The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

被引：12

作者：

Bergman, Nittai K. ^{[1
]}

Iyer, Rajkamal ^{[2
]}

Thakor, Richard T. ^{[3
]}

机构：

[1] Tel Aviv Univ, Berglas Sch Econ, Tel Aviv, Israel

[2] Imperial Coll London, Imperial Coll Business Sch, London, England

[3] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2020年 / 33卷 / 11期

关键词：

AGRICULTURAL OUTPUT; RANDOM FLUCTUATIONS; ECONOMIC-IMPACTS; MONETARY-POLICY; CLIMATE-CHANGE; WEATHER; CREDIT; CHANNEL;

D O I：

10.1093/rfs/hhaa012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

What is the effect of cash injections during financial crises? Exploiting county-level variation arising from random weather shocks during the 1980s Farm Debt Crisis, we analyze and measure the effect of local weather-driven cash flow shocks on the real and financial sectors. We show that such cash flow shocks significantly affect a host of economic outcomes, including land values, loan delinquency rates, the probability of bank failure, employment, and wages. Estimates of the effect of local cash flow shocks on county income levels during the financial crisis yield a multiplier of 1.63.

引用

页码：5092 / 5130

页数：39

共 45 条

[1] A Crisis of Banks as Liquidity Providers [J].