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Advanced economies have been experiencing diverse developments in accumulation of financial liabilities by their household and corporate sectors since around 1995. Crosscountry- industry evidence indicates that the type of the financial system and the degree of labor market flexibility matter for the economic impact of expanded borrowings. Especially in countries with a more arm's length-based financial system and less rigid labor market, faster creation of corporate liabilities in recent years appears to have spurred growth of industries more reliant on external finance, and strengthened the development of growing industries. The findings suggest an association of recent increases in corporate borrowings with a reduction in costs of external finance and improvement in resource allocation-two supposed channels through which finance facilitates growth.

Banks and Banking --- Finance: General --- Labor --- Production and Operations Management --- Demand and Supply of Labor: General --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Macroeconomics: Production --- Labour --- income economics --- Finance --- Macroeconomics --- Labor market flexibility --- Labor markets --- Real interest rates --- Financial sector development --- Productivity --- Labor market --- Interest rates --- Financial services industry --- Industrial productivity --- Japan

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We revisit the time-honored link between productivity and the real exchange rate. Consistent with the traditional view, we find that higher labor productivity tends to lead to appreciation of the real exchange rate. Contrary to the traditional view, however, we find that the positive productivity effect is transmitted through the real exchange rate based on tradable prices, rather than through relative prices between tradables and nontradables. Moreover, higher total factor productivity is found, if anything, to lead to depreciation of the real exchange rate. These last two pieces of evidence provide support for the emerging view that limited tradability of goods and services provides scope for the strategic pricing decision, which has material consequences for the aggregate real exchange rate.

Foreign Exchange --- Agribusiness --- Production and Operations Management --- Open Economy Macroeconomics --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Agricultural Markets and Marketing --- Cooperatives --- Macroeconomics --- Currency --- Foreign exchange --- Agriculture, agribusiness & food production industries --- Productivity --- Real exchange rates --- Total factor productivity --- Labor productivity --- Agroindustries --- Economic sectors --- Industrial productivity --- Agricultural industries --- France

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Zonder onderwerpscode: economie