| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8170 |
| DP8170 Financial Frictions, Investment, and Institutions | |
| Stijn Claessens; YIshay Yafeh; Kenichi Ueda | |
| 发表日期 | 2010-12-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Financial frictions have been identified as key factors affecting both short-term economic fluctuations and long-term growth. An important policy question therefore is whether institutional reforms can reduce financial frictions and, if so, which reforms are best? We address this question by empirically investigating the effects of institutions on financial frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through financial transaction costs at the individual firm (micro) level; and (ii) through the required rate of return at the country (macro) level. Using a panel of 75,000 firm-years across 48 countries for the period 1990-2007, we examine how, through these frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems) and enhanced contractual enforcement reduce financial frictions affecting investment, while stronger creditor rights (e.g., lower collateral constraints) are less important. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Creditor rights Financial friction Institutions investment |
| URL | https://cepr.org/publications/dp8170 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537007 |
| 推荐引用方式 GB/T 7714 | Stijn Claessens,YIshay Yafeh,Kenichi Ueda. DP8170 Financial Frictions, Investment, and Institutions. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
