Shocks, Financial Dependence, and Efficiency: Evidence From U.S. and Canadian Industries
The paper investigates how changes in industries'' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries'' dependence on external funding as an identification mecha...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/199 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The paper investigates how changes in industries'' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries'' dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth. This effect is, however, non-monotonic across sectors with different degrees of dependence on external finance. Our findings cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. The paper presents a theoretical model that produces the observed non-monotonic effect of financial shocks on TFP growth and suggests that financial shocks distort the allocation of factors across firms even within an industry, thus reducing TFP growth |
| Beschreibung: | 1 Online-Ressource (40 p) |
| ISBN: | 1462304222 9781462304226 |
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| 520 | 3 | |a The paper investigates how changes in industries'' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries'' dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth. This effect is, however, non-monotonic across sectors with different degrees of dependence on external finance. Our findings cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. The paper presents a theoretical model that produces the observed non-monotonic effect of financial shocks on TFP growth and suggests that financial shocks distort the allocation of factors across firms even within an industry, thus reducing TFP growth | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:20Z |
| indexdate | 2024-07-10T09:35:28Z |
| institution | BVB |
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| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Estevão, Marcello M. Verfasser aut Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries Estevão, Marcello M Washington, D.C International Monetary Fund 2011 1 Online-Ressource (40 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/199 The paper investigates how changes in industries'' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries'' dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth. This effect is, however, non-monotonic across sectors with different degrees of dependence on external finance. Our findings cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. The paper presents a theoretical model that produces the observed non-monotonic effect of financial shocks on TFP growth and suggests that financial shocks distort the allocation of factors across firms even within an industry, thus reducing TFP growth Online-Ausg Severo, Tiago Sonstige oth http://elibrary.imf.org/view/IMF001/12130-9781462304226/12130-9781462304226/12130-9781462304226.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Estevão, Marcello M. Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries |
| title | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries |
| title_auth | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries |
| title_exact_search | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries |
| title_exact_search_txtP | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries |
| title_full | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries Estevão, Marcello M |
| title_fullStr | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries Estevão, Marcello M |
| title_full_unstemmed | Shocks, Financial Dependence, and Efficiency Evidence From U.S. and Canadian Industries Estevão, Marcello M |
| title_short | Shocks, Financial Dependence, and Efficiency |
| title_sort | shocks financial dependence and efficiency evidence from u s and canadian industries |
| title_sub | Evidence From U.S. and Canadian Industries |
| url | http://elibrary.imf.org/view/IMF001/12130-9781462304226/12130-9781462304226/12130-9781462304226.xml |
| work_keys_str_mv | AT estevaomarcellom shocksfinancialdependenceandefficiencyevidencefromusandcanadianindustries AT severotiago shocksfinancialdependenceandefficiencyevidencefromusandcanadianindustries |