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  • 1
    Online Resource
    Online Resource
    Washington, D.C. :International Monetary Fund,
    UID:
    almafu_9959310752302883
    Format: 1 online resource (76 pages)
    ISBN: 1-4983-1591-7 , 1-4983-1598-4
    Series Statement: IMF Working Papers
    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: ISBN 1-4983-1525-9
    Language: English
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