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|z 9781513578729
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|a 1018-5941
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|a Hebous, Shafik.
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|a Can Government Demand Stimulate Private Investment? :
|b Evidence from U.S. Federal Procurement /
|c Shafik Hebous, Tom Zimmermann.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (33 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 We study the effects of federal purchases on firms' investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1 dollar of federal spending increases firms' capital investment by 7 to 11 cents. The average effect masks heterogeneity: Effects are stronger for firms that face financing constraints and they are close to 0 for unconstrained firms. In line with the financial accelerator model, our findings indicate that the effect of government purchases works through easing firms' access to external borrowing. Furthermore, industry-level analysis suggests that that the increase in investment at the firm level translates into an industry-wide effect without crowding-out capital investment of other firms in the same industry.
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|a Mode of access: Internet
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|a Zimmermann, Tom.
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|a IMF Working Papers; Working Paper ;
|v No. 2016/060
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/060/001.2016.issue-060-en.xml
|z IMF e-Library
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