Corporate financing and macroeconomic volatility in the European union |
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Authors: | Andy Mullineux Victor Murinde Rudra Sensarma |
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Institution: | (1) Birmingham Business School, University of Birmingham, Birmingham, UK;(2) University of Hertfordshire Business School, Hatfield, Hertfordshire, AL10 9AB, UK;; |
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Abstract: | This paper investigates the impact of corporate financing patterns in the European Union (EU) on macroeconomic volatility.
We examine macroeconomic data for eight EU countries. We find that during the period 1990 through 2005 bank financing was
positively associated with volatility in GDP, consumption and investment. On the other hand, macroeconomic volatility declined
with increased dependence on market-based financing from the equity and bond markets during this period. |
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