Financial frictions have been identified as key factors affecting economic fluctuations and growth. But, can institutional reforms reduce financial frictions? B

We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly b

The first volume of edited papers from the Tenth World Congress of the Econometric Society 2010.

One of the most puzzling facts in the wake of the Global Financial Crisis (GFC) is that output across advanced and emerging economies recovered at a much slower

"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital network