Credit Constraints, Political Instability, and Capital Accumulation

· International Monetary Fund
I-Ebook
26
Amakhasi
Izilinganiso nezibuyekezo aziqinisekisiwe  Funda Kabanzi

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We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financial development measured by a relaxing of financial constraints is key to macroeconomic development.

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