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Capital accumulation in a politically unstable region

机译:政治不稳定地区的资本积累

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摘要

We investigate the different channels by which political instability impacts capital accumulation using a unique data of firms from the Middle East and North Africa (MENA), a region that has long suffered from political unrest, and a novel empirical method. We find that political stability shapes firm investment mainly via its influence on credit conditions. Political instability tightens borrowing constraints and impedes capital accumulation, thereby adversely affecting economic growth. (C) 2016 Elsevier Ltd. All rights reserved.
机译:我们使用来自中东和北非(MENA)(该地区长期遭受政治动荡之苦的地区)的公司的独特数据,以及新颖的经验方法,研究了政治不稳定影响资本积累的不同渠道。我们发现政治稳定主要通过其对信贷状况的影响来塑造公司投资。政治动荡加剧了借贷限制,阻碍了资本积累,从而对经济增长产生了不利影响。 (C)2016 Elsevier Ltd.保留所有权利。

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