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Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

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by Shafik Hebous & Tom Zimmermann
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Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement by Shafik Hebous & Tom Zimmermann

We study the effects of federal purchases on firms' investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1 dollar of federal spending increases firms' capital investment by 7 to 11 cents. The average effect masks heterogeneity: Effects are stronger for firms that face financing constraints and they are close to 0 for unconstrained firms. In line with the financial accelerator model, our findings indicate that the effect of government purchases works through easing firms' access to external borrowing. Furthermore, industry-level analysis suggests that that the increase in investment at the firm level translates into an industry-wide effect without crowding-out capital investment of other firms in the same industry.

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Ebook Details
Pages: 33
Size: 2.5 MB
Date published:   2016
ISBN: 9781513578149 (DRM-EPUB)
9781513579849 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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