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|z 9781513528571
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Ahn, JaeBin.
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|a Macroeconomic Policy, Product Market Competition, and Growth :
|b The Intangible Investment Channel /
|c JaeBin Ahn, Romain Duval, Can Sever.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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| 300 |
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self-financing their investments through rents. Using a rich cross-country firm-level dataset and exploiting heterogeneity in firm-level exposure to the sharp and unforeseen tightening of credit conditions around September 2008, we find strong support for these theoretical predictions. The quantitative implications are large, highlighting a powerful stabilizing role for macroeconomic policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation.
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|a Mode of access: Internet
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|a Duval, Romain.
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|a Sever, Can.
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|a IMF Working Papers; Working Paper ;
|v No. 2020/025
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2020/025/001.2020.issue-025-en.xml
|z IMF e-Library
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