Corporate Self-Financing and Economic Growth
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.
Volume (Year): 1 (2007)
Issue (Month): 47 (April - June)
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- 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.
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