Corporate financing and macroeconomic volatility in the European union

被引：1
|
作者：
Mullineux A. [1 ]
Murinde V. [1 ]
Sensarma R. [2 ]
机构：
[1] Birmingham Business School, University of Birmingham, Birmingham
[2] University of Hertfordshire Business School, Hatfield
来源：
International Economics and Economic Policy | 2011年 / 8卷 / 1期
关键词：
Corporate financing; EU; Fixed-effects regression; Macroeconomic volatility;
D O I：
10.1007/s10368-010-0152-1
中图分类号：
学科分类号：
摘要：
This paper investigates the impact of corporate financing patterns in the European Union (EU) on macroeconomic volatility. We examine macroeconomic data for eight EU countries. We find that during the period 1990 through 2005 bank financing was positively associated with volatility in GDP, consumption and investment. On the other hand, macroeconomic volatility declined with increased dependence on market-based financing from the equity and bond markets during this period. © 2010 Springer-Verlag.
引用
收藏
页码：79 / 92
页数：13
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