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| Author: | Butler, A.W. Cornaggia, J. |
| Title: | Does access to external finance improve productivity? Evidence from a natural experiment |
| Journal: | Journal of Financial Economics
2011 : JAN, VOL. 99:1, p. 184-203 |
| Index terms: | finance productivity economic growth agricultural industry markets USA |
| Language: | eng |
| Abstract: | This study deals with the relation btw. access to finance (henceforth as: a-to-f.) and productivity. An exogenous shift in demand for a product is used to uncover how producers adapt their productivity in the presence of varying a-to-f. levels. It is found that production increases the most over the sample period in areas with relatively strong a-to-f., even when compared with a control group. The causal effect of a-to-f. on productivity speaks to the larger role of finance in economic growth. |
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