The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Volatility and growth: Credit constraints and the composition of investment
Open accessAbstract
How does uncertainty and credit constraints affect the cyclical composition of investment and thereby volatility and growth? This paper addresses this question within a model where firms engage in two types of investment: a short-term one; and a long-term one, which contributes more to productivity growth. Because it takes longer to complete, long-term investment has a relatively less cyclical return; but it also has a higher liquidity risk. The first effect ensures that the share of long-term investment to total investment is countercyclical when financial markets are perfect; the second implies that this share may turn procyclical when firms face tight credit constraints. A novel propagation mechanism thus emerges: through its effect on the cyclical composition of investment, tighter credit can lead to both higher volatility and lower mean growth. Evidence from a panel of countries provides support for the model's key predictions.
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Cites
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Cited by
Aghion, P., Askenazy, P., Berman, N., Cette, G., & Eymard, L. (2012) · Journal of the European Economic Association · doi:10.1111/j.1542-4774.2012.01093.x · Cited by 632
Self-citationLaw, Stock Markets, and Innovation
BROWN, J. R., MARTINSSON, G., & PETERSEN, B. C. (2013) · The Journal of Finance · doi:10.1111/jofi.12040 · Cited by 508
Financial Frictions and the Great Productivity Slowdown
Duval, R., Hong, G. H., & Timmer, Y. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz063 · Cited by 180
Finance, Growth, and Inequality
Levine, R. (2021) · IMF Working Papers · doi:10.5089/9781513583365.001 · Cited by 62
Ullah, W., Zubir, A. S. M., & Ariff, A. M. (2024) · Sage Open · doi:10.1177/21582440241267142 · Cited by 5
Metadata
- Authors
- Aghion, P., Angeletos, G.-M., Banerjee, A., & Manova, K.
- Venue
- Journal of Monetary Economics
- Publisher
- Elsevier BV
- Published
- 2010-04
- Volume
- 57
- Issue
- 3
- Pages
- 246-265
- ISSN
- 0304-3932 (ISSN-L)
- OpenAlex
- W2014339993
- Cited by
- 642
- References
- 3
- FWCI
- 70.34
- Type
- journal article
- Language
- en
- Open access
- green
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- Aghion, P., Angeletos, G.-M., Banerjee, A., & Manova, K. (2010). Volatility and growth: Credit constraints and the composition of investment. Journal of Monetary Economics. https://doi.org/10.1016/j.jmoneco.2010.02.005
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