Cattle cycles: is there a role for a financial accelerator?
AbstractThe hypotheses that endogenous credit constraints based on fluctuating asset values and cash flow prolong and accentuate US cattle cycles; and that more diversified cow-calf firms are less affected by this phenomenon are tested. Breeding cattle inventories are an interesting example to study credit constraints because they are among the most cyclical of economic time-series, firms have heterogeneous diversification levels, and they avoid many of the problems with previous investment-cash flow sensitivities studies noted by Kaplan and Zingales. The results are consistent with earlier credit constraint studies, i.e. breeding cattle inventories are sensitive to shifting credit constraint regimes and cow-calf firms with higher diversification levels are less affected by credit constraints.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics.
Volume (Year): 33 (2001)
Issue (Month): 5 ()
Contact details of provider:
Web page: http://www.tandfonline.com/RAEC20
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.