This paper examines how the ability to access long-term debt affects firm-level growth volatility. The analysis finds that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in countries with better-developed financial systems, as these firms may benefit from reduced refinancing risk. Institutions that facilitate the availability of credit information and contract...
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INFORMATION
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2016/01/19
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Document de travail de recherche sur les politiques
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WPS7535
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1
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1
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2016/01/19
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Disclosed
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How does long-term finance affect economic volatility ?
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long-term debt
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