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Finance and productivity growth: Firm-level evidence

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  • Levine, Oliver
  • Warusawitharana, Missaka

Abstract

The effect of financing frictions on firm productivity growth is not well understood. Using a model we show that a rise in financial frictions leads to increased sensitivity of productivity growth to the use of external finance. We test this prediction using a large dataset of mostly private European firms and find strong evidence supporting the prediction. Our findings demonstrate an important link between financial markets and the real economy, and help to explain why economic activity remains persistently depressed following financial crises.

Suggested Citation

  • Levine, Oliver & Warusawitharana, Missaka, 2021. "Finance and productivity growth: Firm-level evidence," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 91-107.
  • Handle: RePEc:eee:moneco:v:117:y:2021:i:c:p:91-107
    DOI: 10.1016/j.jmoneco.2019.11.009
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    More about this item

    Keywords

    Financial crises; Financial frictions; Innovation; Total factor productivity (TFP);
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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