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Record Nr. |
UNINA9910162944603321 |
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Autore |
Chen Sophia |
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Titolo |
Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus / / Sophia Chen, Yinqiu Lu |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2016 |
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ISBN |
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9781475568189 |
1475568185 |
9781475568202 |
1475568207 |
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Descrizione fisica |
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1 online resource (27 pages) : illustrations (some color), graphs, tables |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Public investments |
Financial statements |
Banks and banking |
Accounting |
Banks and Banking |
Financial Risk Management |
Labor |
Money and Monetary Policy |
Investment |
Capital |
Intangible Capital |
Capacity |
Business Fluctuations |
Cycles |
Financial Markets and the Macroeconomy |
Capital Budgeting |
Fixed Investment and Inventory Studies |
Financing Policy |
Financial Risk and Risk Management |
Capital and Ownership Structure |
Value of Firms |
Goodwill |
Public Administration |
Public Sector Accounting and Audits |
Monetary Systems |
Standards |
Regimes |
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Government and the Monetary System |
Payment Systems |
Financial Crises |
Wages, Compensation, and Labor Costs: General |
Financial reporting, financial statements |
Monetary economics |
Economic & financial crises & disasters |
Labour |
income economics |
Currencies |
Wages |
Financial crises |
Banking crises |
Public financial management (PFM) |
Money |
Finance, Public |
Income economics |
Cyprus |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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Fixed investment was the most important contributing factor to the boom-bust cycle in Cyprus over the last decade. Investment boomed during a credit boom in mid-2000s, during which the corporate sector borrowed heavily. Investment collapsed after 2008 when the credit boom ended. Investment and corporate balance sheets further deteriorated during the Cypriot banking crisis over 2012–2014. Using firm-level investment and balance sheet data, we find that corporate indebtedness is negatively associated with investment both before and after the banking crisis, although the effect is weaker after the Cypriot banking crisis, possibly due to the reduced role of credit in driving post-crisis investment and growth. Our results suggest the need to repair corporate balance sheets to support sustainable invesetment. |
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