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Impact of Credit Market Development and Stability on Productivity: New Evidence from the Industry Level

Michalô °€ Brzozowski ()
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Michalô °€ Brzozowski: University of Warsaw, Faculty of Economic Sciences

Annals of Economics and Finance, 2020, vol. 21, issue 1, 111-129

Abstract: Using data on manufacturing industries (aggregated at the 2-digit level) from 118 advanced and developing countries, covering the period 1980-2014, I reassess the impact of financial development and provide new evidence on the effect of the volatility of credit on the growth of labor productivity. I show that labor productivity is boosted by the amount of credit and hindered by the variability of credit, but only in Pavitt's (1984) category of supplier-dominated industries. The amount and variability of credit seem to have no bearing on the growth of labor productivity in groups of science-based, specialized suppliers and scale-intensive sectors.

Keywords: Financial development; Credit variability; Labor productivity (search for similar items in EconPapers)
JEL-codes: E44 G21 J24 (search for similar items in EconPapers)
Date: 2020
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