Financing constraints reduces productivity growth: IMF paper

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An International Monetary Fund paper, published on Wednesday, says increases in the cost of financing have a negative effect on total factor productivity growth.

Marcello Estevão and Tiago Severo, the paper's authors, use panel regressions from 31 US and Canadian industries between 1991 and 2007 to investigate how changes in industries' funding costs affect total factor productivity growth. Estevão and Severo say that despite the importance of cyclical variations in total factor productivity

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