Schnure, Calvin - Federal Reserve Board (Board of Governors of the … - 1997
a sample of oil-dependent firms, as investment by non-oil units fell when oil cash flow dropped. However, a simple test … reveals that few of these firms behaved in a fashion consistent with binding cash flow constraints. In addition, most were … significantly affected by oil cash flow, or that credit market imperfections are an important factor for this set of firms. …