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Dependence on External Finance by Manufacturing Sector: Examining the Measure and its Properties

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Author Info
George M. von Furstenberg
Ulf von Kalckreuth

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Abstract

Rajan and Zingales (1998) use US Compustat firm decadal data for the 1980s to obtain measures for manufacturing sectors’ Dependence on External (-to-the-firm) Finance (DEF). Their way of obtaining representative values of DEF by sector and of interpreting differences in these values as fundamental, and hence applicable to other countries, have been adopted in additional studies seeking to show that sectors benefit unequally from a country’s level of financial development. Using an alternative annual data base for 21 entire US industry sectors, 1977-1997, we find that DEF figures calculated from micro data do not match cyclically-adjusted aggregate estimates. There is no support for attributing fundamental features to US. DEF values by industry that would justify applying them to other countries.

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Publisher Info
Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2007)
Issue (Month): 3Q ()
Pages: 55-80
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Handle: RePEc:cii:cepiei:2007-3tc

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Related research
Keywords: Dependence on external finance; financial development; manufacturing industry structure; cyclical adjustment; FDI; monetary policy; specialization;

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Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
G20 - Financial Economics - - Financial Institutions and Services - - - General
G30 - Financial Economics - - Corporate Finance and Governance - - - General
O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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