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Credit Constraints, Political Instability, and Capital Accumulation
Risto HerralaRima Turk Ariss
出版International Monetary Fund, 2013-12-16
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Investments & Securities / GeneralBusiness & Economics / Banks & Banking
ISBN14843035719781484303573
URLhttp://books.google.com.hk/books?id=RimgAgAAQBAJ&hl=&source=gbs_api
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註釋We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financial development measured by a relaxing of financial constraints is key to macroeconomic development.