Capital accumulation in a politically unstable region

被引：14
|
作者：
Herrala, Risto [1 ]
Turk-Ariss, Rima [2 ]
机构：
[1] Bank Finland, Res Inst Emerging Market Studies BOFIT, Helsinki 00101, Finland
[2] IMF European Dept, Nord Unit, 700 19th St NW,HQ1-212F, Washington, DC 20431 USA
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2016年 / 64卷
关键词：
MENA countries; Capital accumulation; Political stability; STOCHASTIC FRONTIER APPROACH; UNCERTAINTY; INVESTMENT; OWNERSHIP; COUNTRIES; CONFLICT; GROWTH;
D O I：
10.1016/j.jimonfin.2016.01.008
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the different channels by which political instability impacts capital accumulation using a unique data of firms from the Middle East and North Africa (MENA), a region that has long suffered from political unrest, and a novel empirical method. We find that political stability shapes firm investment mainly via its influence on credit conditions. Political instability tightens borrowing constraints and impedes capital accumulation, thereby adversely affecting economic growth. (C) 2016 Elsevier Ltd. All rights reserved.
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页码：1 / 15
页数：15
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