Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel

被引：140

作者：

Cingano, Federico ^{[1
]}

Manaresi, Francesco ^{[1
]}

Sette, Enrico ^{[1
]}

机构：

[1] Bank Italy, Rome, Italy

来源：

REVIEW OF FINANCIAL STUDIES | 2016年 / 29卷 / 10期

关键词：

E22; E44; G01; G21; G32; LIQUIDITY SHOCKS EVIDENCE; FIRM-LEVEL EVIDENCE; CORPORATE-INVESTMENT; CASH FLOW; MARKET; ASSET; TRANSMISSION; MANAGEMENT; CRISIS;

D O I：

10.1093/rfs/hhw040

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in credit supply. Using a large sample of matched firm-bank data from Italy, we find had the interbank market not collapsed, investment expenditure would have been more than 20% higher and would have increased by around 30 cents per additional euro of available credit at the average firm. We also find that credit shocks affect the firm's value added, employment and input purchases, and propagate through firms' trade credit chains. (JEL E22, E44, G01, G21, G32)

引用

页码：2737 / 2773

页数：37

共 50 条

[1]

Abel Andrew B., 1988, Dynamic Econometric Modeling: Proceedings of the Third International Symposium in Economic Theory and Econometrics, P269

[2] Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis [J].