Format:
1 Online-Ressource (circa 76 Seiten)
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ISBN:
9781498315258
Series Statement:
IMF working paper WP/19, 107
Content:
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP
Additional Edition:
Erscheint auch als Druck-Ausgabe Manaresi, Francesco Credit Supply and Productivity Growth Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498315258
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781498315258.001
URL:
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