Financial constraints on R&D projects and Minsky moments: Containing the credit cycle

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 consis...

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Authors: Laborda, Juan, Salas, Vicente, Suárez Gálvez, Cristina Isabel|||0000-0003-2579-0734
Format: article
Publication Date:2021
Country:España
Institution:Universidad de Alcalá (UAH)
Repository:e_Buah Biblioteca Digital Universidad de Alcalá
Language:English
OAI Identifier:oai:ebuah.uah.es:10017/60002
Online Access:http://hdl.handle.net/10017/60002
https://dx.doi.org/10.1007/s00191-021-00721-y
Access Level:Open access
Keyword:R&D
Financial constraints
Business cycle
Credit cycle
Financial instability hypothesis
E12
E32
G01
Economía
Economics
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oai_identifier_str oai:ebuah.uah.es:10017/60002
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repository_id_str
spelling Financial constraints on R&D projects and Minsky moments: Containing the credit cycleLaborda, JuanSalas, VicenteSuárez Gálvez, Cristina Isabel|||0000-0003-2579-0734R&DFinancial constraintsBusiness cycleCredit cycleFinancial instability hypothesisE12E32G01EconomíaEconomicsThis 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.20212021-01-01journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10017/60002https://dx.doi.org/10.1007/s00191-021-00721-yreponame:e_Buah Biblioteca Digital Universidad de Alcaláinstname:Universidad de Alcalá (UAH)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:ebuah.uah.es:10017/600022026-06-18T11:13:07Z
dc.title.none.fl_str_mv Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
title Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
spellingShingle Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
Laborda, Juan
R&D
Financial constraints
Business cycle
Credit cycle
Financial instability hypothesis
E12
E32
G01
Economía
Economics
title_short Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
title_full Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
title_fullStr Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
title_full_unstemmed Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
title_sort Financial constraints on R&D projects and Minsky moments: Containing the credit cycle
dc.creator.none.fl_str_mv Laborda, Juan
Salas, Vicente
Suárez Gálvez, Cristina Isabel|||0000-0003-2579-0734
author Laborda, Juan
author_facet Laborda, Juan
Salas, Vicente
Suárez Gálvez, Cristina Isabel|||0000-0003-2579-0734
author_role author
author2 Salas, Vicente
Suárez Gálvez, Cristina Isabel|||0000-0003-2579-0734
author2_role author
author
dc.subject.none.fl_str_mv R&D
Financial constraints
Business cycle
Credit cycle
Financial instability hypothesis
E12
E32
G01
Economía
Economics
topic R&D
Financial constraints
Business cycle
Credit cycle
Financial instability hypothesis
E12
E32
G01
Economía
Economics
description 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.
publishDate 2021
dc.date.none.fl_str_mv 2021
2021-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10017/60002
https://dx.doi.org/10.1007/s00191-021-00721-y
url http://hdl.handle.net/10017/60002
https://dx.doi.org/10.1007/s00191-021-00721-y
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial-NoDerivatives 4.0 International
http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial-NoDerivatives 4.0 International
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:e_Buah Biblioteca Digital Universidad de Alcalá
instname:Universidad de Alcalá (UAH)
instname_str Universidad de Alcalá (UAH)
reponame_str e_Buah Biblioteca Digital Universidad de Alcalá
collection e_Buah Biblioteca Digital Universidad de Alcalá
repository.name.fl_str_mv
repository.mail.fl_str_mv
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