K Wasn T Built In A Day
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K Wasn’t Built in a Day
Author: Adriano Fernandes
language: en
Publisher: International Monetary Fund
Release Date: 2025-04-11
Physical capital takes time to build. Yet, the measurement of time to build and of its response to firm behavior remain scant. We fill this gap using project-level data from India. We document new facts on cross-sectional heterogeneity in time to build; and exploit quasi-experimental variation in credit supply to establish that firms accelerate ongoing projects and start fewer new projects when credit dries up. We rationalize our findings with a novel model of endogenous time to build. A credit crunch increases firm appetite for immediate relative to delayed cash flows. Firms then accelerate projects closer to completion and postpone unbegun projects. Such a mechanism is borne out in the data: projects proxied to be more mature are sped up the most. We quantify our model to match our causal estimates, and the joint distribution of project costs and gestation lags. Endogenous time to build generates endogenous amplification and state-dependence of investment on the distribution of projects along completion stages. Endogenous time to build is policy relevant. Contractionary monetary policy faces headwinds when the distribution of projects skews towards mature projects. Tax policy, in turn, can flexibly reshuffle investment expenditures over time with tax credits.
Blood Letters
The staggering story of the most important Chinese political dissident of the Mao era, a devout Christian who was imprisoned, tortured, and executed by the regime Blood Letters tells the astonishing tale of Lin Zhao, a poet and journalist arrested by the authorities in 1960 and executed eight years later, at the height of the Cultural Revolution. The only Chinese citizen known to have openly and steadfastly opposed communism under Mao, she rooted her dissent in her Christian faith -- and expressed it in long, prophetic writings done in her own blood, and at times on her clothes and on cloth torn from her bedsheets. Miraculously, Lin Zhao's prison writings survived, though they have only recently come to light. Drawing on these works and others from the years before her arrest, as well as interviews with her friends, her classmates, and other former political prisoners, Lian Xi paints an indelible portrait of courage and faith in the face of unrelenting evil.
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