Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement PDF (Adobe DRM) download by Shafik Hebous

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

INTERNATIONAL MONETARY FUND
Publication date: March 2016
ISBN: 9781513579849
Digital Book format: PDF (Adobe DRM)

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We study the effects of federal purchases on firms' investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1 dollar of federal spending increases firms' capital investment by 7 to 11 cents. The average effect masks heterogeneity: Effects are stronger for firms that face financing constraints and they are close to 0 for unconstrained firms. In line with the financial accelerator model, our findings indicate that the effect of government purchases works through easing firms' access to external borrowing. Furthermore, industry-level analysis suggests that that the increase in investment at the firm level translates into an industry-wide effect without crowding-out capital investment of other firms in the same industry.
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Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement PDF (Adobe DRM) download by Shafik Hebous
INTERNATIONAL MONETARY FUND, March 2016
ISBN: 9781513579849
EAN:  9781513579849
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99
Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement ePub (Adobe DRM) download by Shafik Hebous
INTERNATIONAL MONETARY FUND, March 2016
ISBN: 9781513578149
EAN:  9781513578149
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
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