Aggregate Uncertainty and Sectoral Productivity Growth : The Role of Credit Constraints /

We show that an increase in aggregate uncertainty-measured by stock market volatility-reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our...

وصف كامل

التفاصيل البيبلوغرافية
المؤلف الرئيسي: Choi, Sangyup
مؤلفون آخرون: Furceri, Davide, Huang, Yi, Loungani, Prakash
التنسيق: دورية
اللغة:English
منشور في: Washington, D.C. : International Monetary Fund, 2016.
سلاسل:IMF Working Papers; Working Paper ; No. 2016/174
الوصول للمادة أونلاين:Full text available on IMF
LEADER 02085cas a2200277 a 4500
001 AALejournalIMF017044
008 230101c9999 xx r poo 0 0eng d
020 |c 5.00 USD 
020 |z 9781475526370 
022 |a 1018-5941 
040 |a BD-DhAAL  |c BD-DhAAL 
100 1 |a Choi, Sangyup. 
245 1 0 |a Aggregate Uncertainty and Sectoral Productivity Growth :   |b The Role of Credit Constraints /  |c Sangyup Choi, Davide Furceri, Yi Huang, Prakash Loungani. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2016. 
300 |a 1 online resource (43 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a We show that an increase in aggregate uncertainty-measured by stock market volatility-reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method-a difference-in-difference approach using productivity growth for 25 industries for 18 advanced economies over the period 1985-2010-mitigates concerns with omitted variable bias and reverse causality. The results are robust to the inclusion of other sources of interaction effects, such as financial development (Rajan and Zingales, 1998) and counter-cyclical fiscal policy (Aghion and others, 2014). The results also hold if economic policy uncertainty (Baker and others, 2015) is used instead of stock market volatility as the measure of aggregate uncertainty. 
538 |a Mode of access: Internet 
700 1 |a Furceri, Davide. 
700 1 |a Huang, Yi. 
700 1 |a Loungani, Prakash. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2016/174 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2016/174/001.2016.issue-174-en.xml  |z IMF e-Library