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dc.contributor.authorAizenman, Joshuaen_US
dc.contributor.authorSushko, Vladyslaven_US
dc.date.accessioned2011-09-07en_US
dc.date.accessioned2012-09-21T11:55:07Z-
dc.date.available2012-09-21T11:55:07Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/64083-
dc.description.abstractWe examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing industries' growth rates covering 17 years. Net portfolio debt inflows are negatively associated with growth during the mid 1990s. The magnitudes of the negative effect of surges in portfolio debt inflows on growth are substantial in the late 1990s for a number of countries. The effect of debt inflows on growth in the 2000s is rather muted. Surges in portfolio equity inflows also exhibit a negative association with aggregate growth in the manufacturing sector. For instance, the inflow surge during the financial liberalization period, 1993-1994, is associated with a sharp decline in aggregate manufacturing sector growth, but a rise in the growth of relatively more financially constrained industries. Equity inflows exhibited economically significant positive impact on the growth of financially constrained industries, unlike their negative impact on the average manufacturing growth rate. FDI inflows exhibit a positive association with aggregate manufacturing growth during most of the sample period, both at the aggregate level and specifically for the industries in need of external financing.en_US
dc.language.isoengen_US
dc.publisherSanta Cruz Inst. for International Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, Santa Cruz Institute for International Economics 11-04en_US
dc.subject.jelO16en_US
dc.subject.jelO57en_US
dc.subject.jelF15en_US
dc.subject.jelF21en_US
dc.subject.jelF26en_US
dc.subject.jelF43en_US
dc.subject.ddc330en_US
dc.subject.keywordexternal finance dependenceen_US
dc.subject.keywordportfolio debt, portfolio equity, and FDI inflowsen_US
dc.subject.keywordmanufacturingen_US
dc.subject.stwUnternehmensfinanzierungen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwEigenkapitalen_US
dc.subject.stwSchuldenen_US
dc.subject.stwDirektinvestitionen_US
dc.subject.stwVerarbeitendes Gewerbeen_US
dc.subject.stwWelten_US
dc.titleCapital flow types, external financing needs, and industrial growth: 99 countries, 1991-2007en_US
dc.typeWorking Paperen_US
dc.identifier.ppn667852859en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz

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