Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/201691 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Graduate Institute of International and Development Studies Working Paper No. HEIDWP08-2018
Verlag: 
Graduate Institute of International and Development Studies, Geneva
Zusammenfassung: 
Using data for advanced and emerging economies, we show that there is a negative correlation between public debt and corporate investment. Industry-level regressions show that high levels of government debt are particularly damaging for industries that need more external financial resources. Firm-level regressions show that government debt increases the sensitivity of corporate investment to cash flow. These results indicate that the relationship between public debt and investment is likely to be causal and that public debt crowds out corporate investment by tightening credit constraints.
Schlagwörter: 
Investment
Public Debt
Crowding Out
Credit Constraints
JEL: 
E22
E62
H63
Dokumentart: 
Working Paper

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