7714 | Ugo Panizza,Yi Huang,Richard Varghese. DP12931 Does Public Debt Crowd Out Corporate Investment? International Evidence. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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