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Book Cover
Author Herrala, Risto.

Title Credit constraints, political instability, and capital accumulation / prepared by Risto Herrala and Rima Turk Ariss ; International Monetary Fund
Published [Washington, D.C.] : International Monetary Fund, [2013]
Washington, District of Columbia : International Monetary Fund, 2013
Online access available from:
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Description 1 online resource (27 pages)
Series IMF Working Papers
IMF Working Papers
Contents Cover; Abstract; Contents; I. Introduction; II. Methodology; III. MENA Conditions, Data Sample, and Descriptive Statistics; A. Overview of Key MENA Macroeconomic and Financial Conditions; B. Data Sample; C. Descriptive Statistics; Tables; 1. Summary statistics by country, 2007-2010; 2. Summary statistics by sector, 2007-2010; 3. Summary statistics by region, 2007-2010; 4. Domestic credit provided by banking sector (% of GDP), by country; IV. Estimation results; A. Credit Constraints in MENA; 5. Credit constraints models; 6. Descriptive statistics, ratio of total debt to credit limits (in %)
B. Capital Accumulation7. Capital accumulation models; V. Robustness Checks; VI. Conclusions; Appendixes; Appendix; References; References
Summary We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore's (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financial development measured by a relaxing of financial constraints is key to macroeconomic development
Notes Description based upon print version of record
Bibliography Includes bibliographical references
Notes English
Description based on online resource; title from PDF title page (ebrary, viewed February 5, 2014)
Subject Credit -- Africa, North -- Econometric models.
Credit -- Middle East -- Econometric models.
Finance, Public.
Saving and investment -- Africa, North -- Econometric models.
Saving and investment -- Middle East -- Econometric models.
Form Electronic book
Author International Monetary Fund.
Herrala, Risto.
Turk Ariss, Rima.
International Monetary Fund. Middle East Center for Economics and Finance.
ISBN 1475538693