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Financial constraints on R&D projects and minsky moments: containing the credit cycle
Journal of Evolutionary Economics ( IF 1.962 ) Pub Date : 2021-02-03 , DOI: 10.1007/s00191-021-00721-y
Juan Laborda , Vicente Salas , Cristina Suárez

This paper tests Minsky’s financial instability hypothesis (FIH) for a panel of Spanish manufacturing firms. We find that the probability of a firm being financially constrained externally in terms of undertaking innovation projects moves inversely with the business and credit cycle, which is consistent with Minsky’s FIH. We provide evidence that the credit and business cycles strengthen each other. These results highlight the importance of implementing polices designed to contain the financial cycle.



中文翻译:

研发项目和重大时刻的财务约束:控制信贷周期

本文针对一组西班牙制造公司测试了明斯基的金融不稳定假设(FIH)。我们发现,在开展创新项目方面,公司受到外部财务约束的可能性与商业和信用周期成反比,这与明斯基的FIH一致。我们提供的证据表明,信贷和商业周期相互加强。这些结果凸显了实施旨在控制财务周期的政策的重要性。

更新日期:2021-02-03
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