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Corporate Self-Financing and Economic Growth

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Author Info

  • Ricardo Bebczuk

    (Central Bank of Argentina)

  • Lorena Garegnani

    ()
    (Central Bank of Argentina)

Abstract

This paper analyzes the advantages and disadvantages of corporate self-financing from de perspective of corporative finance in order to evaluate its macroeconomic consequences. Specifically, a corporate self-financing coefficient is calculated for a group of 15 countries of OECD during the period 1970-2003. Using recent panel data methods, this paper studies the long-run effect of the corporate self-financing coefficient on the corporate investment, the total factor productivity and the output growth. The findings clearly suggest, in apparent contradiction with the literature on financial development, a strong and positive long run relationship between growth and self-financing. Important lessons are derived for the recent argentine case.

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File URL: http://www.bcra.gov.ar/pdfs/investigaciones/Autofinanciamientoycrecimiento.pdf
File Function: Spanish version (versión en Español)
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Bibliographic Info

Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

Volume (Year): 1 (2007)
Issue (Month): 47 (April - June)
Pages: 63-91

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Handle: RePEc:bcr:ensayo:v:1:y:2007:i:47:p:63-91

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Related research

Keywords: corporate self-financing; corporate investment; economic growth; pooled mean group estimator;

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References

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  1. Madsen, Jakob B., 2007. "Technology spillover through trade and TFP convergence: 135 years of evidence for the OECD countries," Journal of International Economics, Elsevier, vol. 72(2), pages 464-480, July.
  2. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," William Davidson Institute Working Papers Series 442, William Davidson Institute at the University of Michigan.
  3. Johansen, Soren, 1992. "Cointegration in partial systems and the efficiency of single-equation analysis," Journal of Econometrics, Elsevier, vol. 52(3), pages 389-402, June.
  4. Jakob B. Madsen, 2005. "Technology Spillover through Trade and TFP Convergence: 120 Years of Evidence for the OECD Countries," EPRU Working Paper Series 05-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  5. Florian Pelgrin & Sebastian Schich, 2004. "National Saving-Investment Dynamics and International Capital Mobility," Working Papers 04-14, Bank of Canada.
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