affects financing activities. The results reveal local government debt' s crowding-out effect on financing, particularly for … continuous accumulation of debt stock exacerbates the crowding-out effect, impacting overall output. These findings provide …

greater openness to the outside world can alleviate the crowding-out effect. Further, we investigate the moderating effect of … the institutional environment on the crowding-out effect. We find that market segmentation and government corruption will … aggravate the crowding-out effect while strengthening intellectual property protection, improving the trust environment, and …