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Applied Economics Letters Volume 26, 2019 - Issue 2
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Articles

Firm investment and financial conditions in the euro area: evidence from firm-level data

Hiona BalfoussiaDepartment of Economic Analysis and Research, Bank of Greece, Athens, GreeceCorrespondence[email protected]
&
Heather D. GibsonDepartment of Economic Analysis and Research, Bank of Greece, Athens, Greece
Pages 104-110 | Published online: 07 Mar 2018

References

  • Aghion, P., D. Hémous, and E. Kharroubi. 2014. “Cyclical Fiscal Policy, Credit Constraints, and Industry Growth.” Journal of Monetary Economics 62: 41–58. doi:10.1016/j.jmoneco.2013.12.003.
  • Aghion, P., G.-M. Angeletos, A. Banerjee, and K. Manova. 2010. “Volatility and Growth: Credit Constraints and the Composition of Investment.” Journal of Monetary Economics 57: 246–265. doi:10.1016/j.jmoneco.2010.02.005.
  • Angelopoulou, E., H. Balfoussia, and H. D. Gibson. 2014. “Building a Financial Conditions Index for the Euro Area and Selected Euro Area Countries: What Does It Tell Us about the Crisis?” Economic Modelling 38 (C): 392–403. doi:10.1016/j.econmod.2014.01.013.
  • Audretsch, D. B., and J. A. Elston. 2002. “Does Firm Size Matter? Evidence on the Impact of Liquidity Constraints on Firm Investment Behavior in Germany.” International Journal of Industrial Organization 20 (1): 1–17. doi:10.1016/S0167-7187(00)00072-2.
  • Balfoussia, H., and H. D. Gibson. 2016a. “Financial Conditions and Economic Activity: The Potential Impact of the Targeted Longer-Term Refinancing Operations (TLTROS).” Applied Economics Letters 23 (6): 449–456.
  • Balfoussia, H., and H. D. Gibson. 2016b. “Firm Investment and Financial Conditions in the Euro Area: Evidence from Firm-Level Data.” Working Paper, No. 208. Bank of Greece.
  • Bijsterbosch, Martin and Tatjana Dahlhaus. 2015. “Key features and determinants of credit-less recoveries,” Empirical Economics. 49(4): 1245–1269 https://doi.org/10.1007/s00181-014-0910-y.
  • Cerra, V., and S. C. Saxena. 2008. “Growth Dynamics: The Myth of Economic Recovery.” American Economic Review 98 (1): 439–457. doi:10.1257/aer.98.1.439.
  • Claessens, S., H. Tong, and S.-J. Wei. 2012. “From the Financial Crisis to the Real Economy: Using Firm-Level Data to Identify Transmission Channels.” Journal of International Economics 88: 375–387. doi:10.1016/j.jinteco.2012.02.015.
  • Claessens, S., M. Kose, and M. Terrones. 2012. “How Do Business and Financial Cycles Interact?” Journal of International Economics 87 (1): 178–190. doi:10.1016/j.jinteco.2011.11.008.
  • Igan, D., A. K. Alain, N.-D. S. Francisco, M. Pinheiro, and N. T. Tamirisa. 2009. “Three Cycles: Housing, Credit, and Real Activity.” IMF Working Paper No. 09/231.
  • Kaminsky, G. L., and C. M. Reinhart. 1999. “The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems.” American Economic Review 89 (3): 473–500. doi:10.1257/aer.89.3.473.
  • Rogoff, Kenneth. 2015. “Debt Supercycle, Not Secular Stagnation” VoxEU, April 22 https://voxeu.org/article/debt-supercycle-not-secular-stagnation

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