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DC Field | Value | Language |
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dc.contributor.author | Coricelli, F | - |
dc.contributor.author | Driffield, N | - |
dc.contributor.author | Pal, S | - |
dc.contributor.author | Roland, I | - |
dc.date.accessioned | 2011-04-18T09:21:56Z | - |
dc.date.available | 2011-04-18T09:21:56Z | - |
dc.date.issued | 2010 | - |
dc.identifier.citation | Economics and Finance Working Paper, Brunel University, 10-21 | en_US |
dc.identifier.uri | http://bura.brunel.ac.uk/handle/2438/5044 | - |
dc.description.abstract | While credit is essential for investment, innovation and economic growth, there are risks to unfettered credit booms. The present paper provides an innovative micro-economic approach to identify the threshold leverage beyond which corporate indebtedness becomes “excessive”. In particular, the paper hypothesizes a non-linear relationship in that moderate leverage could boost growth while very high leverage could restrict total factor productivity growth, through increased likelihood of financial distress and bankruptcy. Estimates of a threshold model for a group of emerging CEE countries confirm the non-linear relationship, after controlling for various firm, industry and financial market characteristics. | en_US |
dc.description.sponsorship | Financial support from ESRC grant RES-062-23-0986 is gratefully acknowledged | en_US |
dc.language.iso | en | en_US |
dc.publisher | Brunel University | en_US |
dc.subject | Excess leverage | en_US |
dc.subject | Bank efficiency | en_US |
dc.subject | Market capitalisation | en_US |
dc.subject | TFP growth | en_US |
dc.subject | Threshold model | en_US |
dc.subject | Non-linear relationship | en_US |
dc.subject | Transition experience | en_US |
dc.title | Leverage and productivity growth in emerging economies: Is there a threshold effect? | en_US |
dc.type | Research Paper | en_US |
Appears in Collections: | Economics and Finance Dept of Economics and Finance Research Papers |
Files in This Item:
File | Description | Size | Format | |
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1021[1].pdf | 430.96 kB | Adobe PDF | View/Open |
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